Something strange is truly going on at the Comex…
Great and Wonderful Tuesday Morning Folks,
Something strange is truly going on at the Comex (inside the deliveries), with December Gold now down $19 with the trade at $1,733 with the low of London at $1,731.50 and the high to beat at $1,754.30. Red Silver is now down 49.9 cents with the last purchase made at $22.195 with its low close by at $22.14 and the high at $22.68. The US Dollar, under constant print, now has a calculation set at 93.605, up 22.4 points with its high of London at 93.68 and a low at 93.36. Of course, all this happened already before 5am pst, the Comex open, the close of London, and after the woke generals had Lt Col. Stuart Scheller arrested for criticizing the Afghan debacle, because he hurt their feelings.
Venezuela’s currency now has Gold’s value gaining 101,110,956 Bolivares with the last buyer seeing 7,259,872,528 for an ounce with Silver’s last price at 93,013,202 Bolivares, a 620,948 overnight gain. Argentina’s Peso now has Gold priced at 170,815.00 proving 1,495.19 got pulled with Silver losing 35.81 A-Peso’s with the last trade at 2,188.16. Gold’s value under the Turkish Lira shows a 57.94 pull with its last price at 15,383.77 Lira with Silver losing 2.21 in T-Lira value at 197.09.
Today is the last day of September Silver Deliveries with the count now at 64 fully paid for 5,000-ounce contracts still waiting for receipts with zero Volume posted so far today. Yesterday’s full day of delivery activity happened in between $23.735 and $22.605 with Comex settling the day out at $22.657 for a 26.7 cent gain that had 131 new purchases that somehow reduced the demand count by 206 contracts that we’re led to believe got receipts. We got our answer on what would happen if the physical demands reached 120 contracts.
Here is a picture of the “Silver Index” on my trade station with the very top being the September contract. The very last Buy was made at $23.735 at 10:05:55 Est, up $1.347 with almost all the purchases made at the high. Notice the Bid/Ask prices in Sept. trading below the Red (Z-December) contract with the bid count at 2 on the first 6 months, with the Ask count in Sept at 1 and the next 8 months out at 9, being made hours after the last physical purchase. Please recall the query I made with Comex officials, when they told us the Bid/Ask count were real hedges, but since this is a spread trade, the prices don’t need to be posted (hiding trades that are affecting the price). This leads me to believe the spreads got the prices lower and it overruled the real physical purchases, AND the Volumes do not show the spread/hedge quantities that changed the closing price. If this didn’t happen, the closing price would have been a major backwardation moment. This physical buyer must not be part of the club but he rattled the cage quite loudly. We can also see the Volumes which are pathetically low compared to that 4-year period when we witnessed a huge number of options that were purchased 4 years out. Silver’s Overall Open Interest, as of today, is at 143,478 Overnighters proving a 619 contractual pull until there is no more physicals to buy at the Comex.
The last day of delivery for September Gold is not disappointing at all with the demand count at 487 fully paid for 100-ounce contracts with 328 new purchases already being made (Volume) in between $1,741.70 and $1,731.60 with the last trade at $1,733, down $17 so far today. Yesterday’s full day of Ice/Comex deliveries happened in between $1,754.40 and $1,747.50 with the last purchase at $1,748.50, down $1.20 with Comex closing the day out at $1,750, a 30-cent gain on the day that had a total of 808 new purchases that raised the demand count by 365 contracts, and now the trade is lower? Gold’s Overall Open Interest lost 1,499 Overnighters helping to prove all the activity was in the deliveries, and with all that paper trading giving the next buyer another break in price, until there is no more.
Another “strange event” in the flow of money, occurred yesterday with 2 Fed Heads quitting after their trades were exposed, frontrunning everyone. Talk about insider trading, what about all the questionably elected, making perfect trades each and every time? All of this is going on at the same time that debt ceiling has been breached this last August with the Treasury Secretary demanding a higher ceiling, or people will die? Something is truly going on behind the scenes. We have clues, but not the change in direction (yet), that leads to the idea that this government has failed to live within its means and cannot support itself (with taxes) unless it prints money to spend on all the crazy schemes they can come up with.
So, keep stacking and packing, don’t worry about buying at the very bottom, worry about not getting your precious metal purchases before anything else happens in our markets of mayhem, that are controlled not by free trade but by algos, that may be being removed, as the Volumes prove the dropped activity. As Always …