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Reversal day as Open Interest rises in Silver
US Dollar has fallen 29.2 points with the trade at 82.215 with a bottom of 82.190 on the board so far. Treasuries have been moribund for some time with the Eurodollar trade at its peak of unchanged with the 10 year Note and the 30 Year Bond showing weakness but will most likely not have follow thru movements to the downside till the Federal Reserve and Treasury stop the purchasing. Gold has reversed after China announced the raising of margins forcing the rest of the trading nations to accommodate. Gold’s trade now stands at $1,386.80 up $25.60 after reaching a low of $1,321.50. Silver has reversed as well with the trade at $23.485 but up only 12.5 cents after it reached $23.780. Open Interest is the key here with a rise up to 166,886 on one of those organized attack days. This means that all the attacks downward have not done much in scaring out the longer term buyers, they have the deep enough pockets to absorb these beatings. We’ll see what the COT reports prove on Friday to see if the central bank system has removed any of their short positions. Grains are mostly higher with Wheat the only exception, Softs are positive across the board, Live Stock Sector is weaker with Lean Hog the only exception. The Paper Markets have rebounded of course, because they are never allowed to have any follow thru collapse as this has become the norm in trading. There are those traders out there that have no clue what internal indicators do or how reporting the facts matter. Their only concern is that they make money because they follow an individual that ignores the recent facts. Having 500 Metric tons (15% of a years production) of Gold shorted onto the markets within minutes, is wholeheartedly wrong, but we should ignore this because some will not talk about these transgressions. Not having the product in the first place is another thing to ignore as well. Since a Northern European country has defaulted on their gold deliveries and paid the buyers in fiat instead of physical. We should ignore people who have the balls to go in front of the governing bodies to show them exactly what/how the manipulations occur and what those weaknesses are in which nothing has been done to correct these transgressions. Just as long as the long term view is met. This kind of ignorance will cost those followers dearly in the long run. I’ve been in the Stock and Commodity business too long to be that trustworthy. We had a terrorist attack at the Boston Marathon, people injured or killed, but the running to precious metals didn’t happen either, I guess because there wasn’t enough dead. The point is, these people do nothing for fairness within the markets. It doesn’t matter that banks can literally steal money from individual accounts within the Stocks and Commodity sector, and inside their personal checking and savings account, just as long as they can keep harassing the Gold and Silver traders. I’ll let the markets show them what will happen if they continue to ignore the reality of the facts. In the meantime, China has taken the lead by forcing the margins higher after a huge pullback. The COMEX has not yet lead in raising the margins during a decline, only when the precious metals rally to a point where a much higher move shows up. As we go thru all the garbage thrown at us, China is proving itself to be ahead of what was once a trusting nation that had regulations within the market that the world looked up to. Now we all are about to go thru a major change as the Federal Reserve and the Treasury will be forced to deal with the BRIC nations and their Gold Backed Currency or not get any of the products or natural resources they have to offer. Keep buying precious metals and follow the facts and as always …. Stay Strong!!
JB Slear
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
817-717-5489
Fax: 817-764-2537
www.FortWealth.com
Don’t risk what you cannot afford to lose….
2013-04-16 10:45:33
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