Posts Categorized: In The News

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J. Johnson’s Latest – Is It Possible The CFTC Is Under Investigation?
July 26, 2019

Happy Friday Morning Folks,   

      Gold got Comex Paper thrown at it yesterday but has fully regained its strength and has turned to the positive with December Gold’s trade at $1,433.00 up $5.50, close to the high at $1,433.60 with the low at $1,426.40. As a side note, commodity trading requires following the highest open interest when quoting a price because that specific month is where all the trades focus. September Silver (still has the highest OI) is trading at $16.52, up 10.9 cents and has fully regained all of yesterday’s attempt to weaken the value with the high at $16.53 and the low at $16.355. The US Dollar’s value now stands at 97.65, gaining 9.8 points as the entire week proved the Dollar had gained in value with today’s high at 97.68 and the low at 97.505. All this was done somewhere around the 5 am pst mark, before the Comex open, and the London close.    

      Our emerging markets overview is still showing pressure on the metals with Venezuela’s price for Gold now standing at 14,312.09, regaining 20.98 in Bolivar value with Silver now at 164.994 down another 1.049 Bolivar so far today. In Argentina, Gold is pegged at 62,099.77 showing a gain of 817.95 Pesos with Silver at 715.893 giving us a gain of .823 in A-Peso value. Over in Turkey, the Lira has Gold priced at 8,074.77 still losing 64.02 in value with Silver at 93.0770 it too losing 1.4587 of T-Lira value. It must be remembered that the Gold prices posted here in the emerging markets currencies, do not have the carry trade costs added like it is in the December Comex price. In short, the loses would be deeper than posted. But that will correct as we move forward in time.

       July Silvers delivery period is just about over. The demands for physical now stand at 77 fully paid for contracts waiting for receipts, giving us a drop in count of 36 contracts, either getting their physicals here, or getting the paper transferred over to London. So far this morning there is no Volume posted and we have no trading range to deal with either. What we do have from yesterday is a Volume of 64 at the same time only 36 contracts got receipts giving us the “possibility” the Resolute Buyer(s) is/are still sucking up the physicals by adding contracts on top of their already existing orders. Silvers overall Open Interest now stands at 235,155 Obligations showing a 1,350 count loss as the shorts dipped the price in order to weaken their obligations on options expiration day that only took out 1,300+ Call options in Silver but had to deliver upon even more deeper in the money Calls. Of note, the last trading day for July is Monday then we start to focus on August’s deliveries with its count now at 1,146.   

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Bill Holter’s Commentary

A little bit of very real history, I remember it well! My question, is past prologue and what will it look like when the jig is up and COMEX finally irrelevant? Mad Max comes to mind because confidence in ALL markets will be broken…

Silver Manipulation Confirmed: 2008 Price Plunge From $21 to $9 Explained
July 25, 2019

By Chris Marcus of Arcadia Economics

Over the past few years there’s been rampant speculation as to whether the silver market is manipulated. Finally, I believe it’s safe to say that we can remove all doubt.

Because in the process of recording a series of interviews with the world’s top silver experts for an upcoming book called “The Big Silver Short”, some rather stunning verification of the manipulation has been uncovered.

As well as evidence that the manipulation has most certainly affected the price.

Where To Begin…

In particular, an interview I did with former CFTC commissioner Bart Chilton (who oversaw the agency’s investigation into the silver market) confirmed much of what has long been alleged.

Where he stated with incredible clarity that the silver market has indeed been manipulated. While also sharing details about what actually happened during the time of the collapse of Bear Stearns, and in the months after.

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J. Johnson’s Latest – Yesterday Was A Bad Day For Swamp Critters But Not For Silver And Gold
July 25, 2019

Great and Wonderful Thursday Morning Folks,    

      It may be a bad day for all swamp critters but not for Gold with the trade now at $1,430.90, up $7.30 and close to the high at $1,433.50 with the low at $1,421.80. Silver, The Drag A Long Kid, is flat at $16.625, down 1/10th of a penny after taking a hit down to $16.46 with the high close by at $16.655. The US Dollar is still holding its value, even after the Mueller Hearing with the trade at 97.345, down 11.7 points with the low at 97.29 and the high at 97.525. All this was done sometime before 5 am pst, the Comex open, and the London close.   

