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Silver’s Open Interest is still way up there as is the demand
US Dollar has rallied once again in the overnight session with the trade now at 82.250 up 43.7 points because something is not happening in the USA as far as jobs are concerned or debt being paid off, no, it’s something else. Treasuries are still not much worth talking about although we feel the fall in prices will eventually have to happen, but in the meantime, Treasuries are still under direct purchasing from our debt makers. Energy Sector continues to point to a fall in business activity with Crude Oil down another $1.04 with the trade at $87.68 the low so far today. Gold may have found it’s bottom after some rather large days of forced price adjusting with the trade now at $1,373.40 down $14 but clearly off its low created back on Monday. Silver looks exactly the same chart wise with the bottom so far back at Monday’s lows. The Silver market price at this moment is $23.095 down 53.3 cents and pennies off its low as well. The Open Interest in Silver is still at 161,020, so there has been some short covering, but probably not the amount the 2 anti-metals banks wanted. Grains are mixed with Soy Beans/Meal/Oats/Wheat trading higher, Corn/Bean Oil trading lower, Softs are as confused with the dollar rally as we are with the sector showing a mix with Coffee/Cotton trading higher, Sugar/Cocoa lower. Live Stock Sector is mostly lower with Live Cattle the only exception and the Paper Markets are truly not able to hold onto the support given them during yesterday’s “everyone run from Silver and Gold and jump into the safety of Paper” rally. To us, it feels as if the major banks have prepared themselves for a massive failure of an institution. After all, the bashing of the Precious Metals has done nothing but convert more traders into the physicals and that takes that money completely out of the markets. The rush is huge as well as a Utah mining facility knocked into a forced majeure because one side of the strip mine collapsed which will reduce USA production by up to 15% for at least a few months. Things are getting real scary out there and I for one, can hardly wait to find out what these banks obviously know. Find strength in good people, follow those who’s help doesn’t have any strings attached 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….
2013-04-17 07:46:15
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