Market Curiosity: Exploring Markets And Systems

March 29, 2011

Silver update March 29th

Filed under: Just Watching — Tags: , , , , , , — Jeff Fitzmyers @ 12:21 pm

An interesting tibbit…

Ed Steer: Silver’s volume netted out to about 55,000 contracts…which, for the first time I can remember, was a higher volume than was traded in gold… the deliveries in the March contract went right down to the wire…something that Ted has never seen before in silver, or any other commodity for that matter. He’s worked in, or studied these markets, for almost forty years…so he should know.

So entities finally coughed up some silver — but the fact is they led onto it pretty tightly until late in the game. SilverGoldSilver has noted for the 2nd time that SLV calls are in demand and SLV are not at all.

Current SIFO is done with backwardation…

Except the 12 month is still lower than the all the other months. I wonder if that basically means entities prefer near term silver rather than later term?
+ The 2008 silver plunge did not really start until after eh 12 month SIFO rose above the other months.
+ It seems like the final dip in 2008 silver created a lot of steady demand.
+ SIFO has stayed narrow and low for 2 years.

The overall COMEX backwardation has reduced to 74 cents.

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