I Love The Bounce In The Silver Count!
Great and Wonderful Friday Morning Folks,
Gold is trading lower in the early morning with the price at $1,465.00 down $8.40 and close to the London low at $1,462.80 with the high not far away at $1,472.10. Silver is down as well trading at $16.815, down 21.3 cents with its close by low at $16.78 with the high just 1 penny above the Maginot line cast at $17.00. The diddling US Dollar is doing nothing with its trade value at 97.995, down 2.4 points inside an even tighter range than yesterday with the high nearby at 98.11 and that nearby low at 97.990. All of this, precious metals and no movement in currency, happened before 5 am pst, the Comex Open, and the London close.
The Venezuelan Bolivar now has Gold valued at 14,631.69 taking away 47.94 Bolivar with Silver now at 167.94 Bolivar dropping 2.00 Bolivar since yesterday’s early morning quote. Argentina’s Peso now has Golds value at 87,323.24 dropping only 293.96 in A-Peso value with Silver at 1,002.26 Pesos showing a loss of 13.44. The Turkish Lira now has Gold valued at 8,419.66, down 4.97 T-Lira in the overnight with Silver at 96.65 Lira showing a loss of 1.39.
The Bouncing November Silver Delivery Demands now show a request count of 9 up on the board proving a 2-point increase in requisitions with a Volume count of 14 yesterday, which means that 35,000 more ounces where purchased and delivered during Comex’s trading period. I sure hope the buyers before this past week’s deliveries got their receipts before these chaps did. That is what used to be required under FIFO accounting practices but with the current system in place, there is no way any buyer can know this unless it was a singular buyer doing all these daily purchases. Btw, these things can only be known by an actual buyer of precious metals from Comex and not under the “institutional buyers” category. The trading range for the 7 in Volume we show up on the board right now is between $16.97 and $16.80 with the last claimed purchase at $16.84. Hopefully we’ll see more, I love the bounce in the Silver count!
Silver’s Overall Open Interest remains above all common sense with the count at 221,466 Overnighters still in play proving a drop of 776 positions since yesterday’s early morning write up. Yesterday had an eerie feel to it as the Volumes in both Silver and Gold dried up and the trading range of the currency in question narrowed after the Federal Reserve Chairman’s time in front of the camera on Wednesday. We still do not have an answer as to who needed to have all that newly printed money and where it ended up. Which might indicate the one who needed the immediate infusion was foreign, and the money hasn’t hit our shores yet. Just a guess in the mess we call the markets. Also, of note is the super high Open Interest in Gold! This too is something the DOJ should be looking at as they glean thru the sewage system at the Criminal Element.
The weekend is coming as we get closer to the celebrated holiday called Thanksgiving, just 13 days away with the December 2019 Silver Options coming off the board the Monday before. A lot can happen before and after this holiday, we’re of course, hoping for the before period, which helps us remain positive, like those that go to a Trump Rally everywhere USA these days. The attitudes and the positive feelings are contagious, so spread the positive! Have a great weekend, keep your precious metals in hand and out of the system, and let that smile on your face, spread like a virus! As always …
Stay Strong!
J. Johnson