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Alasdair Macleod: Massive Comex deliveries since Thanksgiving
By Alasdair Macleod
GoldMoney, Toronto
Wednesday, December 18, 2024
It was a week of two halves for gold and silver prices: rising strongly until Thursday when prices were smashed. ...
A feature of this week’s [last week's] trading was levitated futures premiums over spot, particularly noticeable in silver, which before yesterday's price smash represented a premium over overnight rates of as much as 7% annualized for the active February contract.
... Dispatch continues below ...
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While premiums and discounts in futures contracts over spot can and do vary, this detachment was unusually high. This sense of panic has now abated, and bullish hedge fund speculators are being stopped out.
This is very short-term stuff. Additional evidence of market strains is to be seen in the extraordinary level of stands-for-delivery associated with December's Comex contracts running off the board. In the 10 sessions since Thanksgiving, 62.13 tonnes of gold have been stood for delivery and 1,302.6 tonnes of silver. These are huge quantities, particularly for a derivatives market where delivery was not intended.
Almost certainly, there is a general bear squeeze on the establishment's net short position. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/massive-comex-deliveries-since-thanksgiving
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