J. Johnson’s Latest – Comexian Antics, Bank Failures, and The Power Of Print Failing! November 4, 2019
Great and Wonderful Monday Morning Folks,
Gold is trading higher again as we wait for the “Comexian Antics” to start with the December trade at $1,515.20, up $3.80 with the high close by at $1,516.50 and the low at $1,510.80. Silver is up as well and equally unmoving as Gold with the December contract at $18.15, up 9.8 cents with the high at $18.18 and the low registered at $18.045. The US Dollar, which needs to be printed in order for the banks to keep Silver, Gold, and all commodities at bay, is now valued at 97.11, up 6.9 points and close to the high at 97.155 with the low just below the Maginot line at 96.975. All of this happened after daylight savings time, before 5 am pst, the Comex open, and the London close.
Gold in Venezuela is now priced at 15,133.06 Bolivar, proving a gain of 23.97 in value with Silver now priced at 181.273 it too gaining 0.25 of a Bolivar. In Argentina, the Peso has Gold’s value pegged at 90,384.22, a gain of 284.62 Peso’s since Friday’s early morning quote with Silver at 1,082.68, a gain of 2.99 A-Pesos. In Turkey, their currency, the Lira, now has Gold’s value pegged at 8,619.53 Lira, gaining 40.49 with Silver losing 0.554 in T-Lira value with its early morning price at 103.247 Lira.
Once again the “Comexian Antics” are carried forward as we still question the Comex numbers when it comes to the real factor of deliveries with the November Silver Demand Count now at 16 fully paid for contracts waiting for receipts proving a drop of 60 obligations and with no price given all day Friday and so far today as well. Were these demands for physical Silver delivered here, or in London, or is it one of those Comex things that is no one else’s business?
Citi Predicts The Greenback Could Weaken ‘Substantially’ — To As Low As 85 On The Dollar Index November 1, 2019
The U.S. dollar index could fall to as low as 85 as the Federal Reserve grows its balance sheet again by purchasing more bond assets, a Citi strategist said Thursday.
“Our latest projections are that it would weaken even further — maybe to the high 80s, perhaps even as low as 85,” Mohammed Apabhai, head of Asia Pacific trading strategies group at Citi, told CNBC’s “Street Signs.” Technical analyst Daryl Guppy said last year that 85 is a “historical support level” for the dollar.
The dollar index is a measure of the greenback’s value relative to a basket of currencies, largely made up of the United States’ most significant trading partners.
The Fed increases its balance sheet by buying up bonds and Treasurys as a way of pumping cash into the market. That in turn makes bond yields — which move inversely to prices — drop as the bond prices rise. The dollar usually weakens when bond yields fall.
Do you own gold or silver and want something to chew on? How about this?
Chris Powell: Gold market manipulation update, November 2019 November 1, 2019
Remarks by Chris Powell, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday, November 1, 2019
Since we gathered here a year ago the gold and silver markets feel much stronger.
The central bank-instigated smashdowns that used to depress prices for weeks or even months are failing to keep prices down for more than a few days.
The gold futures market of the New York Commodities Exchange is operating very differently. Most contracts seeking delivery are now being converted through a rarely used mechanism called “exchange for physicals” whereby they are settled somewhere off the exchange, apparently in London. Until recently the “exchange for physicals” mechanism was said to be used only in emergencies. Now it seems that everything is an emergency. The implication here is that there is little or no gold available immediately in Comex vaults. Whatever it means, there is a huge change here.
The “exchanges for physicals” seem to be rolled over in London every two weeks to escape ordinary reporting requirements. This implies that the sellers are trying to hide something. Of course that the powers in the gold market are trying to hide things is not new, but that they are using new mechanisms of concealment suggests that they are under greater strain.
J. Johnson’s Latest – Did 1,140,000 Ounces Of Silver Really Leave The Comex? November 1, 2019
Great and Wonderful Friday Morning Folks,
Gold is lower to start off the early morning report with the trade at $1,512.80, off $2 after reaching up to $1,517.20 with the low close by at $1,511.00. Silver is leading the trade at $18.125, up 5.8 cents with the high at $18.160 and the low at $18.035 so far this morning. Our US Dollar, the reason why Silver and Gold are kept under control, is trading at 97.060, down 9.4 points and falling from its high at 97.17 with the low close by at 96.970. All of this was done before 5 am pst, the Comex open, and the London close.
