
Physical #PreciousMetals trader | Derivatives | 102 countries | Bulls make money, bears make money, pigs get slaughtered | See the π through Metals
Singapore
Joined February 2018
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π¨COMEX Silver: 16-Month Accumulation Erased
β οΈ#comex silver inventory hit the lowest level since December 2024, erasing the 2025 build up.
#preciousmetals #commodities #bullion #silversqueeze #silver
Silver Dec26 EFP is hanging by a thread at 3.3Β’ (down from 6.0Β’ )
π¨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??
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.
π¨π³Good morning china!
Market update (Oct 26):
π‘ Au(T+D): Β₯856.1/g ($3,992/oz) | +0.13% premium
βͺ Ag(T+D): Β₯12,967/kg ($60.47/oz) | +12.63% premium over LBMA
π Pt99.95: Β₯381.07/g ($1,776.91/oz) | +14.92% premium
@DavidLe76335983
Silver traders bought protection π‘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
β³ Expiry 23 Nov: 29 days
π‘Silver & gold, last 4 weeks COT: funds sold longs AND added shorts in both
πManaged 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.
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.
πβ‘οΈWatching liquidity into the Asia open
$GLD weekly
Holdings: 1,059.1β1,041.7 (β17.4t)
Gold:$4,168.87β$3,999.43(β4.1%)
π¨β12.0 t on 22 Oct alone, the biggest daily outflow since 4 March.
β οΈFor 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
π¨ $SLV silver put demand is stretched.
3m 25Ξ skew (put IV β call IV, % of ATM): β15.1 on Sep 25 β β0.5 now. Highest since July, above 97% of sessions this year.
β οΈBut it's a gauge, not a forecast: daily skew moves track price, no lead on next-day returns.
@profitsplusid
π₯ Silver is β53.8% 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:
β
10 doubled within 3y
β
13 doubled within 5y
π 8 tripled within 5y
β‘ 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, +86β128% a year later
π¨Deep lows get bought. Just not always the first one.
@jameshenryand
Silverβs NovβJan sweet spot is mostly January.
Win rate (2006β25 / ex-2025 / 1968β25):
Nov: 40% / 37% / 47%
Jan: 70% / 68% / 62%
NovβJan median: +2.1% / +0.4% / +1.0%
Oct 2026: β10.7%. After 15 Octobers down 5%+ since 1968: NovβJan median +0.2%. A coin flip.
@jameshenryand
details π½ lnkd.in/p/eaUWPgwb
π¨Weekend check: Hyperliquid metal perps vs Fridayβs spot close
π₯ Gold 3,990.9 (-0.21%)
πͺ 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 Fridayβs close
Silver divergence π
$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 β12,675, highest since December. Silver -14% over the same 4 weeks.
@profitsplusid

















