Market Curiosity: Exploring Markets And Systems

May 23, 2011

Silver backwardation update — not much change

Filed under: Just Watching — Tags: , , , , — Jeff Fitzmyers @ 8:46 am

I tend to think silver will keep consolidating in this area or lower until mid June. An interesting long term silver chart from Xiphos Trading has a Fibbinachi line at 23 frn’s/oz which is where I suppose the deepest correction might result.

CME silver is still in partial backwardation with a spread of 1.15 frn’s/oz. LBMA 12 month SIFO seems to be dipping a bit more than the other months.

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