The Global “Just In Time” Inventory Challenge!
The Global “Just In Time” Inventory Challenge! by J. Johnson for JSMineset
Gold is higher in the early morning trade; in fact, it made a new high for the week with the trade at $1,577.10 up $5.50 after reaching $1,581.10 with the low at $1,568.50. Silver is higher as well, yet never allowed to do much more than trade slightly higher, with the price at $17.605 up 10.8 cents after reaching $17.665 with the low at $17.440. The US Dollar keeps being rallied during the day sessions and is now valued at 98.890 down 0.032 points after hitting 98.945 with the low at 98.745. With all the Repo printing going on with the dollar pricings going higher, one would think the Fed Res is signaling us that when this game of print is stopped, so will this fiat rally. All of this of course has happened already, before 5 am pst, the Comex open, the London close, and after a gallop poll claims the Democrats worst nightmare (which they’ve chosen to ignore all this time), that a majority of Americans are saying they’re better off now than in the past elections. My message to the party is, don’t stop spreading your ideas of love for higher taxes and more control over everything. I really think it’s catching on .
Our emerging markets currency watch is flat to higher in the overnight. In Venezuela, Gold is now priced at 15,751.29 Bolivar, adding back 81.9 with Silver now trading at 175.830 completely unchanged from yesterday. In Argentina, Gold is now valued at 96,462.54 Peso’s proving a gain of 722.08 in the overnight with Silver at 1,076.75 Peso’s regaining 2.14. In Turkey, the Lira has Gold pegged at 9,554.70 providing the holder a gain of 74.11 T-Lira’s with Silver up 0.306 of a Lira at 106.661.
The February Silver Deliveries doubled in demand during yesterday’s activity with the count now at 10 and with a 1 lot Volume up on the board with another one of those “no price trades” so far today. Silver’s Overall Open Interest is now at 223,811 Overnighters, proving a gain of 1,828 more shorts in order to stay the price, yet barely able to keep the money of the people down 10 cents. The early morning Volume in the March contract is still super low at 25,536 with the OI at 119,613 with a reminder that the March options are coming off the board in 12 more days.
February Gold’s Delivery Demands now has a post of 876 up on the board and (unlike Silver) it has a trading range for its Volume of 27 between $1,574.10 and $1,570.20 with the last buy/sell at $1,573.40. This proves 102 demands for physicals got a receipt from somewhere, if you’ve been reading me for a while you know no one has any idea what the receipts really mean. In short, your guess is as good as mine. Gold’s Overall Open Interest is now at 656,899 Overnighters showing a “short” exit of 1,057 pieces of paper since yesterday’s early morning count.