Posts Categorized: In The News

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J. Johnson’s Latest – Ag – This Criminal Element Is Going To Be Removed!
September 24, 2019

Great and Wonderful Tuesday Morning Folks,   

      We all know in a free moving market prices would continue to move in the direction of its strength. But that’s not our precious metals market with the Morgue all over it (for now) with Gold at $1,528.10, down $3.40 after dipping down to $1,526.60 with the high to beat at $1,531.30. Silver is down 10.6 cents at $18.605 after dipping down to $18.515 with the high to beat at $18.81. Even the US Dollar is held in check with its value pegged at 98.20, down 2.1 points and at the 98.19 low with the high at 98.32. All of this was done before 5 am pst, the Comex open, the London close, and the answer to the question; will they remove Boris?   

      Our emerging markets currency watch is almost all positive with one stinker for Gold in the mix. In Venezuela, Gold is now priced at 15,261.90 Bolivar showing a gain of 15.89 since yesterday’s early quote with Silver at 185.82 Bolivar, gaining 1.35. In Argentina, the Peso has Gold priced at 86,980.84 proving a gain of 480.53 Pesos with Silver at 1,059.06 Pesos showing a gain of 12.27. The Turkish Lira seems to be gaining strength with Gold losing 43.01 Lira with its price at 8,690.83, however, Silver is now at 105.78 Lira, proving a gain of 0.10.    

      September Silver Deliveries are still gaming the trade with the total demands now at 36 fully paid for contracts waiting for receipts and with a Volume of 3 up on the board in the early morning with a price (trading range) of $18.52. During yesterday’s trade the Volume jumped to 79 when the OI was 53. This tells me our Resolute Buyer needed more physical Silver which added 20 contracts (at a minimum) to the count for today. Let’s see if these Algos can push the price lower today so this buyer can step in again. Even with yesterday’s decent rally, prices are still super cheap compared to what most of us think will be the future of Silver’s value.   

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J. Johnson’s Latest – Ag – We Have Plenty Of Options To Look At
September 23, 2019

Great and Wonderful Monday Morning Folks,  

     The Triple Witch Week is over and now the fun begins with Gold trading slightly higher at $1,526.50, up $11.40 and close to the high at $1,528.70 with the low at $1,517.90. Silver seems to be leading at the moment with its trade at $18.47, up 62.1 cents with its high close by at $18.495 with the low at $17.99, hopefully we’ll never see that low price again. December’s US Dollar is also finding support with its value pegged at 98.335, up 19.9 points after reaching 98.455 with the low down at 98.07. All of this happened between the Sunday night open, the Comex open, and the London close.    

     We see nothing but green prices across the board in our emerging markets currency watch. In Venezuela, Gold’s price is now at 15,245.92 Bolivar showing a gain of 167.79 since Friday mornings report with Silver now at 184.47 Bolivar giving the people stuck under that fiat a 5.594 Bolivar gain. In Argentina Gold is now priced at 86,500.31 Pesos giving “those that know” a 1,179.81 Peso gain with Silver also gaining 34.51 Pesos. This is a 172,550 A-Peso gain in one day inside a single futures contract. In Turkey, the Lira now has Gold pegged at 8,733.84 showing an increase of 127.39 Lira with Silver gaining 3.58 Lira with its price at 105.68.  

     September Silver’s Delivery count has dropped off quite a bit on Friday with this morning’s count now at 53 fully paid for 5,000 Ounce Contracts waiting for receipts and with a Volume of 44 up on the board inside a trading range between $18.265 and $18.21 with the last purchase being the high so far proving a gain of 52.7 cents.    

     Even with our price jump Silver’s Overall Open Interest rose even more with the count now at 211,837 Overnighters proving an additional 641 more contracts had to be added in order to keep Silver from moving higher. Please keep in mind this number is a live count done while we write. The idea here is this early morning count may be a way to gauge the daily game the shorts need in order to keep the price rise from not blowing thru their Algo’s control. Compare the early morning count with the official Friday closing (all nightly Comex closings) count to observe the before/after Comex antics, it may help.  