      Our Emerging Markets Currency watch has a mixed bag of gains and loses all over the board today. The Venezuelan Bolivar has Gold priced at 14,291.11, down by 41.94 Bolivar in the overnight with Silver now pegged at 166.042, adding .549 Bolivar. In Argentina, Gold is priced at 61,281.82 proving a gain of 91.0 in A-Peso value with Silver at 712.070, a gain of 59.37 A-Pesos. Over in the land of Turkey, Gold lost 30.22 Lira’s with the price at 8,138.79, Silver’s trade is at 94.5357 proving a loss of .3052 in T-Lira value.     

      July Silver’s Delivery Demands now show 113 requests for physical and with a volume of 10 up on the board so far this morning and yet, we still do not have a trading range to offer up but those bracketed numbers are still jiving the trade. The closing price for the delivery month remains at $16.554 so far, proving it gained 14.9 cents during yesterday’s trade. As a reminder, this used to be called the cash price, not Kitco’s, we still consider the Comex delivery price the real cash market. The July physical demand count lost 43 requests, either getting their physicals here or having their paper transferred over to the trusting City of London (cough). Silver’s Overall Open Interest continues to climb as the Financial Swamp Critters carry on convincing themselves they still have control with the Overall Count now at 236,505 Overnighters proving 1,530 additional shorts had to be applied in order to stay the price. The big contender in all of this is still those Resolute Long’s. They seem to be the ones with the deep pockets and the need for physical. Could it be a few manufacturers?    

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J. Johnson’s Latest – Ag/Au, When The Dollar Drops, Watch Out Above!
July 24, 2019
Great and Wonderful Early Wednesday Morning Folks,

Gold continues upward with that “in your face look” proving the trade gained $5.20 of value with the price at $1,426.70, after starting off lower at $1,416.70 with the high nearby at $1,427.40. Silver is following along (for now) with the trade at $16.57 up 9.4 cents close to the high at $16.595 with the low at $16.35. The US Dollar is still holding onto its value with the price at 97.335, down 8.3 points with the high at 97.57 and the low close by at 97.28. All this was done around 4:30 am pst, before the Comex open, and the London close. All done earlier than normal because I want to watch the entire Mueller hearing.

In the Emerging Markets Currency watch we see gains in both metals across the entire board. Venezuela’s Bolivar now has Gold priced at 14,249.17, regaining more than yesterday’s loss with Silver now at 165.493, adding an additional 1.249 Bolivar to its price. In Argentina, Gold has a value of 60,371.82 proving a gain of 413.75 Pesos with Silver jumping 8.771 A-Pesos with its price at 706.133. Over in the land of Turkey, Gold is priced under the Lira at 8,169.01 giving the Nobel metal a 70.18 T-Lira jump in value with Silver now pegged at 94.8409 Lira proving a gain of 1.3068 in value.

July Silver’s delivery demands are now showing 156 fully paid for requests for physical and with a Volume of 8 up on the board so far this morning with a trading range to report between $16.31 and $16.30. This proves a drop in OI of 243 obligations either delivered here or transferred over to the City of London (or?). Yesterday, I had forgotten to give the price gain in July Silver after I wrote about the $16.29 and $16.295 trading range for Monday’s trade. The closing price for the delivered product was $16.34 on Monday’s close. No trades are registered at this price but that is what they closed it at. Yesterday’s closing price for July Silver was $16.405 although there were no registered (prices or) trades in the delivered month but we did see a Volume of 72 (still trying to figure that one out). All the Open Interest in Silver is now at 234,975 Papered Obligations giving us a proven gain of 1,783 more contracts added to the mix in order to keep Silver in place. With all these pieces of paper being added to the fray, one has to wonder how much higher Silver would be if the US Dollar wasn’t so strong?

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J. Johnson’s Latest – Silver, And The Boris Win!
July 23, 2019

  Great and Wonderful Tuesday Morning Folks,   

      Gold starts off lower with the price at $1,424.10, down $2.80 after being pushed down to $1,414.60 just after the reopening in the night session with the high close by at $1,426.30. Silver is leading again with its trade at $16.445, up 3.4 cents after being knocked down to $16.205 in the night session, with the trade close to the high of $16.485. The US Dollar is also trading higher with the current value pegged at 97.18, up 24 points after reaching 97.265 with the low at 96.985, all this was done sometime before 5 am pst, The Boris win, the Comex open, and the London close.     

