
Physical #PreciousMetals trader | Derivatives | 102 countries | Bulls make money, bears make money, pigs get slaughtered | See the π through Metals
Singapore
Joined February 2018
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π¨COMEX Silver: 16-Month Accumulation Erased
β οΈ#comex silver inventory hit the lowest level since December 2024, erasing the 2025 build up.
#preciousmetals #commodities #bullion #silversqueeze #silver
Does a crowded $ long boost gold?
When the speculative USD long hits 52W high, gold's Av return after:
π3M: +2.0% (vs+2.8% normal)
πVery stretched (Z β₯ 2): 0%
π6M, very stretched: +7.5% (up 79% of the time)
No immediate boost. The payoff comes when the longs unwind
π¨π³ Gold dominated Chinese jewellery retailer revenue in H1 2026, capturing 60% of total sales value!
πΉ Gold Jewellery: 60%
πΉ Silver Jewellery: 13%
πΉ Other Jewellery (gem, pearl, etc.): 10%
πΉ Diamond: 8%
πΉ Gold Investment Products: 6%
πΉ Platinum: 3%
COT #preciousmetals extremes 52W vs 3Y:
π Platinum, 3Y: Producer/Merchant net short -7,654 ct, the smallest in 3 years.
πͺ Silver: Managed Money COT Index is 5.0 on 52W but 25.0 on 3Y.
Silver COT (13 Oct): Managed Moneyβs net long hit an 8 months low
β’Managed Money: -1,909 ct to +5,619, lowest since 10 Feb. -58% since 22 Sep.
β’Other Reportables: +1,387 ct to +17,012, highest since 17 Feb.
Total Specs barely moved (-522 ct): MM sold, Other Reportables bought
COMEX silver YTD: JPMorgan vs Asahi
π» JPMorgan: 188.25 β 125.51 Moz (β62.74 Moz, β33%)
Registered β58% (16.30 β 6.87 Moz)
πΊ Asahi: 37.17 β 52.29 Moz (+15.11 Moz, +41%)
Received 39.76 Moz Β· withdrawn 29.13 Moz
Registered 31.87 β 39.20 Moz
Weekend metals check: what 24/7 markets are pricing ahead of the Monday open
π₯ Gold 4,159.5 β -0.22%
π₯ Silver 56.83 β -0.37%
βͺ Platinum 1,633 β -0.08%
π Palladium 1,115 β -0.10%
Weekend positioning leans slightly lower across the complex, and silver is the weakest.
π London Silver ETFs LBMA
β’ Total Silver Held: 21,731.6 tons (698.69 Moz)
β’ WoW Change: +49 tons π
β’ Silver Price: -6% π
π The entire move is driven almost entirely by $SLV
β οΈExcluding SLV, the rest of the London ETFs actually LOST 27.2 tons
#silver EFP spreads continue to contract
Current DEC26 EFP Spread: 0.14(Down from previous day 17.5Β’)
β οΈAs spot prices rally, physical London liquidity or OTC spot buying outpaces COMEX buying, pulling the EFP spread lower,indicating relative demand for spot/physical metal
Gold grinds higher while IV continues to compress, clear sign there is no chase for speculative call upside right now
π₯No heat in EFP either, with the SPOT-DEC26 basis essentially flat day-over-day at $20.6
π¨ Indian Mutual Funds Halt Bulk Subscriptions to Gold ETFs Ahead of Festive Season
Major Indian mutual fund houses,including Kotak Mahindra, UTI, and HDFC, have temporarily suspended bulk investments in gold exchange-traded funds (ETFs) just ahead of peak festive demand


