Today’s early morning emerging markets currency watch shows all positives again! Venezuela’s Bolivar is now pricing Gold at 15,109.09 proving a gain of 44.94 Bolivar overnight with Silver at 181.023 Bolivar giving those that hold a 0.898 gain. In Argentina, the price of Gold now rests at 90,099.60 Pesos giving the holders a gain of 168.23 with Silver trading at 1,079.69 giving those holders a 4.36 A-Peso overnight gain. The Turkish Lira now has Gold valued at 8,660.02 Lira giving the precious metal holder a 30.73 T-Lira gain with Silver gaining 0.612 T-Liras with the overnight now priced at 103.801.
Yesterday we had one hell of a parlor trick done inside Comex’s November Silver Delivery System when we had a Delivery Count at 304 with a posted Volume of 1 and with no trading price. Later, after our early morning report, the Volume jumped to 79 with no trading range to offer. Now, the Open Interest in November deliveries is at 76, proving a drop of 228 and no price offered. This OI reduction is 3 times the amount of the Volume, exactly. Regardless of the bad math we have to work with, that was one hell of a delivery as 1,140,000 ounces got removed somehow on the last day of October.
Legislation Would Force Google and Rivals to Disclose Search Algorithms October 31, 2019
WASHINGTON—Senate lawmakers proposed bipartisan legislation that would require search engines to disclose the algorithms they use in ranking internet searches and give consumers an option for unfiltered searches.
Search engines such as Alphabet Inc.’s Google unit use a variety of measures to filter results for individual searches, such as the user’s browsing activity, search history and geographical location.
India US Officially Suspends Defense Cooperation October 25, 2019
In a major development brewing for sometime now, India and US have officially suspended Defense Cooperation after Americans refused to give India high-end jet-engine technology. At the heart of the Indo-US Strategic Partnership is what is known as the Defense Technology and Trade Initiative or DTTI. Under the 2012 DTTI, India and the US set up joint working groups (JWGs) for cooperation on aircraft carriers and jet engine technology, all of the 4 pathfinder projects have now been shutdown. The move comes days after former US Secretary of State and National Security Adviser Henry Kissinger’s visit to India.
India and the United States have suspended cooperation on jet engine technology under the Defense Technology and Trade Initiative (DTTI) that seeks to deepen bilateral cooperation and identify opportunities for sharing of high-end defence technologies, a senior Pentagon official revealed on Thursday. The US export controls is one of the reasons for dropping the cooperation on jet engine technology, she said.
“The original project (jet engine technology) we have is suspended right now but we are talking about other potential engine working groups. We could not come to an understanding of what exportable technologies will be useful to India and we did run into a challenge in terms of US export controls,” said Ellen Lord, the US under secretary of defense for acquisition and sustainment.
Russia’s foreign policy takes excellent advantage of any opportunity.
Planeloads of Cash From Russia Have Been Shipped to Venezuela November 1, 2019
Hundreds of millions of dollars in cash has been shipped from Russia to Venezuela, providing a lifeline to the South American country as U.S. sanctions limit its access to the global financial system.
A total of $315 million of U.S. dollar and euro notes were sent in six separate shipments from Moscow to Caracas from May 2018 to April 2019, according to data reviewed by Bloomberg from ImportGenius, which compiled Russian customs records it obtains through private sources. The cash came from lenders run by the countries’ governments and went to Venezuela’s development bank, the records show.
President Nicolas Maduro Holds Press Conference
While the money could be for any number of things — like Venezuela repatriating cash held overseas or dividends from a stake in a Moscow-based bank or revenue from sales of crude or gold — the complex logistical feat shows one of the ways President Nicolas Maduro’s administration has sought to skirt aggressive U.S. financial sanctions. As a consequence of the scrutiny, the central bank is conducting more transactions in cash, sometimes offering local clients access to euro bills.
The weakness in all algorithms is their incapacity to function in repeated instances of volatility. Here is an example.
Futures Exchange Reins In Runaway Trading Algorithms October 29, 2019
The Chicago Mercantile Exchange is cracking down on runaway algorithms in one of the world’s biggest futures markets.
Over the past two months, the volume of data generated by activity in CME’s Eurodollar futures soared 10-fold, according to exchange statistics. The torrent of data strained trading systems and prompted complaints to the exchange, traders said. It subsided Monday after CME took emergency measures to halt it.
