Happy Hump Day Morning Everybody!
The precious metals surprised us all yesterday rallying like they did, and once again, the shorts piled on in the hopes of regaining control with Gold now at $1,508.90, down $4.40 after dipping down to $1,507.10 with the high close by at $1,511.30. Silver seems to be leading the low with its trade at $17.940, down 20 cents with the low at $17.870 with the high not that far away at $18.120. The US Dollar’s support mechanism is still working with the trade at 98.005, up 18.6 points after reaching up to 98.055 with the low to beat (hopefully today) of 97.75. All if this was done before 5 am pst, the Comex open, and the London close.
The South American currencies are showing gains with Turkey’s currency doing the opposite. Inside Venezuela, Gold is now priced at 15,070.14 Bolivar showing a slight gain of 4.99 Bolivar with Silver at 179.176 gaining 0.20 Bolivar. In Argentina, the Peso now has Gold valued at 85,220.10 Peso’s gaining 333.87 in value with Silver at 1,013.22 Pesos, a gain of 4.88. The Turkish Lira now has Gold valued at 8,565.56 showing a drop in value of 63.27 T-Lira with Silver now at 101.806 showing a reduction of 0.688 Lira.
September Silvers Delivery Demands are showing more reductions in count (we expect more demands to pop up soon) with the total now at 262 fully paid for demands and once again, no trading range to offer, not only right now, but the entire day yesterday. September Silver posted no trading range yesterday leaving us with either receipts getting delivered here or in London, or the unwinding of a spread trade which should STILL show a price attached to the trade. This also tells us no new buyers came in as well with Sept Silver’s closing price at $18.016.
Silver’s Overall Open Interest continues to drop on rally days with the total count right now at 212,577 Overnighters proving 1,713 more shorts left the field of play and may be getting ready to go right back in again after Chairman Powell proves Trump right, one way or another, since the Federal Reserve (formally known as the Second Bank of the United States??) is proving to be more concerned about the international control mechanism (its shareholders demand) instead of the working class within our borders.
Yesterday was a news worthy day for precious metals traders who, after decades of media abuse and lies, had a wonderful moment when the DOJ labeled the precious metals trading desk of JPMorgan, a Criminal Element. Now all the CEO’s (Criminal Element Officers) of JPMorgan suddenly realize their careers are over after the charges and labeling occurred. Jim Sinclair, Bill Holter, and all of GATA’s friends, faced false accusations for years, but now their accusations are proven, as we enter the Fall Season, which is in full bloom for all to see. Another reminder here, Jim Sinclair was spot on back in 2007 when he told EVERYONE to take the physicals out of Comex, which in my understandings, many people did. It just may have been the best buy time of a lifetime, with all those EFP’s now going to London and for years now, along with these charges and court trials proving our fight was right!
It could be said that Trump, right now is channeling Andrew Jackson! “Gentlemen! I too have been a close observer of the doings of the Bank of the United States (now called The Federal Reserve). I have had men watching you for a long time, and am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country (stealing our incomes/values). When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!”. Then I go back to Eric Holder who chose to allow the crimes to continue, with the excuse of “Too Big To Fail” who benefited the most after Holder stated he wouldn’t charge the centrals for crimes against our countrymen?
So we wait, with our precious metals out of the system, away from market risk, as we watch to see whose side the FOMC decides to piss off. Let us recall that President Trump has Andrew Jackson’s portrait in the Oval Office. Actionable Clues are everywhere if one can see them, like we think we do. Have a great day, keep a smile on your face and a positive attitude in the head no matter what, and as always …
Stay Resolute!
J. Johnson
My bad folks, I misstated by using the word "arrests" when it is actually "charges" this has been fixed