Har silvret format sin botten. Silvret handlas just nu i backwardation och JP Morgan köper fysiskt vilket kan tyda på att vi ser botten just nu.
Spot silver for immediate delivery is trading 5-cents above delivery for 1-week forward. If you annualize it, that’s roughly a 16% per annum return that arbitrageurs are not taking. It is about a deep a backwardation as I have seen.
It means that there is a real scramble for physical metal at the moment, with the big price jump today being the visible result. Importantly, there is a good reason for this flight to safety with investors buying tangible assets with no counterparty risk.