      Our emerging markets currency overview shows Gold losing in all 3 watched currencies with Silver gaining ground. Venezuela’s currency now has Gold trading at 14,223.20 Bolivar, losing 24.97 in value with Silver proving a gain of .349 with its price at 164.244 Bolivar, all this happened even when the lights went out. Gold in Argentina is now priced at 60,385.26 proving a drop in value of 49.67 Pesos with Silver showing a 2.015 Peso gain with the price at 697.362. Over in Turkey, the Lira has Gold pegged at 8,098.83, losing 24.74 Lira with Silver’s price at 93.5341, proving a gain of .364 in T-Lira value.   

      July Silver Deliveries is the issue and boy what a day yesterday proved to be when it comes to unanswerable or questionable data. Yesterday we witnessed a gain in demands proving 77 more requests for physicals were added totaling 399 fully paid for demands (5,000 ounces each). There are no purchases as of yet in the July Contracts this morning giving us no trading range to talk about yet. However, yesterday’s activities and the numbers, is where it got really confusing; Monday’s Volume totals at the close for July Silver was 161. But the trading range for the whole day in July Silver was a whopping ½ penny. That’s right! All those Volumes traded between $16.295 and $16.290. How’s that for wild eyed commodity trading you’ve all been warned about? Silver’s Overall Open Interest gained 2,029 more Overnighters giving us a total of 233,192 Obligations to keep Silver from doing more than it already has. In time this control will be blown out, which is why we watch so closely.   

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J. Johnson’s Latest – Silver’s Resolute Longs Still Staying in Place
July 22, 2019

Great and Wonderful Monday Morning Folks,   

      I trust you had a great weekend and still wondering what Monday’s trades would look like and today we know with Gold trading flat to lower with its current price at $1,426.60 down a dime inside a very tight trading range between $1,430.80 and $1,423. Silver is leading the charge with its trade at $16.41, up 21.5 cents and close to the high at $16.455 with the low at $16.195. The US Dollar is following the Silver rise (love stating that) with its trade at 96.93, up 11.3 points and it too is right beside its high at 96.95 with the low down at 96.785. All of this was done sometime between the Sunday night start up, before 5 am pst, the Comex open, and the London close.   

      We start the week in the emerging markets with Gold trading lower in 2 of the 3 watched currencies and Silver gaining in all of them. Gold in Venezuela, lost 120.85 Bolivar over the weekend with its price at 14,248.17 with Silver now at 163.895 proving a gain of .649 in Bolivar value. In Argentina, Gold is priced at 60,434.93 taking back 519.35 A-Pesos with Silver trading at 695.343 adding an additional 2.814 in A-Peso value. In Turkey, Gold is now priced under the Lira at 8,123.57 showing a gain of .60 with Silver now at 93.1701 giving the money of the people a .8757 T-Lira gain.    

      Comex Silvers delivery requests gained on Friday with the demands for physical now at 322 requests and with a Volume of 2 up on the board so far this morning. In addition, we have another one of those “No Trading Ranges” going on so far for this 2 Volume post. This proves a gain of 46 more demands as we wait to see how this Resolute Buyer(s) plays against the shorts. Silver’s Overall Open Interest proved a drop in count with 231,163 Overnighters still in the trade giving us a drop in count of 3,057 Obligations as the prices continue to rise because Silver’s Resolute Longs are still staying in place. The point of contention is in the Open Interest with these buyers keeping the word Resolute up front and center. I’m wondering if the shorts will make the attempt to run the numbers up to 250,000+ in order to see how the buyers will react. At the same time, the shorts have to be thinking their funeral may be at hand if they do try and fail. This brings up the thought of why all those July, September, and December Call options, were bought and held since Trump and the Brexit got voted in.   

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Bill Holter’s Commentary

We believe Egon is correct.

Greyerz Just Issued A Dire Forecast As We Approach Panic in Global Markets
July 21, 2019

As the world edges closer to the next crisis, today the man who has become legendary for his predictions on QE and historic moves in currencies just issued a dire forecast as we approach panic in global markets.

Dire Forecast

July 21 (King World News) – Egon von Greyerz:  “It is not difficult to understand Cassandra’s enormous frustration. She was given the gift of accurately predicting important events and her curse was that no one would believe her. Some of us are certain that we can now see the biggest bubbles in economic history coming to an end with totally devastating effects for the world. But like Cassandra, we are also cursed since more than 99.9% of the world’s population would not believe our predictions.

The problem is that this time it will not only involve the biggest wealth destruction in history, but also lead to major problems in society with mass unemployment, no social security, no pensions, breakdown in law and order, social unrest, civil war and geopolitical conflict.

