The Demands Remain the Game…
May 23, 2019
Great and Wonderful Thursday Morning Folks,
Gold is up again with the trade at $1,276.80, a gain of $2.60 and right close to the London high at $1,277.50 with the low at $1,272.10. Silver is tagging along with its trade barely up 2.1 cents at $14.47 with its high at $14.48 and the low at $14.40. The US Dollar finally broke thru the upside resistance with its value pegged at 98.07, up 18.9 points after reaching up to 98.14 before settling down a bit with the low at 97.94. Of course all this non-activity already happened before 5 am pst, the Comex Open, the London close and, “May”be before a prime minister is forced out of office.
The Venezuelan Bolivar now has Gold priced at 12,752.04, gaining back another 15.98 Bolivar with Silver only able to scratch back .20 of a Bolivar so far today with its price at 144.519 Bolivar. Argentina’s Peso now has Gold valued at 57,278.67, a regain of 166.23 A-Pesos within a 24 hour period with Silver pegged at 649.262 almost gaining back all of yesterday’s pullback as the climb equaled 2.176 A-Pesos. Then we have Turkey’s little fireside fiat sale putting Gold’s price at 7,832.36 showing an increase of 41.90 T-Lira with Silver gaining .5055 as well with Ag’s value at 88.7754 T-Lira.
The May Deliveries for Ag seem to be gaining some more drama as the demands for physical increased with the count adding 32 more buy orders putting the requests for physicals at 257 and with Zero Volume up on the board so far this morning. During yesterday’s Comex trading coma we witnessed May Silver’s trading prices widen a bit after the early morning report, but more importantly was the Volume which exceeded a 150 count inside an 8 cent window. Whether these purchases are another batch of EFP’s to London, a real delivery request, or another paper trade exiting out, cannot be answered until Comex pulls its head out and gives the majority of traders the information. Regardless, the demands remain the game, and this is where it all begins and ends. The Overall Open Interest for Silver continues to climb with the count now at 210,970 showing a gain of 116 more shorts to stay the “Delivery” price for now.
Jim Sinclair’s Commentary
The latest from John Williams’ www.shadowstats.com
– Economic Downturn Continued into Second-Quarter 2019; Faltering April Freight Volume Presaged Declines in Production and Retail Sales
– April Manufacturing Turned Negative Year-to-Year for First Time Since 2015, When Freight Volume Also Turned Negative, Signaling the Onset of an Unofficial Double-Dip Recession in Production and Manufacturing
– Production and Manufacturing Suffered Heavy Downside Revisions Along With Unexpected Sharp Declines in April Activity
– April Single-Unit Building Permits Signaled an Unexpected Deepening Downturn
– April Existing-Home Sales Declined Month-to-Month and Year-to Year
– Fourth-Quarter 2018 and First-Quarter 2019 Quarterly Contractions in Real Retail Sales Held in Place, Along With an Unexpected, Sharp April Decline
– Shutdown-Disrupted Retail Sales Data Remain of Suspect Quality
– Latest Round of Economic Data Implied Downside Revisions to First-Quarter 2019 GDP, With an Intensifying Second-Quarter Downturn
– Surging Consumer Optimism Tends to Mirror the Tone of the Popular Press
– Market Sentiment Should Continue Shifting Towards Renewed Fed Easing
“Bullet Edition No. 10”
Jim Sinclair’s Commentary
First Ford had stopped making all but two cars, but kept its truck line, etc. Now Ford is slashing 7k jobs. Ford is getting ready. Ford is the only auto manufacturer who didn’t take the last bail out. Ford is planning to stay alive while others do not.
Ford Slashes 7,000 Jobs as Sweeping Disruption Hits Automakers
May 20, 2019
Ford Motor Co. plans to eliminate about 7,000 salaried jobs — about 10% of its global white-collar workforce — as pressures mount on automakers to keep pace with massive technological shifts amid signs global car demand has peaked.
Eliminating the positions will save Ford about $600 million a year, Chief Executive Officer Jim Hackett wrote in a memo to employees Monday, seven months after the company informed employees of a salaried workforce “redesign.” The majority of the cuts will be completed by May 24 in North America, and by the end of August in markets including Europe, China and South America.
“To succeed in our competitive industry, and position Ford to win in a fast-changing future, we must reduce bureaucracy, empower managers, speed decision making, focus on the most valuable work, and cut costs,” Hackett wrote. “Ford is a family company and saying goodbye to colleagues is difficult and emotional.”