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J. Johnson’s Latest – Ag/Au – Rigged is Rigged, Pure and Simple!
September 20, 2019

Great and Wonderful Friday Morning Folks,    

      The Triple Witch Week is just about over with Gold trading at $1,509.70, up $3.50 after reaching up to $1,514.30 with the low at $1,505.30. Silver isn’t as strong as the Noble Metal but is higher in trade at $17.910 up 2.6 cents after reaching up to $18.040 with the low close by at $17.83. By the way, both lows were in the overnight before the London open. The Almighty and continually upheld US Dollar is now trading at 98.005, up 15.8 points with the high right here at 98.025 with the low we need to see beaten to a pulp in order to compete against other productive nations at 97.735. All of this occurred before 5 am pst, the Comex open, and the London close,    

      The Venezuela Bolivar now has Gold priced at 15,078.13 Bolivar showing a gain of 5.99 from yesterday morning’s price with Silver now at 178.876 Bolivar showing a loss of 0.15 in value. Argentina’s Peso now has Gold valued at 85,320.50 showing a gain of 127.61 Pesos with Silver now at 1,012.22 gaining 0.19 Pesos. In Turkey, Gold is now trading at 8,606.47, gaining 0.90 T-Lira with Silver at 102.100, losing 0.129 Lira. 

      September Deliveries in Silver is showing a demand count of 195 fully paid for orders for physical and with a Volume of 2 up on the board so far. There was a bunch of activity in the delivery system yesterday and the Volume was heavy compared to the amount on order, proving the demand count gained 27 more, 5,000 Ounce demands for physical Silver. Today’s trading range for the 2 purchases that are posted up on the board is $17.755 (yes, high and low) as we wait to see what happens next.    

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J. Johnson’s Latest – The DOJ Vs. The Morgue, Ag Stays Resolute!
September 19, 2019

Great and Wonderful Thursday Morning Folks,    

     Gold is trading lower in the early morning with the price now at $1,509.10, down $6.70 after being forced down to $1,496.30 with the high real close by at $1,509.70. Silver is leading the trade this morning with its price at $17.925, up 0.006 cents and it too close to the high at $17.945 with the manipulated low at $17.655. I think I can say that with some evidence to prove it’s a real thing now (manipulations), what say you? The US Dollar is trading lower as well with the current value now at 97.85, down 28.4 points with the low right there at 97.82 and a high at 98.21. All of this was done before 5 am pst, the Comex open, and the London close.    

     The Venezuelan Bolivar seems to be losing its strength with Gold’s trade gaining 2 Bolivar with the price at 15,072.14, Silver is still losing value (barely and not for long) with its value pegged at 179.026 showing a 0.15 Bolivar loss in value. In Argentina, Gold’s price is now trading at 85,192.89 proving 27.21 Pesos of value being removed with Silver having 1.19 Pesos removed from its value at 1,012.03 Pesos. Europe’s admitted currency in crisis, the Turkish Lira, now has Gold valued at 8,605.57, showing us a 40.01 T-Lira increase in the real money of the planet with Silver at 102.229, it too showing a 0.423 T-Lira gain.    

     September Silver Delivery Demands continues its reductions with the demands for receipts at 168 fully paid for contracts and once again with Zero Volume or Trading Range posted up on the board and with the closing price after yesterday’s No Buy Day at $17.795. This proves a 94 count reduction being settled out either here or in London.    

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Bill Holter’s Commentary

Does this mean he is racist? I don’t think so. He is however a SJW with serious difficulties understanding that socialism has never worked any time…any where on the planet. He probably has good intentions but he needs to be reminded every genocide in history occurred versus an unarmed population. Maybe he needs to be reminded when someone suceeds him as leader of Canada, maybe they don’t have the same “tender heart” he does? He surely owns guns personally plus an armed security detail. I can’t afford his security but I sure can exercise my God given right to protect me and mine! Funny how it seems the left’s own rules are always what ensnares their own…

Justin Trudeau Wore Brownface At 2001 ‘Arabian Nights’ Party While He Taught At A Private School, Canada’s Liberal Party Admits
September 18, 2019

Justin Trudeau, Canada’s prime minister, wore brownface makeup to a party at the private school where he was teaching in the spring of 2001. TIME has obtained a photograph of the incident.

The photograph has not been previously reported. The picture was taken at an “Arabian Nights”-themed gala. It shows Trudeau, then the 29-year-old son of the late former Prime Minister Pierre Trudeau, wearing a turban and robes with his face, neck and hands completely darkened. The photograph appears in the 2000-2001 yearbook of West Point Grey Academy, a private day school where Trudeau was a teacher.

Earlier this month, TIME obtained a copy of the yearbook, The View, with the photograph of Trudeau in brownface from Vancouver businessman Michael Adamson, who was part of the West Point Grey Academy community. Adamson was not at the party, which was attended by school faculty, administrators and parents of students. He said that he first saw the photograph in July and felt it should be made public.