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J. Johnson’s – Precious Metals Stand Strong in the Flames of Fiat!
July 19, 2019
Great and Wonderful Friday Morning Folks,

You can’t keep a good currency down, and when the fiats are on fire, Gold stands strong within the flames, with the trade at $1,438.70, up $10.60 from the Comex close with the high so far at $1,454.40 with the low close to where we are now at $1,436.20. Silver is up as well with the trade at $16.345, up 14.7 cents after reaching up to $16.50 and just like Gold, trading close to the low at $16.27. Over in the Algo Pits of the Currencies, the US Dollar is trading at 96.68, up 23.1 points and very close to the high at 96.705 with the low at 96.415. All of this was done while we slept, before 5 am pst, the Comex open, and the London close.

The emerging markets currency’s, under insanity print, now has the Venezuelan Bolivar pricing Gold at 14,369.02 adding 15.98 in Bolivar value with Silver at 163.246 putting an additional 2.247 Bolivar into the price. Argentina’s Peso print has Gold pegged at 60,954.28 adding 489.67 in A-Peso value with Silver at 692.529 adding 7.414 A-Pesos. The Turkish Lira has the first money of the world at 8,122.97, it too adding 11.77 in T-Lira value with Silver adding 0.3928 T-Lira with its price at 92.2944.

Comex Silver’s Delivery system has been our primary focus with July’s demands for physical now at 276 requests, proving Comex finally gave out some metal to those waiting buyers with a drop in count of 128 and with a Volume of 2 up on the board so far this morning with a trading range of $16.275 and $16.235 with the last trade being the low of the day so far. The most astounding thing to see is the continual addition of short trades being added to the mix as the controllers of paper boldly go back into overdrive. That is until yesterday as 1,703 obligations left the field of play after this (not so painful for us) rally these shorts had to deal with this week. This bring our Open Interest totals to 234,220 Overnighters still in trade. So far this week, roughly a $1.10 was added to the price with the shorts losing from the very beginning to now, as the starting of the weeks Open Interest showed the 217,753 trades in play , proving the shorts lost a total of $1,197,641,500 before the additional 14,764 shorts were added.

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J. Johnson’s Latest – We Have a 404 in Silver Deliveries, Is This Their Warning Sign?
July 18, 2019

Great and Wonderful Thursday Morning Folks,   

      Gold continues to hold its value even with all those short “papers” being applied with the trade at $1,422.70, down 60 cents and closer to the low at $1,419 than the high at $1,431.90. Silver is leading the charge today with its trade at $16.12, up 14.9 cents with the high established right after the reopening at $16.15 with the low at $15.96. The US Dollar is trading at 96.795 down 5.8 points after reaching up to 96.93 with the low at 96.70. All of this was done before 5 am pst, the Comex open, and the London close.     

      Gold under the Venezuelan Bolivar is now priced at 14,209.22 showing a gain of 166.79 Bolivar with Silver gaining 4.345 Bolivar with the price at 160.999. In Argentina, people are getting 60,464.61 Pesos for 1 ounce of Gold proving a gain of 488.30 with Silver trading at 685.115 a gain of 15.996 in A-Peso value. The Turkish Lira now has Gold priced under its fiat at 8,111.20 showing a gain of 112.74 in T-Lira value with Silver pegged at 91.9016, a gain of 2.6801 in T-Lira value as we observe the emerging markets adding strength to the real money the people of the world value. We believe this is only adding more pressure to the price in the primary currencies which, in time, will give us these types of price swings in the (near?) future.    

      July Silver now has 404 fully paid for contracts waiting for receipts for physical and with a volume of 19 up on the board so far this morning giving us a singular price of $15.98 for the high and low, so far today. Ironically the number “404” is also tied to the internets “Page Not Found” we are all familiar with when they attack our websites with yesterday’s Volume rallying up to 84 contracts before the trade was closed out but only proving a drop of 10 obligations in the demands for physical. Silver’s Overall Open Interest is proving there is far more paper available even if there is a “404” in the physicals with the count now at 234,220 Overnighters giving us another huge gain as more short positions just keep coming into the Silver trade in order to keep Silver from going any higher than it is. So far, in the last 3 trading days, around 16,000 more papered positions had to be added in order to keep Silver from rallying over 90 cents or roughly 177 contracts per penny in order to “stay” the game.    

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