Looking at the weekly line chart, Silver broke below previous lows but had rallied above. This morning's regular smack down is currently holding at or above recent low points. We could be trying to establish a test of the recent lows. Weekly stochastics are at oversold levels. On the monthly chart though, the cycle is still down and may take a few more weeks to work out a bottom. In the end, the paper markets are so far removed from reality that I'm not certain I will continue following. Certainly they have lost their ability to forward hedge price.
I was happy to read an article over the weekend the mentioned that those in the gold futures market who were standing for delivery refused to accept ETFs in place of physical gold, attributing to the wide variance witnessed between spot and futures prices. The breakdown of international travel along with producers and refiners shutting down due to the virus situation resulted in a short supply of deliverables. Do you think that regulators will look at this and try to fix these markets? Don't hold your breath.
I was happy to read an article over the weekend the mentioned that those in the gold futures market who were standing for delivery refused to accept ETFs in place of physical gold, attributing to the wide variance witnessed between spot and futures prices. The breakdown of international travel along with producers and refiners shutting down due to the virus situation resulted in a short supply of deliverables. Do you think that regulators will look at this and try to fix these markets? Don't hold your breath.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.