There is far more paper than product...
submitted by J. Johnson via JS Mineset
Great and Wonderful Finally-a-Friday Folks,
Gold is higher in the early morning with the trade at $1,775.60 up $5 and close to the high at $1,778.90 with the low down at $1,765.60. Silver is adding more to yesterday's gains with the trade at $18.145, up 9.4 cents with the high right there at $18.17 with the low down at $17.99. The US Dollar's trade is now valued at 97.31, down 7.8 points after dipping down to 97.235 with the high up at 97.455. Gold's chart pattern shows how the trade has been acting like a helium-filled-balloon dragging along the ceiling looking for the easy way up, to break out into new life of contract highs, with Silver doing the same, but at $18. Each time the prices are brought down, it turns around. Maybe one day it'll mean something like the old days when watching the charts - mattered! Of course, all this happened already, before 5 am pst, the Comex open, the London close, and after the big boys in the futures market (in order to sound like the many, call themselves participants) complain about liquidity issues when the Fed is liquifying everything they touch! Tick Tock; said their Algo Clock!
We see nothing but gains for our precious metals across the emerging markets this morning with Gold under the Venezuelan Bolivar at 17,733.81, proving a gain of 26.97 Bolivar, with Silver at 181.223 Bolivar, a gain of 3.895. Argentina's value for Gold now sits at 124,454.38 Peso's showing a gain of 313.39 with Silver at 1,271.81 Peso's gaining back all of yesterday's losses and a little more. Even over in Turkey, Gold is gaining with the last trade at 12,173.41 Lira, proving a gain of 18.68 with Silver at 124.397 T-Lira recovering 2.68 in the overnight.
The Last Call for June Silver Deliveries is today with the demand count still at 8 with no trades posted yet. Yesterday's activity proved a Volume of 9 posted up on the board with a trading range between $17.805 and $17.755 with the last buy at $17.775 and with that calculated closing price, because there is far more paper than product, at $17.883. Silver's Overall Open Interest continues to trend lower, with the total count now at 178,252 Obligations proving a short exodus of 2,241 Overnighters going against the buy as we finish out the rollovers and bring in the July Delivery Requests which should put a little pucker into the Silver shorts. Today's July count sits at 31,198 proving a reduction of 8,246 as this count still shows a Silver demand for 155,990,000 ounces with only 5 and 1/2 hours left to clear out the specs.
Mr. Resolute is still up at the Gold Bar with the Demand Count at 1,422 fully paid for contractual obligations waiting for receipts and with a Volume of 250 already up on the board with a trading range between $1,766 and $1,764.70 with the last buy at the low. How 250 contracts can trade in the Comex physicals and inside a $1.30 trading range during London's time, is beyond me but then again, I'm not the one under investigation, like a certain company we know. Yesterday's trading range for the 122 contracts that traded in the delivery month occurred between $1,764.80 and $1,757.80 with the last buy at $1,764.30 with the close at $1,762.10. Today's closing out, of the June Gold's Deliveries, will require 250 million dollars' worth of physical product. Gold's Overall Open Interest, after gaining the day before the Options came off the board, is now falling with the count at 539,649 Overnighters, proving 2,049 short contracts left the trade. The July contracts for Gold are now registering 4,378 Overnighters that have to adjust themselves for the deliveries as well. Let's see how this all turns out as we say once again into the mic; Last Call for June Deliveries!
World trades seems to have skidded to a stop as the global trade volume in April collapsed by 12.1% over the March volumes. The chart in this article shows the entire global trade, skidding, bouncing, or dragged across crushed glass, above and below the bottom (0) since 2010. Then there was this perfect excuse put into play in January, so now everyone is blaming a bio-bug for the issues and not the overburdened, highly overrated, international debt that can never be paid back. The article also talks about the "V bottom", but you have to find or be at the bottom first, and with an infinite amount of numbers on the negative side, as there is in the positive (in the land of Algos) we may have a ways to go before "bottom" is discovered.
We hope your first weekend of Summer is enjoyable. Keep the faith and have a smile on your face, and a prayer in the heart for all, no matter what! We are in this fight together and together; we'll face the tomorrows. As Always ...
Stay Strong!
J. Johnson
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