If you haven’t listened to our interview with the author of Jekyll Island, I strongly recommend that you do.
Why the Fed Is Losing Potency October 28, 2019
Federal Reserve rate cuts ain’t what they used to be.
Fed officials will almost certainly lower their target range on overnight rates by a quarter point at the conclusion of their two-day meeting Wednesday, marking the third cut this year. They have framed their efforts as insurance moves, aimed at cushioning the economy against the effects of slower global growth and tariff uncertainties rather than rescuing it from recession.
The $4 Trillion ETF Industry Is Creating More ‘Roadkill’ October 28, 2019
Exchange-traded funds have swelled into a $4 trillion juggernaut over the past quarter of a century, but many asset managers say the industry is entering a new phase of competition and oversaturation that threatens to squeeze out smaller funds.
More than 90 funds have closed this year through early October, following a record 139 closures last year. Meanwhile, launches of new exchange-traded products, including funds and notes, peaked in 2011 and have remained relatively flat since dipping from that level, according to FactSet…
J. Johnson’s Latest – Spells Cast, The Vote is On, and The Precious Metals Trade Higher Muhahahaha!! October 31, 2019
Great and Wonderful Hallo’s Eve Morning Folks,
The day the witches promised to cast a spell against Trump now has Gold trading higher with the price at $1,508.30, up $11.60 and right by the high at $1,510.30 with the low at $1,496.00. Silver is up as well, Muhahahaha, with its trade at $18.035, up 16.8 cents with the high up at $18.13 and the low at $17.795. The interest rate reduced currency called the US Dollar, is now trading at 97.085, down 35.9 points, bouncing off it’s low at 97.015 with the high at 97.255. All of this occurred before 5 am pst, the Comex open, and the London close.
It seems the emerging markets currency watch we do, proves how powerful the US Dollar really is when it comes to the international currency churn. In Venezuela, Gold is valued at 15,064.15 Bolivar, adding another 130.84 in value with Silver at 180.125 Bolivar, gaining 1.349. In Argentina, Gold is now priced at 89,931.37 Peso’s, giving those that hold a 1,118.57 A-Peso jump in value with Silver now at 1,075.33 proving a gain of 12.37 A-Pesos. In Turkey, the Lira now has Gold valued at 8,629.29 giving the metal holder a 71.56 T-Lira jump in value with Silver at 103.189 proving a 0.734 T-Lira gain overnight.
Today is the First Notice Day for the November Silver Delivery Demands with the Open Interest now at 304, proving a gain of 11 contracts since yesterday’s tally. So far this morning, we have a Volume of 1 up on the board with no price to offer (spread exit/entry/something else?). Silver’s Overall Open Interest is still elevated, even after yesterday’s attempts to scare out a few longs when the shorts added 1,187 more positions to the fray making the total count 222,682 Overnighters keeping the price of Silver Resolute.
BOJ To Start Lending ETF Shares To Prevent Market Freeze October 29, 2019
While most central banks are contemplating how to gently break it to the public that since they are out of ammo with interest rates at all time low, and $15 trillion in global sovereign debt is now yielding negative – a financial abortion which suggests the value of money is negative – the only hope markets have to avoid collapse is for central banks to start buying stocks in the open market, the BOJ has no such problems: after all the Japanese central bank (alongside its Swiss peer) has for years been quite open that it purchases stocks and ETFs directly. Unfortunately, in its efforts to stabilize the market, the BOJ has been purchasing a little too many ETFs and it now owns far too much.
Last May, speaking to Japanese parliamentarians, BOJ Governor Haruhiko Kuroda noted that the central bank now owns nealry 80% of the country’s stock of ETFs, the result of a program begun in 2010 and ramped up in 2013.
J. Johnson’s Latest – This Is Silver’s Time Of Intrigue! October 30, 2019
Great and Wonderful Wednesday Morning Folks,
Gold is trading higher under the US Dollar with the December contract at $1,495.20, up $4.50 with the high close by at $1,496.20 and a low at $1,489.10. Silver is higher as well with the December contract at $17.90, up 6.9 cents with the high at $17.92 and a low at $17.75. The US Dollar, which has had 100’s of billions of newly added print created in order to keep up with the bills it can’t pay, is now trading at 97.445, down 2.4 points with the high at 97.51 and a low at 97.36. All of this slow activity happened before 5am pst, the Comex open, the London close, and the very strong possibility of another 1/4% interest rate cut here in the USA.