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J. Johnson’s Latest – FOMC Day, is Trump Channeling Andrew Jackson?
September 18, 2019

Happy Hump Day Morning Everybody!    

      The precious metals surprised us all yesterday rallying like they did, and once again, the shorts piled on in the hopes of regaining control with Gold now at $1,508.90, down $4.40 after dipping down to $1,507.10 with the high close by at $1,511.30. Silver seems to be leading the low with its trade at $17.940, down 20 cents with the low at $17.870 with the high not that far away at $18.120. The US Dollar’s support mechanism is still working with the trade at 98.005, up 18.6 points after reaching up to 98.055 with the low to beat (hopefully today) of 97.75. All if this was done before 5 am pst, the Comex open, and the London close.    

      The South American currencies are showing gains with Turkey’s currency doing the opposite. Inside Venezuela, Gold is now priced at 15,070.14 Bolivar showing a slight gain of 4.99 Bolivar with Silver at 179.176 gaining 0.20 Bolivar. In Argentina, the Peso now has Gold valued at 85,220.10 Peso’s gaining 333.87 in value with Silver at 1,013.22 Pesos, a gain of 4.88. The Turkish Lira now has Gold valued at 8,565.56 showing a drop in value of 63.27 T-Lira with Silver now at 101.806 showing a reduction of 0.688 Lira.    

      September Silvers Delivery Demands are showing more reductions in count (we expect more demands to pop up soon) with the total now at 262 fully paid for demands and once again, no trading range to offer, not only right now, but the entire day yesterday. September Silver posted no trading range yesterday leaving us with either receipts getting delivered here or in London, or the unwinding of a spread trade which should STILL show a price attached to the trade. This also tells us no new buyers came in as well with Sept Silver’s closing price at $18.016.     

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Bill Holter’s Commentary

Please watch Doc Dave Janda, General Michael Flynn knows where all the bodies are buried…I don’t believe this gets swept under the rug!

J. Johnson’s Latest – FOMC Starts Today Putting To Sleep The Precious Metals
September 17, 2019

Great and Wonderful Tuesday Morning Folks,   

      It’s the start of the FOMC 2 day gala, with the precious metals being are allowed to trade, but not higher with Gold at $1,508.40, down $3.10 after dipping down to $1,500.90 before recovering with the high close by at $1,509.20. Silver is following along with its trade at $17.92, down 10.6 cents (after testing support response) with the bottom at $17.82 and a high to beat at $17.98 before we head towards yesterday’s Comex closing price at $18.025. The Currency rollover is mostly complete (with the Canadian Dollar rolling out today) placing the December US Dollar value at 98.150, down 2.5 points and close to the low at 98.12 with the high at 98.290. All of this flat activity happened before 5 am pst, the Comex open, and the London close.   

      Our Emerging Markets Currency watch is showing Silver strengthening while Gold is still correcting. In Venezuela, the Bolivar is now pricing Gold at 15,065.15 losing another 32.99 in Bolivar value with Silver at 178.976 virtually unchanged from yesterday’s price. In Argentina, Gold is valued at 84,886.23 Peso’s, dropping 147.21 with Silvers trade at 1,008.34 showing a gain of 3.93 Peso’s. In Turkey, Gold is priced at 8,628.83 showing a loss of 16.21 Lira with Silver at 102.494 showing a 0.015 T-Lira gain.    

      September’s Silver Delivery demands now stands at 315 fully paid for contracts waiting for receipts proving a 74 count drop that were either delivered here or in London and with no trading range or Volume to report so far. Silver’s Overall Open Interest remains elevated but shows a good reduction on a strong rally day offering up the suggestion that shorts took out some of their upside risk potential. The Overall Open Interest now stands at 214,290 Overnighters proving a reduction of 2,762 from yesterday’s early morning count.

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Bill Holter’s Commentary

RICO? Criminal enterprise? Now how is the Fed going to carry out their activities in the gold market? A safe bet no one else will accept the “honor” of being their beard if it comes with jail time…Please notice the absence of Blythe Masters? Will she be a DOJ star witness? As I wrote yesterday, yes “times are changing”!

DOJ Accuses JPMorgan’s Precious Metals Trading Desk Of Being A Criminal Enterprise
September 17, 2019

Who would have thought that JPMorgan’s precious metals trading desk is the functional equivalent of the mafia, and that its one-time leader, Blythe Masters, was the mafia’s don? 

Well, almost everyone who didn’t mind being designated a conspiracy theorist for years. And now comes vindication, because this has just been confirmed by the DOJ, which accused the PM trading desks at JPMorgan of being deeply involved in what prosecutors described as a “massive, multiyear scheme to manipulate the market for precious metals futures contracts and defraud market participants.”

