Everything But Commodities Is In A Bubble!

Everything But Commodities Is In A Bubble! by  for JSMineset

Gold is trading at $1,557.20, down $3.10 after dipping down to $1,551.80 with the high at $1,568.80. Silver is following along with its trade down 7.3 cents at $18.00 recovering from a low of $17.92 with the high to beat at $18.155. The US Dollar is also trading lower with its value pegged at 97.26 down 9.9 points after hitting a low of 97.225 with the high way up at 97.42. Of course, all of this already happened before 5 am pst, the Comex open, the London close, and after another weekend of peace and quiet regardless of the media’s attempt to stir up hate against law abiding gun owners.            

Our emerging markets currency watch is all over the place today since we had a holiday and nobody else did. For instance, Gold under the Venezuelan Bolivar is showing a loss of 15.98 with the current trade at 15,552.54 Bolivar with Silver 179.775 Bolivar showing a reduction of 0.949. Gold, under the Argentine Peso, now has a price of 93,437.04 Peso’s proving a gain of 80.11 with Silver at 1,079.98 A-Peso’s showing a loss of 3.69. In Turkey, Gold’s value is now priced at 9,240.52 Lira showing a gain of 75.03 with Silver at 106.813 showing a 0.401 T-Lira gain.

January Silver Delivery Demands are showing some intrigue as the count increased from 52 to 73 fully paid for 5,000-ounce contracts last Friday and with zero trading range and volume up on the board so far this morning. Friday’s additions had no prices posted on the board as well, so if we’re to use Comex Logic, a spread trade was either entered into or exited out of to create this No-Price-Demand, because (as Comex reps claims) trades with no price are spreads and spread prices are not necessary. This is where we have the biggest problem at the Comex, were these no-price-trades an additional 73 to be added or?

Silver’s Overall Open Interest is now at 236,210 Overnighters showing an additional 783 Obligations had to be added in order to stay the price with only 7,986 more pieces of paper away from making a new life of contract high in paper, not price. Gold’s Open Interest is now at 794,699 Overnighters proving a gain of 608 since Friday’s numbers showing what paper can do to the fair price mechanism that used to be in our markets.

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