Silver's open interest is rising and within 10,000 contracts of its record high...
submitted by J. Johnson
Great and Wonderful Monday Morning Folks,
Gold is trading at $1,554.40, down $5.70 after being dipped to $1,547.00 with the starting point high at $1,563.10. Silver is down 8 cents at $18.025 after going below the Maginot line again hitting $17.940 before it recovered with the high at $18.130 which of course is the Sunday night opening price. The US Dollar, a continually printed product of bad math, is now valued at 97.165 up 8.7 points after being supported all the way up to 97.245 before losing steam with the low at 97.050. Of course, all of this occurred already during Asia and London's trading times, before 5 am pst, the Comex open, and the London close, and after "death to liars" is being chanted in one nation specifically, which can be heard in many others as well, if one has the ears to hear and the eyes to see.
Our Emerging Markets Currency Watch continues to show the control the primaries have over almost all other currencies with Venezuela's Bolivar now pricing Gold at 15,450.66 showing a pullback of 32.96 from Friday's trades with Silver at 180.025 Bolivar, giving back the exact amount taken during the previous days move. Argentina's Peso now has Gold valued at 92,408.57, it too losing 165.12 in A-Peso value with Silver at 1,076.71 proving a 0.10 A-Peso gain. The Turkish Lira now has Gold priced at 9,066.72 showing a reduction of 42.57 in paper printed value as Silver holds on to its value with the price at 105.645, showing a gain of 0.326 in T-Lira Value.
Comex Silver Delivery Demands now show 10 fully paid for contracts waiting for receipts and with a Volume on 4 up on the board so far this morning, with a trading range of $18.02 and $17.97 with the last 2 of the 4 purchases at $18.02. Even though the count is small compared to the paper used to control the price flow, it shows the constant need for large bar supply. It also shows how little value Comex considers the delivery issue we have as last Friday's Volume of 2 still shows no price. Also, of note Friday's Demand Count was at 41 proving 31 contracts got settled out here or in London during Friday's "no need to price a delivery purchase" day.
Silver's Overall Open Interest now posts a total of 234,460 Overnighters showing the short traders had to add another 218 more contracts into the market in order to keep the liquidity level, at a price the centrals demand against the buyers of physicals. Silver's level of paper against the physicals remains elevated and consistent, and for years now. We're not surprised that Gold's Open Interest caught up as now both commodities are trading just below their life of paper contract highs. Silver's All Time High in Paper is at 244,196 with Gold's All Time High is at 797,110.
This weekend's weekly discussion with Jim and his team, inside the paid for side, added much more understanding to the events of the week. The team is discussing our present history in the making. Maybe even being the precursor to the greatest transfer of wealth in history. If one does not have the time to read or study over the week, the "paid for side" is one of the best purchases one can make. One can listen at any time on Sunday and at one's leisure, or the discussion can be saved into a MP3 format to be listened to on the road on the way to work.
REPO-mania is the event that was discussed and the question of why the western nations seem to hate Russia and China so much? "Because they are evil" doesn't cut it anymore. That statement has been used for centuries now and still the questions surrounding their history have yet to be discussed. I think it would take an entire multi years long television series to go thru all of Russia's written history, written by their own countrymen over the centuries allowed for everyone to read after their communism collapsed, and to compare their writings to those that wrote about them from western civilizations viewpoint. What else can be discovered that was not there before? It is apparent that Russia and China have an obsession with Silver and Gold, and it may have been always that way.
Moving forward, first we witnessed Silver being pummeled with paper liquidity, then most recently Gold. However, since 2008 the Federal Reserve had to print, and continually do so ever since, Why? This is what is being discussed as it's happening, live! Want to know more, consider getting into the paid side and be amazed!
Keep your precious metals in hand, keep a smile on your face and a positive thought in the head no matter what, and as always ...
Stay Strong!
J. Johnson