In an indictment unsealed on Monday morning, the DoJ charged Michael Nowak, a JPMorgan veteran and former head of its precious metals trading desk and Gregg Smith, another trader on JPM’s metals desk, in the probe. (Blythe Masters was somehow omitted).

“Based on the fact that it was conduct that was widespread on the desk, it was engaged in in thousands of episodes over an eight-year period — that it is precisely the kind of conduct that the RICO statute is meant to punish,” Assistant Attorney General Brian Benczkowski told reporters.

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Bill Holter’s Commentary

As we’ve told you for several years…it will be a credit event!

“Nobody Knows What’s Going On”: Repo Market Freezes As Overnight Rate Hits All Time High Of 10%
September 17, 2019

Back in the summer of 2013, China’s banking system was on the verge of collapse when its overnight repo rates briefly soared to the mid-20% range, prompting the central bank to take emergency intervention to avoid a funding freeze.

As of this morning, the US is halfway there.

After we reported yesterday that “something snapped” as chaos hit the report market, and the overnight repo rate exploded as high as 7% for a variety of reasons including:

  • elevated UST supply,
  • bloated dealer balance sheets and year-end regulatory constraints
  • a banking system near reserve scarcity,
  • investors selling bonds back to dealers, and
  • banks and money-market funds to make their quarterly tax payment

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Bill Holter’s Commentary

…so they are saying the manipulation of precious metals has been going on since before 2008?  Isn’t this what us tin foil hat whackos have said all along?  And didn’t the CFTC do an investigation where they found “nothing actionable”?  If DOJ truly wants to cook some crooked goose, maybe they should pull the “time and sales” reports on the days where 10 or 20 tons of gold hit the markets in 30 second time frames …ONLY THEN will we know who was behind the blatant naked short selling that suppressed prices.  “Spoofing” is for pikers and unknowing pawns will do prison time while those who authorized the naked sales of as much as 10% of global production in 5 minutes (MANY TIMES) will walk away scott free.  The problem of course is if you go after those at the top …they will likely squeal on those in government who “suggested” the strategy in the first place!

JP Morgan Blames Bear Stearns For ‘Criminal Enterprise’ At Precious Metals Trading Desk
September 17, 2019

Now that prosecutors have blamed what they have described as a criminal organization operating inside JP Morgan, it appears the largest bank in the US by assets is resorting to an old strategy for sloughing off accusations of corporate fraud: Blaming it all on an acquisition.

According to Bloomberg, two traders who joined JPM’s precious metals trading desk after the takeover of Bear Stearns helped introduce the illegal manipulation strategy known as ‘spoofing’ to their peers on the desk, including the bank’s now-former head of the bank’s precious metals trading desk, Michael Nowak, who was one of three employees charged with participating in an organized fraud yesterday. Though prosecutors allege that some of the desk’s employees were already engaged in ‘deceptive practices’.

 

 

 

 

 

 

 

 

 

 

 

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Bill Holter’s Commentary

“Central banks are now all in and no longer even have the option of not protecting asset prices from falling” – Tyler Durden

“Liquidity Dies In Darkness”: Trillions In Assets Have No Financial Disclosure To Support Them
September 15, 2019

While there has been extensive discussion of the passive/ETF/index fund bubble, most recently by Michael “Big Short” Burry, who most recently joined the parade of skeptics warning of the implicit and explicit dangers the passive investing bubble carries with it, perhaps the most interesting angle of the ETF stampede into fixed income securities – which include junk bonds and leveraged loans in addition to the recent frenzy for investment grade debt – is the fact that a substantial portion of it now trades with virtually no fundamental information. In other words, assets are being bought (if not so much sold) simply to accommodate the flood of investor money, with no regard for actual financial data or corporate newsflow.

This is highlights in a recent note by TCW’s Chief Investment Officer of Fixed Income, Tad Rivelle, who currently manages some $170 billion in AUM, and who writes that as a result of the above, “not only have the debt markets ballooned in size, but the growth has come disproportionately from those segments of the debt market where financial disclosure is poor.”

As a result of this, Rivelle observes that “If democracy dies in darkness, so does liquidity in that embodiment of economic democracy, i.e., the capital markets.” His conclusion is jarring: this lack of underlying information, while ignored when the tide is rising, leads to an immediate collapse in liquidity when the selling begins and results in a scramble for information, to wit:

When information is scarce, investors must color in between the lines. That which is not known nor well quantified must be assumed or modeled. The door is therefore open to different investors reaching quite different conclusions about the underlying value of an asset leading, of course, to illiquidity.

