All Silver Purchases Matter!

One day, it’s all going to matter…

by  J. Johnson via JS Mineset

Great and Wonderful Tuesday Morning Folks,

      Gold is still in the green with the April contract at $1,732.20, up $3 and close to the high of $1,736 with the low at $1,724.40. Silver is giving the sell signal, with the trade at $26.155, down 13.3 cents and trading right by the low at $26.065 with the high at $26.405. The US Dollar’s new trading month is now June with the trade pegged at 91.71, down 12.2 points with the low at 91.69 and the high at 92.00. Of course, all of this happened before 5 am pst, the Comex open, the London close, and as we still wait for an official date for Biden to address the joint session of congress, which most likely would be the lowest viewed address since the start of radio or television.

    Gold, under the Venezuelan Bolivar is now worth 17,300.35 Bolivar proving a gain of 29.96 overnight with Silver losing 0.30 with its last trade at 261.27 Bolivar. Further south in Argentina, Gold gained 743.39 Peso’s with the last price at 157,741.89 with Silver gaining 4.72 with its last price at 2,382.21 A-Peso’s. Turkey’s last trade in Gold occurred at 12,944.85 Lira showing a loss of 70.40 with Silver at 195.50, down 1.68 T-Lira’s.

      March Silver’s Delivery Demands now stand at 1,209 fully paid for contracts waiting for receipts and with 170 new swaps already up on the board between $26.145 and $26.13 with the last trade at $26.145 so far today. Monday’s delivery activity happened in between $26.335 and $25.925 with the last purchase at $26.30, after the Comex closed its day out at $26.253 which had a total of 143 buys raising today’s count by 93 contracts. Was this a Resolute Purchase or a Bunch of Apes from WallStreetSilver? We hope it’s both! Silver’s Overall Open Interest gained as well as another 1,236 contracts had to be added for liquidity bringing the early morning total to 156,978 Overnighters to go against real price discovery, for now.

       March Gold’s Delivery Demands now has a total of 192 fully paid for contracts waiting for receipts and a Volume of 78 already up on the board with a trading range between $1,732.20 and $1,729.50 with the last buy at 1,730.30, a gain of $1.40 so far today. Yesterday’s Ides of March trade happened in between $1,731.90 and $1,722.80 with the last buy at $1,727.70, a gain of $8.20 after Comex Calculated its close at $1,731.70 which had a total of 147 new swaps that helped raise the demands by 9 contracts. Also, of note was the reduction in the standing delivery count from 70 to 69 during Comex trading yesterday. Minor yes, yet it helps prove the lack of accuracy at the Comex, which is still a common core problem even after all those algo’s took over. Gold’s Overall Open Interest shows a gain of 6,028 more short contracts having to be added bringing the early mornings total to 472,427 contracts to trade against the physicals.

      The rumors continue in Silver as one of the Apes at Wall-Street-Silver put out a claim; Breaking news Perth mint out of physical silver bullion for the next minimum 6 months. Hi Everyone in addition to my recent post. My friend just called Perth mint asking to claim his $300k of unlocated silver that he bought last year. They told him that they will put him on the waiting list and couldn’t give him any specific date for delivery. They told him for big orders could be over a year. Let’s see if there is a confirmation from another source.

      These new buyers have an attitude I truly love, regardless of how little is purchased. Each and every one receives notes of encouragement after they post their purchases with a few adding comic relief.

Every purchase matters! Consider what Andy Schectman said during one of the Silver gathering videos over a weekend a few weeks past. He had to buy spot futures contracts to cover his demands after selling out everything. Each major supplier does the same thing in order to protect their businesses. Even the smallest purchase adds up to a level that needs coverage eventually. With the WSS (Wall Street Silver) group doing what they are doing, it makes sense that the demands would pick up like they did yesterday. One day, it’s all going to matter, which is why we continue to support the buying of physicals anywhere and in turn, it drains the Comex’s paper strength.

      We’re in the Triple Witch Week, with the usual pressure being applied for now. Regardless of the precious metals price actions, the US Treasuries have a problem, which is the core issue. So, keep buying up physicals and get out of the system while you can and …

Stay Strong!

J. Johnson

More J. Johnson content is available with purchase of a JSMineset subscription.