US$ continues to lag at the top of its range with the current trade at 83.76 down 4.9 points in a tight range with a low of 86.645 and a top of 83.870, Treasuries are flat as well with all T-Products trading flat to lower. Energy Sector is trading higher with Crude Oil up 80 cents at $86.88. Gold is steady trading up $16.40 at $1,581.70 after reaching a low of $1,565.60, Silver is following the leader with the trade at $27.350 up 18.9 cents with the rest of the metals sector following suite. All Grains are trading higher with a real heat issue that is certain to prove there is significant damage to all crops which will eventually be report after the harvest and ironically, after the election. Softs are trading higher as well leaving the meats into a negative mode. Paper markets are still getting that European support and as to why?? Well, it’s truly simple, the banks are continuing to support itself and its paradigm. We (the entire GIB/IB brokerages that traded thru PFG are left out to hang, because of some events not of our doing. Every person at PFG, that has been picking up the phone and helping to answer questions need to be commended. Many realized that their jobs were gone the day the NFA admitted its oversight. But to find the souls that understand the importance of communications when it comes to other people’s money and to be there to offer up what they know is real important. We give these solid souls a deep bow of gratitude. We are truly thankful that Jim Sinclair told his readers to take delivery thru our firm several years ago. Fort Wealth made sure to follow Jims suggestions to the letter. That is, to make sure no one else holds the Gold/Silver for the clients. Because of his foresight, our clients have a lion share of their long term values in a secure place outside this arena of doubt, that is, outside the banking system. The funds (in the accounts) we have now are currently frozen and all our positions have been liquidated by force. None of my clients gave permission to liquidate all their purchased Call options in the Precious Metals sector. I personally got the worst fill in the liquidation on my March Silver $50 Call options. We have friends at “The United States Chart Company”, they keep the history of options value and hold this data for their subscribers to review. Because of this, I was personally able to see this glaring fact that these options were sold at 9.5 cents, the lowest price ever for this option. As of this writing, the closing price from Thursday is 13.5 cents. These are small differences, but the percentages bring out the fact that there’s a 33% spread between liquidation and the settling price given. We were also told that the liquidation’s where authorized by Jefferies, which does the commodity trades for PFG. Many of my clients are furious that their purchased options were liquidated to supply more cash for the distributions of what’s left. I called and spoke to a legal representative at Jefferies, we want to know who the individual is that made this “authorization” to liquidate already purchased options that have no other risk that could be added to the firms involved. This leaves every single trader (At Fort Wealth and the other IB’s at PFG) out of the precious metals market. I was promised a call back, but the way things work in our industry, I’m still waiting ….. Fort Wealth will be back into the markets once we find a suitable FCM (Futures Commodity Merchant). Our clients, as stated earlier, have most of their wealth at home and are aware of the risks in the business, and are willing to carry on because we believe there is integrity out there. But it’s as hard to find as a best friend. I’m going to assume many IB’s (Introducing Brokers) will not be able to recover from this hit. After all, all the commissions generated in the past month have been taken as well as the paychecks of all the employees at PFG. The firms all have families to support, bills to pay, and other obligations to perform. This is not their fault. We hope everyone has the strength to carry on and be in the precious metals when the truth hits the price. When/if that occurs, all the headaches will be worth it (imho), like in December and January of 1980 when Silver and Gold found its prices 1,000% of percentages from the lows 10 years past, and which happened to balance out the US debt at the time …. Stay Long and Strong!!
Fort Wealth Trading Co LLC.
866-443-0868 Ext 104
Don’t risk what you cannot afford to lose….