Silver: The Match Is On!

It just may be, all this activity, from the ground up, and in other nations, has finally reached a pinnacle that the Comex and LBMA warehouses have to deal with…

by  J. Johnson via JS Mineset

Great and Wonderful Wednesday Morning Folks,

      June Gold is up $5.80 with the trade at $1,784.20 with the high at $1,788.70 and the low at $1,776.60. Silver leads the percentages with the May contract at $26.07, a gain of 23 cents after hitting a high of $26.205 with the low at $25.795. The US Dollar, continues to find international support with the value pegged at 91.335, up 10.8 points inside a trading range between 91.37 and 91.10. Of course, all this happened already before 5am pst, the Comex open, the London close, and after yesterday’s events unfolded into a mob rule win.

      Gold under the Venezuelan Bolivar is now priced at 4,208,617,205, providing the holder a gain of 21,701,049 Bolivares with Silver priced at 61,494,591 Bolivares, a gain of 94,351. In Argentina, Gold gained 949.74 Peso’s with the trade at 165,747.85 with Silver gaining 5.12 A-Peso’s with its last buy at 2,421.22. The Turkish Lira now has Gold valued at 14,558.42 proving a gain of 145.92 Lira’s with Silver’s last buy price at 212.77 T-Lira’s, an overnight gain of 1.43.

      April Silver’s Delivery Demands now stand at 175 fully paid for 5,000-ounce contracts waiting for delivery with another zero in the Volume column, so far today. Yesterday’s activity had a total Volume of 1 up on the board with a $25.855 price before Comex opened, and it stayed that way all day long with the CCC at $25.835, a gain of 4 tenths of a penny which helped reduce the physical demand count by 10 contracts. Silver’s Overall Open Interest is hardly moving at all with this morning’s count at 169,699 Overnighters willing to do the dirty against real price discovery as another 281 contracts got added, or Silver would have gained even more value. Another thing is the trading Volumes have dropped off, leaving one the idea that May’s open interest has something inside it that may impose a change.

      April Gold’s Delivery Demands now stand at 2,969 fully paid for 100-ounce contracts still waiting for receipts and a Volume of 126 up on the board with a trading range between $1,783.10 and $1,777.70 with the last swap at $1,782.80, a gain of $5.50 so far today. Tuesday’s delivery activity happened in between $1,774.90 and $1,765.50 with the last buy at $1,776.30, a gain of $6.90 which happened after the CCC at $1,777.30, a gain of $7.70 on the day that had a total of 1,458 swaps helping to reduce the demand count by 832 contracts that may have received receipts, maybe. Gold’s Overall Open Interest lost 1,241 paper contracts since yesterday morning giving us an early morning total of 473,448 Overnighters willing to trade against what is not there, and proving once again, all the activity was inside the delivery system.

    May Silver’s Open Interest is still ahead of any other month’s, which is why I am still using it for the quoting price. July’s OI is 300 contracts away from leading all, which will become the new futures quote moving forward. There is only 5 trading days to go before the April Contract ends and 7 days before the May Contracts become the delivery month, which still has 370,150,000 ounces worth of contracts to be removed or the price becomes their problem. We have the added bonus of not seeing any movement, in size whatsoever, in the delivery system. The total “newly added” delivery swaps in April only reached 212 contracts so far. Inside this count, a total of 95 swaps occurred up to April 14th, and on the 15th, a swap of 95 occurred with no price. Did these purchases come back via EFP’s back into the Comex because London already emptied their warehouses? Or is there something else we cannot see yet?

      Even April Gold’s pending delivery demands are still way the heck up there at 296,900 ounces, still waiting for receipts, and with only a few days to go. We have this idea, for a while now, that these foreign warehouses are using each other’s trading systems to hedge their physical shortages, one has to wonder how deep the paper over physicals really is? One day, we will all find out, all-at-once, when the real prices start to move in order to find real product.

      In the meantime, we have an important guest for this Saturday’s audio. John Adams; the Aussie Economist, who has been successfully hammering the Perth Mint and Kitco, will be with us in a special discussion. We will all be able to glean more data and as the WallStreetSilverApes continue to find every excuse in the world, to buy more and more physical Silver. It just may be, all this activity, from the ground up, and in other nations, has finally reached a pinnacle that the Comex and LBMA warehouses have to deal with.

The Match is On!

      Enjoy the day, gather more physicals while the prices are cheap and the exchanges still work. Have a smile on your face and a prayer for all, and as always …    

Stay Strong!

J. Johnson