The rally in silver is now in its fourth week and we’re all wondering where and when the pullback is going to start. It should be soon, given that silver’s open interest has rocketed from 113,000 to now just over 150,000 since June 29. That’s 37,000 contracts opened in less than a month.
But while speculation is hot on the silver futures market, it’s dead in the silver ETFs, as SLV has liquidated about 13 million ounces since this rally began, indicating negative retail interest in paper silver.
In banking system news, reverse repo money from 2021 continues to flood into the Treasury’s bank account. Money supply could really climb fast once the Treasury spends all that into the economy.
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