We have nothing but positive trading in the emerging markets this morning with the Venezuelan Bolivar now giving Gold a price of 14,933.31 offering those that hold a 68.91 Bolivar jump in price with Silver trading at 178.776 giving the holders a 20.97 pop in Bolivar value. In Argentina, the Peso has Gold priced at 88,812.80 giving the holder a 377.07 A-Peso increase with Silver at 1,062.96 showing an additional 11.83 in A-Peso value. The Turkish Lira now has Gold priced at 8,557.73, it too showing an increase of 24.169 T-Lira with Silver at 102.455 offering a 1.014 uptick in T-Lira value.
Yesterday was the last trading day for the October Silver deliveries with the last count at 60. Today is simply a time out for Silver deliveries with tomorrow being the First Notice Day for the cereal month of November. A Cereal Month is a nice way to say “hardly any purchase” month. The November Open interest in Silver is now at 293 contracts and with a Volume of 1 up on the board with the price of $17.79 as a purchase and sell. FND is when all holders of long positions must have 100% of the margin in order to play the game. The sellers are supposed to have receipts for physical, with the spread traders owning all the background noise inside the hidden data of Comex (aka the moves without a price). 293 Contracts makes the delivery total 1,465,000 ounces of Silver (5,000 ounces per contract) possibly standing for delivery.
J. Johnson’s Latest – Will Silver’s Resolute Buyer Step In Again? October 29, 2019
Great and Wonderful Tuesday Morning Folks,
Gold is continuing it’s forced price adjustment, even though the US Dollar’s digital printing can’t be hidden anymore with December’s price at $1,488.30, down $7.60 and right beside the usual London low at $1,486.50 with the high at $1,497.10. Silver has no choice but to follow along with its trade at $17.69, down 18.6 cents with the low at $17.675 and the high at $17.875. The over printed US Dollar is still the reason why our precious metals have yet to produce any new highs (for now) with its value pegged at 97.60, up 7.6 points after reaching up to 97.70 with the low close by at 97.51. All this was done before 5 am pst, the start of the FOMC 2-day meeting, the Comex open, and the London close.
Apparently, all international banker eyes are on the FOMC meetings (and subsequent ¼% rate cut) with Gold, under the Venezuelan Bolivar, now trading at 14,864.40 proving a loss of 179.77 Bolivars with Silver at 176.679 Bolivar down 3.446 in the overnight. In Argentina, Gold is now trading at 88,435.73 Pesos losing 1,818.01 with Silver at 1,051.13 taking out 29.55 in A-Peso value. The Turkish Lira’s value for Gold now stands at 8,533.56 Lira’s showing a loss of 101.35 with Silver now at 101.441 Lira’s showing a reduction of 1.945 in value.
Yesterday Silver’s trade was a disappointment price wise, but the amazing point was the Volume in trade that happened before the Comex close. We reported the Open Interest in the October Silver Delivery system to be at 20 and with a Volume of 5 up on the board with no prices. After our report, we got a trading range between $17.89 and $17.77 and with a Volume of 60 posted up on the board. This is three times the amount of Open Interest and before the Options expired. As of right now, the standing demanding Open Interest in the October Silver Delivery system is at 61, and with no Volume posted so far. Today at 10:25 am pst, the October Silver Delivery process will close then we start Novembers. As a side note, I do not recall this type of activity happening within a cereal month’s trading period. Will our Resolute Buyer step in again today? Stay Tooned!
This is just more packing for the powder keg. Can you imagine what any meeting like this will look like after the markets collapse? So you think the country is unrecognizable now…?
Where Hate Has A Home: Oak Park, Illinois – Videos October 27, 2019
Despite national embarrassment from an initial incident earlier this month, many Oak Parkers are doubling down. They seem intent on making their town a national showcase for the manic intolerance of diversity of opinion into which identity politics have devolved.
It started at an early October Village Board meeting debating a statement on inclusion, particularly the term “system of oppression,” which some members thought might be interpreted as an unfair smear of the town’s police department.
