Gold & Silver Take Off “Right Out Of The Chute”, But Now?

If Comex Silver positions had more stringent restrictions on the hedgers, we would have seen Silver really explode, as another…

by J. Johnson via JS Mineset

Great and Wonderful Monday Morning Folks,

     Gold is now trading at $1,926.80, up 60 cents after reaching $1,939.40, almost right out of the shoot, with the low nearby at $1,923.80. Silver really started to shine before all the calm was applied with the trade now at $25.17, up 6.2 cents with the high to beat at $25.71 with the low at $25.01. The US Dollar’s value is now calculated at 93.235, up 17 points and right there at the 93.255 high with the low down at 93.025. Of course, all this happened already, before 5 am pst, the Comex open, the London close, and after a huge and stunning campaign rally happened yesterday, for team Biden/Harris, which had their gathering in Phoenix, Az.

      Gold is continuing its rally under the Venezuelan Bolivar with the last trade at 19,243.92, showing a gain of 45.95 since Friday morning with Silver gaining 6.292 with the last quote at 251.385 Bolivar. Argentina’s Peso now has Gold valued at 148,637.57 A-Peso’s, a gain of 379.43 with Silver’s last price at 1,941.67 A-Peso’s giving the holder an additional 48.98 gain. Turkey’s Lira is showing a pullback in Gold’s price with the last trade at 15,168.23 T-Lira, down 79.90 from Friday’s quote with Silver’s trade at 198.135 T-Lira, proving a 3.469 gain.

      October Silver’s Delivery Demands now has a total of 229 fully paid for contracts waiting to get physical and with a Volume of 64 already up on the board with a trading range between $25.46 and $25.285 with the last swap at $25.315, up 24.6 cents while the paper pushes the futures lower, for now. Friday’s full day of delivery activity happened in between $25.235 and $24.32 with the last swap at the high yet the paper controlled the close at $25.069, a gain of $1.232 which also increased the delivery demands by 43 purchases as 123 contracts swapped hands. If Comex Silver positions had more stringent restrictions on the hedgers, we would have seen Silver really explode, as another 2,270 contracts had to be added in order to provide liquidity to control the price, bringing the total papers against the physicals (Overall Open Interest) to 159,111. This game virtually ends when the sellers at these prices, can no longer find physicals. Once the additional smelters run out, Comex will have to either find more product, more smelters, or a much higher price. 

      October Gold’s Delivery Demands now has a count of 5,841 contracts waiting for receipts with a Volume of 12 up on the board and a trading range between $1,926.50 and $1,923.30 with the last swap at the low, up $3.80 so far today, oops! Make that a Volume of 64 (which matches Silver’s D-count) with all these additional swaps happening at the London low. Friday’s full day deliveries happened in between $1,929.10 and $1,905.10 with the last buy at $1,927.60 with that Calculated Comex Close at $1,919.50, a gain of $30.90 which also had a Volume of 580 that reduced the standing delivery count by 1,582 contracts that might have gotten receipts somewhere between here and London. Gold’s Overall Open Interest, that goes against the physicals, really jumped from Friday morning with the count right now at 559,168 proving 11,072 more pieces of liquidity had to be added or there would have been a newer LOCH (Life of Contract High).

      Here comes “papered currency causes infection” fear again, as the world-famous Coronavirus survives on banknotes for up to 4 weeks, study finds. Why does this bioweapon have the ability to stick on a currency but not a letter? Is not a “paper note” the same as paper currency? In my mind, the CDC has lost all credibility since the beginning of this year. The CDC is no longer the central point for Coronavirus reporting as the Trump administration stripped them of control over Covid data, since they were accused (actually proven) of intentionally filtering in wrongful data that was nowhere near accurate. The Department of Health and Human Services is now in control and the International CDC is not because they act just like the WHO, supporting a one world government and not our country.

      The Yuan slides after China makes it easier to short its currency, and signals the CCP’s “discomfort” with its most recent surge. Their print game goes against the US Dollar Index, which is a basket of European currencies, used to control our currency value, imo, not our Federal Reserve, they simply print more upon request. Now consider the Brexit, and the Eurocurrency, and what the change in their values will do to our currency once the Brexit happens? This is the game of controlling currencies which needs to be restructured with many thinking it’s under reconstruction now. Regardless of their game, precious metals is what we hold, as this game of control unfolds, right before our eyes. 

     Stay positive no matter what. We have only 3 more weeks till our presidential election, with the idea the virus will die a sudden death on Nov 4th. Btw, tomorrow is the first day for buying Silver Eagle Proofs from the US Mint, at the new higher price. So, keep the faith, and stay resolute, and as always …

Stay Strong!

J. Johnson

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