A Week Chock Full Of Crazy

And it’s only Monday, with gold & silver benefiting from it all…

by  J. Johnson via JS Mineset

Great and Wonderful Monday Morning Folks,

     February Gold was trading higher, in fact, it rallied all the way up to $1,904.10 gaining $20.90. Then exactly at 9 pm Est the prices got Shanghai’d, as the brakes got applied, then the reverse, with the trade now down $4.20 at $1,879.10, and recovering from the London low at $1,873. March Silver’s movement upward was also stopped, with the high at $26.98, and the low at $26 with the last price at $26.46, up 55.2 cents. The US Dollar hasn’t moved much at all, with the trade valued at 90.235, down 1.5 points after hitting a high of 90.315 and the low point at 89.895. Of course, all this happened before 5am pst, the Comex open, the London close, and after the EU nations quickly and unanimously approve the Christmas Brexit deal, which btw, goes into effect this coming Thursday, the very last day of the year.

      Gold’s value under the Venezuelan Bolivar is now priced at 18,767.51, gaining 18.97 Bolivar since last Thursday with Silver adding 6.282 Bolivar with the last trade at 264.269. Gold’s price under the Argentine Peso also gained 5.69 with its last trade at 156,469.48 A-Peso’s with Silver popping in an additional 50.09 A-Peso’s with its last price at 2,203.31. Turkey’s last price for Gold is at 13,985.79 T-Lira, which gives the noble metal a 196.6 discount from Thursdays price with Silver’s last trade at 196.932, a gain of 1.807 T-Lira. We expect wider swings and heavy volatility moving forward, stay tooned.

      December Silver’s Delivery Demands are now at 123 fully paid for 5,000-ounce contracts waiting for receipts and with a Volume of 2 up on the board with the trading range between $26.80 and $26.475 with the last buy at the low, a gain of 66.4 cents, so far today. Thursday’s partial day of deliveries, had no price posted, but we did get a total Volume of 66 as a Resolute buyer “exited the short side of a spread trade” right into the deliveries. We also have a reduction in the demand count as 90 agreements, got receipts (+66), maybe. Silver’s Overall Open Interest had 192 contracts leaving the Comex giving us an early morning total of 168,748 shorts to trade against the physicals, and with one more day of delivery to go for the December contracts. Oddly, January futures are strong, with a total of 1,283 contracts still trading on margins, until this Thursday’s Brexit. 

      December Gold’s Delivery Demands now has a total of 143 fully paid for 100-ounce contracts still waiting for receipts and with 1 more “buy”, being added this morning at $1,895.50, a gain of $15.60 while all that paper pushes the futures prices lower. Thursday’s activity happened in between $1,879.90 and $1,875.70 with the last buy at the high, a gain of $5.20 that had a total of 46 contracts being swapped helping to reduce the demand count by 126 contracts, that may have gotten receipts somewhere. Gold’s Overall Open Interest shows the issues behind the prices proving another 1,128 paper shorts had to be added bringing today’s early morning total to 563,511 contracts to trade against what’s left of the physicals. We wonder if those 12,493 January Gold Call Options at the $1,850 Strike, mean anything, or any of the other thousands of deep in the money Calls being settled today?

      Yesterday at 3:21 pm, Trump signed the CCP19 Relief Bill, and Zerohedge is claiming it’s supporting the markets. We’re waiting to see who didn’t get their pork barrel products or who got more? Before that twitter feed, Trump posted “See you in Washington, DC, on January 6th. Don’t miss it. Information to follow!” What could he mean by this? Stay tooned, because this week is already chock a block full of crazy, and it’s only Monday, with our precious metals benefitting from it all.

     Enjoy the day, and keep your metals close, as always…

Stay Strong!

J. Johnson

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