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Craig Hemke at Sprott Money: A flow out of paper silver and into real metal
By Craig Hemke
SprottMoney.com
Tuesday, October 11, 2022
An interesting dichotomy has developed in the "silver market." What does it mean? Does it mean anything at all? We'll know soon enough, I guess.
What an interesting year this has been, and the last six months have been positively brutal. While we await the eventual central bank pivot back toward easing and QE, Comex digital gold and silver have been whacked, cracked, and shellacked.
But as we have seen multiple times in the past, this has led to a widening gap between the futures price and the physical price.
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There's a lot going on behind the scenes in the commodity markets.
For example, crude oil demand should be falling with the global economic slowdown. However, crude oil supply is also falling, save for the shortsighted U.S. policy of draining its "strategic reserves."
And have you noticed the dwindling stockpiles of copper, not only in London but in China, in part due to the unwinding of loans and credit where copper was used as collateral?
But let's focus today on silver, as it's of the greatest interest to all of us precious metal stackers. Most know that the price of silver that's prominently featured in financial media is the price "discovered" on futures exchanges like Comex. As with anything else, this price is often dependent upon supply and demand -- in this case, the supply and demand of the futures contracts themselves.
What's interesting is that the current supply of futures contracts is at a nine-year low. ...
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