Physical #PreciousMetals trader | Derivatives | 102 countries | Bulls make money, bears make money, pigs get slaughtered | See the 🌎 through Metals

Singapore
Joined February 2018
🚨COMEX Silver: 16-Month Accumulation Erased ⚠️#comex silver inventory hit the lowest level since December 2024, erasing the 2025 build up. #preciousmetals #commodities #bullion #silversqueeze #silver
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Silver Dec26 EFP is hanging by a thread at 3.3Β’ (down from 6.0Β’ ) 🚨The term structure is rapidly flattening, moving close to flipping into backwardation. β€’ Spot-Mar27: 69.3Β’ (prev 73.8Β’) β€’ Spot-May27: $1.18 (prev $1.23) Physical tightness??
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Silver EFPs ticked up across the curve: Spot $xagusd $54.155 (+0.45%), GSR 74.20 DEC26: 7.2Β’ (+1.2Β’) MAR27: 77.3Β’ (+4.6Β’) MAY27: $1.25 (+3Β’) JUL27: $1.71 (+3Β’) DEC26 basis sat at 2 to 4Β’ most of the session, then jumped to 7Β’ as spot rebounded.
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πŸ‡¨πŸ‡³Good morning china! Market update (Oct 26): 🟑 Au(T+D): Β₯856.1/g ($3,992/oz) | +0.13% premium βšͺ Ag(T+D): Β₯12,967/kg ($60.47/oz) | +12.63% premium over LBMA πŸ”˜ Pt99.95: Β₯381.07/g ($1,776.91/oz) | +14.92% premium @DavidLe76335983
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πŸ“ˆSilver DEC options: 38% of this year’s put build came in ONE week DEC put OI 2 Jan: 1.8k 16 Oct: 10.0k (9 months) 23 Oct: 15.0k (+5k in 5 sessions) Almost all of it: $45/$40 puts, untouched all year. Expiry 23 Nov. #Silver #COMEX
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Silver traders bought protection πŸ›‘οΈ COMEX DEC silver options, 23 Oct: β€’ $45 puts: +1,977 OI (2,119 traded) β€’ $40 puts: +2,001 OI (2,002 traded) Flat for weeks, then 4k in one session. Same size, same day: a $45/$40 put spread DEC fut $58.0 β†’ $54.2 ⏳ Expiry 23 Nov: 29 days
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🚨 Gold fell last week. Someone used the dip to buy December upside. COMEX DEC $4,200 + $4,225 call OI: 1.9k β†’ 5.7k in 8 sessions β€’ 4,200: +146%, up every single session β€’ 4,225: +1,225 on 23 Oct, the lowest price day of the move β€’ DEC fut: $4,180β†’$4,010 ⏳ DEC opex 23 Nov
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πŸ’‘Silver & gold, last 4 weeks COT: funds sold longs AND added shorts in both πŸ‘‡Managed Money net long Silver: -74% (lowest since Feb 2024) Gold: -18% (lowest since 26 May) Shorts: silver +111%, gold +102% Silver's drop is 68% new shorts, gold's 64% long selling.
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Weekend crypto/perp proxies signaling potential soft opens across precious metals: β€’ Gold: $3,991 (-0.20%/-$8.3) β€’ Silver: $53.7 (-0.5%/-$0.48) Meanwhile, CME 24/7 futures showing $4,001 for Gold and $53.76 for Silver. πŸ“‰βš‘οΈWatching liquidity into the Asia open
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$GLD weekly Holdings: 1,059.1β†’1,041.7 (βˆ’17.4t) Gold:$4,168.87β†’$3,999.43(βˆ’4.1%) πŸš¨βˆ’12.0 t on 22 Oct alone, the biggest daily outflow since 4 March. ⚠️For weeks GLD holders bought the dip:holdings hit a 6M high of 1,061t on 7 Oct while gold was already $500 off its August high
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πŸ₯ˆ Silver is βˆ’53.8% from its $116.85 Jan peak. We went through every 30%+ silver selloff since 1968. What happened after the low? 22 selloffs of 30%+ since 1968. Of the 20 lows that are 3y+ old: βœ…10 doubled within 3y βœ…13 doubled within 5y πŸš€ 8 tripled within 5y
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⚑ Only 3 doubled within 1y 3/ Crash in a bull market β†’ violent rebound. 1982 low: 2Γ— in 0.3y 2008 low: 2Γ— in 1.1y 2020 low: 2Γ— in 0.4y 1982 & 2008: days from the bottom, +86–128% a year later 🚨Deep lows get bought. Just not always the first one. @jameshenryand
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🚨Weekend check: Hyperliquid metal perps vs Friday’s spot close πŸ₯‡ Gold 3,990.9 (-0.21%) πŸͺ™ Silver 53.542 (-0.77%) Platinum 1,543.6 (-0.72%) Palladium 1,040.1 (-0.72%) CME 24/7 futures: Gold 4,003.8 Β· Silver 53.590 All four are trading below Friday’s close
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⚠️Junior gold $GDX & silver $SILJ miners are at one of their deepest washouts since 2000 Our Junior Miner Sentiment Index: 10.5 β†’lower than 98% of days since 2000 β€’ 1% >20MA β€’3% > 50MA This low before: 2008, 13, Dec 2014, March 20 6 months later, juniors were higher 4 times /5
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$GLD vs $GLDM: same gold, same sponsor, two very different flow stories Last 3 days: GLD βˆ’18.5 t (3 straight outflows) GLDM +0.9 t (8 days without an outflow) YTD: GLD βˆ’28.9 t (βˆ’2.7%) GLDM +52.3 t (+28.6%) Traders churn GLD. Investors keep stacking GLDM.
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Silver divergence πŸ‘‡ $SLV holdings: 431.3 Moz, back to the start-of-year level (+7.2 Moz in the last 4 weeks) Managed Money net long: +3,505, lowest in 32 months (-74% in 4 wks) MM shorts 5,994 β†’12,675, highest since December. Silver -14% over the same 4 weeks. @profitsplusid
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