Market Curiosity: Exploring Markets And Systems

March 4, 2011

Silver, backwardation – March 4 – facade cracking under pressure?

Filed under: Editorials — Tags: , , , , — Jeff Fitzmyers @ 10:53 am

(Having internet issues today so things are short. Will post full backwardation update this weekend.)

I’m not reporting on the COMEX inventory “numbers” anymore, nor the open interest numbers. They don’t seem to mesh, so I think they are all cooked. Others mentioning this: Harvey Organ, SilverGoldSilver, Ed Steer,”…the silver deliveries, there weren’t any to be found for the second day running. This is now beyond bizarre… and as Ted Butler told me yesterday, something is definitely amiss in with silver at the moment…as it is the most bifurcated market he has ever seen. The price, the deliveries, the physical tightness…and the backwardation situation are all way out of sync. Things just don’t add up…and it’s the resolution of these issues that he is waiting for.”

Exactly. Been waiting for the facade of deniability to be crumbling faster than can be repaired with spin.

Current LBMA SFIO comparison with 2008.

A bigger chart on 2008’s SIFO.

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