A few days to go before we find out how much silver is really needed...
by J. Johnson via JS Mineset
Great and Wonderful Monday Morning Folks,
It's the day before our precious metals options for March come off the board and Gold is totally ignoring it (for now) with the trade up $17.50 at $1,794.90 and right close to the high at $1,797.70 with the low at $1,778.60. Silver is doing the same, and with good reasons too, with its trade at $27.54, up 24.7 cents after hitting a high of $27.83 with the low nearby at $27.385. The US Dollar seems like it wants to test its lows with the trade down 9.8 points at 90.265 after it was pushed up to 90.575 with its low nearby at 90.205. Of course, all this happened before 5 am pst, the Comex open, the London close, and after Disney labels the multi-generational Muppets Show offensive and now requires a disclaimer before watching. Apparently, there are some who are offended by sock puppets and cannot seem to simply turn the channel like adults use to do in the old days.
Venezuelan's now have to pay an additional 262.67 for an ounce of Gold with the last trade at 17,926.56 Bolivar with Silver buyers doing the same, paying an additional 4.50 Bolivar over Friday mornings price, with the last buy at 275.05. In Argentina, Gold is priced at 159,885.80 Peso's proving an increase of 2,378.62 with Silver buyers seeing a 40.77 A-Peso gain with its last buy price at 2,453.21. Over in Turkey, Gold has finally turned higher with its last price at 12,623.08 Lira, proving a gain of 296.21 with Silver gaining 5.05 T-Lira's with its last price at 193.86.
February Silver's Delivery Demands now shows a post of 339 fully paid for 5,000-ounce contracts waiting for receipts, with another early morning without a price post, yet Mr. Resolute stepped in with one of the "spread trade entries" as 109 contracts got swapped and are now posted in the Volume column. Friday's full day of trade had a total of 8 contracts being purchased in between $27.55 and $27.255 with the last buy at the low, a gain of 17.5 cents that helped reduce the demands by 27 contracts, as we wait to see what else Comex can hide behind the price. Silver's Overall Open Interest continues to wane as another 1,140 paper contracts left the field of play leaving a total of 179,942 overnighters willing to keep the markets liquid, with the last "Buy Day" for this month, being this Wednesday. What a day to buy it all and spike the ball!
February Gold's Delivery Demands are still very heavy with 2,371 fully paid for 100-ounce contracts still waiting for receipts with an additional 9 swaps, during the London trade, with a price range between $1,791.60 and $1,784 with the last buy at $1,788.60, up $12.80 so far today. Friday's full day of delivery activity happened in between $1,787.60 and $1,764.30, with a total of 118 completed swaps giving us a closing price at $1,775.80, a gain of $2.40 on the day, which helped reduce the demand count by 802 contracts that got receipts somewhere, maybe. Gold's Overall Open Interest lost another 4,192 paper contracts going against the physicals and the options, leaving a total of 494,183 paper contracts to keep the market liquid, but not the physicals.
C-PAC will be held between Feb. 25-28 with former president Trump being one of the key speakers, yet ex VP Pence declined to attend, hmmm. Maybe Trump will explain why to the crowds, after his freedom of speech got restricted, by the Big Tech leaders; Twitter, Facebook, and the rest of the Section 230 butthurts. Another hero of mine will be speaking at the C-PAC, is James O'Keefe from Veritas Videos who has done a stellar job exposing the voter fraud issues over these last 2 presidential elections. I ask, why are those conservatives, that refused to view the voter fraud hearings, not attending? Is there a split going on?
What a week this may be! We have in order; the precious metals options (with all those Deep in the Money Calls) expiring tomorrow. Next is the Last Trading Day to buy Comex's February Physicals (in deep discount to the street price) - Wednesday, with Thursday's C-PAC start up, then Friday being the First Notice Day for the March Precious Metal Deliveries. We also have 59,937 contracts (controlling 299,685,000-ounces) in March Silver, still in trade, with a few days to go before we find out how much is really needed.
Have a great day, and hang on to your physicals in a world of paper promises and political gamery. Having physicals in hand, gives comfort as things unwind, daily. As Always ...
Stay Strong!
J. Johnson
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