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J. Johnson’s Latest – Are The Algos Prepared For This In Silver?
September 16, 2019

 Great and Wonderful Monday Morning Folks,   

      Gold is trading higher after that “unplanned” short attack on Friday failed miserably, unless they really wanted us to know they planned this ahead of time, with the trade now at $1,511.70, up only $12.20 after reaching up to $1,519.70 before the Algo’s came in to set things straight with the low down at $1,506.30. Silver is held in check as well and by the same Algo team with its trade at $17.92, up 35.1 cents after breaking thru and up to $18.065 with the low at $17.69. The September US Dollar trade, which ends today, is currently at 98.345, up 9 points and is literally at the high with the low at 98.055. All of this was done before 5 am pst, the Comex open, and the London close.   

      In Venezuela, Gold is now priced at 15,098.10, showing a loss of 25.97 Bolivar with Silver now gauged at 178.976 Bolivar proving a 2.996 loss in value. In Argentina, Gold is now priced at 84,739.02 showing a loss of 200.54 Peso’s with Silver now valued at 1,004.51 losing 17.64 in Peso value. Turkey’s Lira now has Gold priced at 8,645.04, it too losing from Friday mornings early price check by the tune of 61.08 T-Lira with Silver at 102.481 showing it lost 0.793 in T-Lira value. It must be remembered here that the drop in price occurred on Friday during Comex’s trading times and after my post. Precious metals are recovering from that “unplanned” Friday hit but has yet to fully restore its value. We still stay Resolute in our beliefs that the buyers are winning.   

      It looks like all the activity in the September Silver Deliveries last Friday was all about clearing demands off the board with the total count at 389 fully paid for contracts waiting for physicals here or in London showing a drop of 136 in count. So far this morning we have a Volume of 4 posted up on the board with no trading range. This is supposed to be a spread trader exiting a spread in the delivery month, which should have a price attached to it, but alas, those that break the rules are the ones that are supposed to enforce them.     

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J. Johnson’s Latest – Au/Ag Prepping For The Triple Witch Week
September 13, 2019

Great and Wonderful Friday Morning Folks,

Gold is positive again in the early morning with the trade now at $1,514.30, up $6.90 with the high nearby at $1,515.40 with the low at $1,502.90. Silver is up as well with the price at $18.22 up 4.3 cents after reaching up to $18.265 with the low at $18.045. The US Dollar, which spiked up to 90.105 during yesterday’s trade, and because the Draghi team cut rates to negative .5%, is now at 98.040 down 26.8 points for the moment with the high at 98.435 and the low close by at 98.000. All of this was done while the Comex was closed, before 5 am pst, and before the closing of London for the week.

In Venezuela, the Bolivar is losing value as Gold’s price increased with the price now pegged at 15,124.07 Bolivar, showing a gain of 18.97 in value with Silver now at 181.972, showing us a loss of .849 in value. Argentina’s Peso now has Gold valued at 84,939.56 showing a pullback with 11.96 Pesos taken off the price with Silver now at 1,022.15, losing 6.24 Pesos. In Turkey the Lira now has Gold valued at 8,583.96 proving a gain of 5.84 Lira after yesterday’s sudden reduction in interest rates just before the Euro-Union did the same with Silver now at 103.274 proving Silver lost 0.593 in T-Lira value.

September Silver Deliveries is still where all the activity resides with the Demands for Physicals standing at 525 fully paid for requests waiting to be transferred to London because we still have no physicals settled out here, proving a drop in count from yesterday’s numbers of 171 contracts with 135 (yesterday’s end of trade Volume) contracts being traded in-between a trading range $18.165 and $18.08 (yesterday). What we think we are witnessing in the early morning trades is the first purchases are always done at the higher pricings but later in the day, much smaller amounts of contracts get settled bringing the prices lower towards the end of the day. In short, more purchases are done at the higher prices but these single lot orders seem to be getting “special privilege” for the sake of reducing the price only. Really bizarre thinking reducing the prices instead of raising them when we see strong and continual daily demands. That’ll teach those buyers! It seems the Comex really has become a bankers joke.

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J. Johnson Updates

We have another 8 purchases inside the September Silver Delivery System which just by coincidence (again) has sent the prices down to $18.795…Proving the thesis that these low purchase numbers are just for keeping prices low…

Stay Resolute!

J. Johnson

And now the Volume in September is at 141 with the price still at $17.795…More buying means cheaper prices…Go Team Go!!

J. Johnson