Nearly 30,000 silver futures contracts have closed out since June 22. That’s 1 out of every 5 contracts, and that most likely means a major trend change is imminent. Longs are bowing out, shorts are covering, and we are now below 120,000 contracts, right near a 10-year low. The bottom may not be in exactly, but the amount of runway once the bottom is in, is very long.
In other news, a ruling on the London Metal Exchange case of reversing trades in the wake of the March 2022 nickel short squeeze, is expected in about 3 weeks. If the LME loses, it could mean the end of the exchange, and possibly even contagion to the rest of global paper futures markets.
And the Fed does a bunch of stress tests again and says everything’s fine again.
And everybody cares. And believes them. A lot. Like, so so much.
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