by J. Johnson via JS Mineset
Great and Wonderful Friday Morning Folks,
The February Precious Metals Options expiration happens next week Tuesday. With that in mind Gold goes lower, with the April contract trading at $1,768.50, down $6.50 after the typical London hit down to $1,759 with the high to beat at $1,776.30. Silver is harder to shake loose from the physical buyers grip with the May contract at $27.09, down 2.8 cents after that huge market-makers-middle-of-the-night-slam-dunk down to $26.105 before it recovered with the high to beat at $27.29. The US Dollar is still rangebound with the trade calculated at 90.26, down 34 points and close to the low of 90.215 with the high at 90.66. Of course, all this happened before 5 am pst, the Comex open, the London close, and after the Gamestop Hearing happened, in which one law faker, feels people who discuss the markets on an open free speech platform are a threat to the markets, controlled by Algo’s. “This episode exposes a serious threat to our financial system,” Scott said. “When tweets, social media posts, do more to move the market than material legitimate information(??), the risk is enormous…”
On Venezuela, Gold is now valued at 17,662.89 Bolivar, proving another reduction of 138.83 overnight with Silver now carrying a 270.56 Bolivar value showing a loss of 1.79. Argentina’s current price for Gold shows another 1,045.88 pull with the last buy at 157,498.18 Peso’s with Silver trading at 2,412.44 A-Peso’s taking back 12.94, or half of yesterday’s gains. Turkey’s last Lira price for Gold is at 12,326.87 showing the currency pulled another 75.76 from yesterday’s value with Silver’s last trade at 188.81, a reduction of 0.92 T-Lira.
February Silver’s Delivery Demands now shows a post of 366 fully paid for contracts waiting for receipts and again, with Zero Volume posted during London’s trading period. Yesterday’s full day of activity had 2 new buys at $27.125, down 18.9 cents over the previous Comex close, with Thursday’s calculated close at 27.077, down 23.7 cents where no trade was made, which also witnessed a reduction of 98 contracts that got receipts, maybe. Silver’s Overall Open Interest shows another 2,178 contracts leaving the field of play giving us an early morning total of 181,082 paper promises that trade against a product that can’t be found at these prices.
February Gold’s Delivery Demands, are still a heavy burden for Comex, with the count now at 3,173 fully paid for contracts waiting for receipts and with a Volume of 21 up on the board with a trading range between $1,771.30 and $1,764.30 with the last “London buy” at $1,769.60, down $3.80 so far today. Yesterday’s full day of trade happened in between $1,784.60 and $1,766 with the last purchase at $1,771.80, up 80 cents with a CCC at $1,773.40, a gain of $2.30 that had a total of 587 new swaps, that increased the standing orders by 291 contracts waiting for receipts. As the physical demands gained, Gold’s Overall Open Interest declined, as another 1,529 contracts left the trade leaving a total of 498,375 paper promises to control this market till the Options come off the board in one of our primary delivery months.
The Gamestop hearing was chock a block full of great stuff. Questions surrounded the funding (bailout?) of Robinhood, the requirements to get that additional funding (ironically from the same companies that own algo trading platforms used to short Gamestop?) in order to keep Robinhood in business. Or the apparent bias towards those evil “dumb money” traders who got together on a freedom of speech platform, to talk about how these innocent hedge funds can “legally” (SEC allowed) oversell shares they don’t have, and of course, how small investors can gang up against an innocent hedge fund, and actually cause financial damage to the entire system. They also talked about the options that were “In The Money” that helped the GameStop price that most likely helped smoked that short squeeze exit. They even spoke about blockchaining the markets!!!
Here we come to the issue at hand; Apparently, the freedom of speech is a problem for these Algo’s and those that support a system that intentionally keeps the small or individual trader from profitting. Is this why Greg Hunter was punished after his most recent interview with Bill, when they talked about Silver and Gold, which got YouTubed? Or is it because Greg has been reporting and still thinks; Big Tech Censors, 2020 Election Still Stolen, Economy Fragile? What a joke we live in, when freedom of speech at the retail level, is offensive to Algo profitting companies like every major and central bank. Supposedly the SEC and their supporting friends will be at the next show. This should be interesting to hear “live”.
Algo’s have controlled the prices of everything from stocks, all the way into the commodities, that support all manufacturing and life, with virtually no price discovery being allowed without the algo’s controlling them. That is, until someone figures out the words these Algos respond to, and use those words against the software. Let us not forget that Algo’s have been created to write articles for sports and finance too. What can an Algo hide? Real news, real prices, real everything?
One thing for sure, the precious metals we hold in hand, cannot be used against us. Which is why, we stress the idea of holding your own and away from the Big Wrek that will happen in the future. Enjoy your weekend, keep that smile on your face and a prayer for all. As always …
Stay Strong!
J. Johnson
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