Market Curiosity: Exploring Markets And Systems

February 23, 2011

Silver backwardation update for Feb 23 2011 and long term chart

Filed under: Just Watching — Tags: , , , , , — Jeff Fitzmyers @ 7:59 pm

A partial backwardation now, but, relative to December 2015, entities are willing to pay 3.5% more to get silver in March 2011.

IF the fractal is a repeat, possibly expect silver to rise to 40-46 38 $/oz over the next 20 trading days, if the LBMA 12 month SIFO does not make a new low.

February open interest actually rose 4 contracts to 118 (as of Friday), minus todays deliveries of 30 contracts, is about 440,000 ozs standing for delivery. According to the Interactive Brokers contract information center, the contract expires tomorrow. Hmmm…

Long term picture from MRCI:

References:
+ COMEX settlement prices.
+ LBMA current stats.

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