That’s when Trustee Susan Buchanan let loose, telling the white males on the board to “shut up,” and much more. If you haven’t seen the video, watch it. Keep in mind that one of the targets of Buchanan’s comments was the mayor, Anan Abu-Taleb. He’s a Palestinian immigrant born in the Gaza Strip as the second oldest of 13 children and came to the Chicago area at the age of 18 to attend college. Among her comments:
You shouldn’t have an opinion on that. That is the point. Why do you have an opinion on equity? You’ve never experienced oppression so shut up…. Just stop… You are not oppressed…. Enough… You stop it! You are a white male. Your skin is light enough. Stop it.”
J. Johnson’s Latest – Our Silver Options Watch is One of a Kind! October 28, 2019
Great and Wonderful Monday Morning Folks,
Gold is higher in the early morning with the trade at $1,506.30, up $1.00 after reaching up to $1,510.80 before the controlling mechanism was called in with the low right at the price, $1,504.70. Silver is leading, for now, with its trade at $18.035, up 10.4 cents after reaching up to $18.145 with the low at $18.005. The Dollar is down 8.4 points after a few weeks of massive print with its trade at 97.515, inside a 22-point trading range between 97.665 and 97.445. All of this, of course happened while we slept, before 5 am pst, the Comex open, and the London close.
The Venezuela Bolivar is now pricing Gold at 15,044.17, losing 46.94 in Bolivar value with Silver now at 180.125 Bolivar, showing it too lost 1.148 in value. In Argentina, where they elected a new president, the Peso now has Gold priced at 90,253.74 Peso’s, proving a gain of 319.11 with Silver at 1,080.68, proving a slight gain of 0.37 in A-Peso value. The Turkish Lira now has Gold priced at 8,634.91 losing 75.81 in T-Lira value with Silver now gauged at 103.386 proving a loss of 1.244 in T-Lira value.
October Silver Deliveries ends tomorrow with the total count waiting for receipts standing at 20 and with a Volume of 5 up on the board with no trading range to offer so far this morning. I do see an offer out there to sell 3 contracts at $17.99 as the buyer waits. The proof that there is no manipulation (cough), is all in the Open Interest with the total count now at 223,220 Overnighters, proving an additional 4,690 more short contracts had to be added in order to keep Silver from exploding any higher than it did on Friday with that Friday high to beat, at $18.35. We wonder if it has anything to do with the November Options in Silver that is due to expire today at the Comex Close? As a reminder of the situation we’ve been watching over the past 3 years, the Option Board has not seen so much Open Interest as in the last ½ of this year’s tallies. Even going out to 2024, there is no accumulation in Silver options like we’re in right now, why?
J. Johnson’s Latest – Nothing Says Calm Like The Overall Open Interest In Silver October 25, 2019
Great and Wonderful Friday Morning Folks,
Gold is trading higher with the December contract at $1,511.00 up $6.30 and close to the high at $1,512.70 with the low at $1,503.40. Silver is the early morning leader with its Christmas price at $18.15, up 34.6 cents after reaching $18.185 with the low at $17.80. Just to show everyone how everything is “just fine” out there on the side of the printers, the US Dollar is trading higher as well with its value pegged at 97.445, up 4 points with the high close by at 97.49 with the low at 97.34. All of this occurred while we slept, before 5 am pst, the London close, and before Comex takes the prices sharply higher.
Our emerging markets currency watch sure turned the corner today with Venezuela’s Bolivar pricing Gold at 15,091.11 giving those that hold a 176.78 Bolivar jump in value with Silver’s price increase showing a 6.092 Bolivar gain with the price at 181.273 Bolivar. In Argentina, the Peso’s price for Gold is at 89,934.63 proving a 1,966.81 A-Peso gain with Silver now at 1,080.31 giving those that hold a 47.10 A-Peso gain (do the math here with a 5,000-ounce contract). In Turkey, Gold is now trading at 8,710.72, proving a gain of 83.65 in T-Lira value with Silver at 104.630 T-Lira proving a gain of 3.257 in T-Lira value.
What a delivery day yesterday was, even with no trading range or price given, the October Silver Deliveries demand count dropped 85 contracts proving receipts were given out, with no idea if they were sent to London or where delivered here. So far this morning there is still no trading range and no sellers taking the higher bids that are offered. My guess is these sellers are waiting for much cheaper prices before they dump their holdings. Nothing says calm like the Overall Open Interest in Silver as the total count increased another 3,447 contracts proving yesterday’s little rally would have been far more substantial had the centrals been restricted like they should be with the total OI count now at 218,580 Overnighters.
