Silver and Gold still strong after yesterday’s reversal

The Dollar took one heck of a hit in trade yesterday falling over 100 points during the Comex trade and is now being pushed higher by the Boys of London with the trade now at 86.10,  up 5.6 points after reaching a high of 86.225.   Treasuries are stagnant and uneventful at present even though it’s been reported that over 800,000 front month Eurodollar contracts have been sold out as Pimco is forced to readjust its book since Bill Gross left the firm.   This should have sent the short term interest rates higher,  but the way things work,  it’s not allowed.

The Energy Sector is asleep with Crude Oil down 22 cents from the close at $90.12,  almost unchanged from yesterday’s quote with the rest of the group trading slightly lower as the battle to punish those that are leaving the US Dollar’s SWIFT system is failing at its core.   Rumors are still swirling around Saudi Arabia’s exit plan of the Dollar and if true,  would send the Dollar down into the 50’s.   Crude Oil won’t even climb after Iran reported a major explosion that killed 2 people at its secret nuclear facility,  what a free market system eh?

Gold,  which had a $25 dollar reversal in trade yesterday from the low to high,  is being pushed lower in order to show some support for the Dollar,  and is now down 90 cents with the trade at $1,206.40 after reaching a high of $1,212.90 as Open Interest gains where strong with over 5,500 contracts being added onto Friday’s attack.   Failure is what we think this last attack showed.  Silver is still posting a positive sign with the trade at $17.320 ,  9.5 cents higher after reaching up to $17.625 before London did its thing.   Open Interest is still the key part to watch here as the deep pocketed longs truly have the shorts scared stiff.

Bitcoin has been volatile to say the least with its trade now at $312.60 and just a trade ago,  the Crypto was at $320.   The trade is down $12.20 from yesterday’s quote and is spelling another attack on Gold.   After all,  Gold is not allowed to have 2 positive days of trade in a row.   We still feel that all the Anti-Fiat trades are about to take out their old highs and within this quarter,  so stay tooned.   Ripple Coin is trading slightly higher this morning with its most recent quote at $0.004969.

Grains are trading in the negative with Wheat the only exception,  Softs are mixed to flat with Coffee posting a $14.30 move in trade yesterday.   The Live Stock Sector remains elevated with the Hogs aiming for newer highs in the coming weeks.

The Papers seem to be posting some weakness after yesterday’s activity with one of Apple’s suppliers going bankrupt after the Iphone 6’s problem surfaced along with a major explosion at an Iranian nuclear facility,  which is being blamed on Israel.   The continuing Greek tragedy called Ebola,  carries on as the Dr.  who flew his own plane back to the USA from Nigeria,  is still sick.   There is now a report that a Nun in Spain has contracted the virus that is not supposed to be airborne,  but is now being considered to be just that,  airborne.   Shutting one in may be the only way to survive this Cold and Flu season as the virus spreads everywhere.   This should send the markets lower,  but we’ll have to wait and see if the Working Group will allow the inevitable to happen.

In the meantime, So keep those Precious Metals and Crypto’s close, and as always … Stay Strong!!

JB Slear
866-443-0868 Ext 104
817-717-5489
Fax: 817-764-2537
www.FortWealth.com

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