Great and Wonderful Thursday Morning Folks,
The February Deliveries are over, with a day’s rest before the next, with Gold down $13.10 with the trade at $1,784.80, near the London low of $1,779.70 with the high at $1,805 so far today. Silver is trading in the green with the May contract at $27.995, up 6.7 cents with the low at $27.855 and the high at $28.345. The US Dollar is now at 89.80, down 37 points, recovering from the low of 89.685 with the high starting point at 90.145. Of course, all this happened before 5 am pst, the Comex open, the London close, and after the Entire Federal Reserve’s Swift System (payment systems) had an “operational error” (was it hacked or was it done to stop a large liquidation?) while the Treasuries point to higher rates.
Gold under the Venezuelan currency lost 231.71 overnight with the most recent buy at 17,825.69 Bolivar with Silver still holding on to its gains and adding 1.1 more with the last trade at 279.65 Bolivar. Argentina’s latest price for Gold is at 159,998.34, pulling back 1,756.28 Peso’s with Silver adding 14.76 overnight with the trade at 2,510 A-Peso’s. Over in Turkey, Gold lost some of yesterday’s gains with the trade at 12,916.37 Lira, off by 29.69 with Silver’s last buy at 202.61 T-Lira, a gain of 2.95.
The last day of February Silver’s Delivery Demands had a total of 3 swaps with no price posted with the Comex Calculated Close tallied at $27.857, a gain of 17.1 cents. March Silver’s Open Interest, which will change into Delivery Demands tomorrow, is now at 17,073 with a Volume of 4,207 so far today. This OI count represents 85,365,000-ounces of product that has one more day before the margin is raised from 8.5% to 100%. Silver’s Overall Open Interest proves another round of liquidity had to be added with the count now at 174,521 Overnighters, a gain of 1,880 contracts as we wait, till their game of “low price and no product” reaches its peak.
February Gold’s last day of deliveries had a total of 17 swaps that happened in between $1,805.80 and $1,799 with the last buy at the low, yet the CCC was tallied lower at $1,796.40 where no “visible” trade was made. March Gold’s Open Interest is now at 2,370 with a Volume of 333 already up on the board with a trading range between $1,802 and $1,778.90 with the last buy at $1,786, down $10.60 from yesterday’s close. Gold’s Overall Open Interest only gained 67 contracts giving us an early morning count of 481,709 Overnighters, to add liquidity to the price, but not the product.
It’s now apparent the Apes at GameStop got an accurate education in Comex Deliveries. Where this goes from here is still up in the air, but some of their profit pictures of their high-end purchases, leaves one encouraged. More important is the rest of the education, they are getting with this article that was removed by a Bot in Reddit, but was so accurate that Zerohedge, was able to retrieve it and post it for all to see. Even if you’ve been around a while, it’s a refreshing view to see the way this group looks at our situation.
Fed Res Jay Powell “Keeps it Easy” to borrow. But that was yesterday and before the SWIFT Move. What happens next is anyone’s guess, but the math behind this façade points to one outcome, regardless of who gets the blame. Of note, March is a cereal month for Gold, like February was for Silver. If there was ever a time to force an issue in the GameStop fashion, it would be at intervals of short weakness. Is this it, or will it take a little longer?
Moving forward, more and more people are feeling the comfort of holding precious metals in hand, while everything surrounding the US Dollar’s Empire, starts to crack or get hacked. Hopefully you’re prepared like a Boy Scout. If not, you still have a little more time, maybe. After hearing Bill Holter’s story in the last audio report with Jim, Dave, Denny, as well as other friends in Texas, I went out an bought a 9,000-watt peak, 7250 running watts generator, even though I don’t need it (until we get surprised). This monster is far more than I need. But the Boy Scout in me, says others may need the energy too. This Arctic Blast, was a true Boy Scouts moment with the words they make the young say at each gathering; Always Be Prepared!
So, keep the faith, hold your metals close, Boy Scout Up More, and as always …
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