Sounds like mining is similar to farming, something I'm familiar with. No matter how favorable things are in farming, there's always something that works against you. Great prices? Bad weather and low yield. Bumper crops? Depressed prices. Good weather? High capital costs and fluctuating returns. Ya can't win for losin', even when at first look it seems like everything should be going your way.
I own GDJX, SILJ. But most pleased with my HL position (the only stock I own. The others are funds). I think I got lucky with it. Usually I am very bad with picking gold or silver miners.
I now use a trailing stop on my HL position. When it triggers, cool. After a pullback, I will buy more GDXJ and SILJ.
Don Durrett suggests miners won’t accelerate in value until the SP500 and the rest of the stock market stop going up. Investors will need a reason to move out of general equities and into miners beyond the price of the associated commodities.
People should take a look at other commodity indexes, especially industrial metals, as Silver isn't the only scarcity that the paper derivative banksters are losing control of...
Full disclosure: I'm 100% invested in Ag, which I could diversify, but we closed our business a while back & paid ca$h for our forever house, but I do have other "assets" that I may be liquidating before the currency situation becomes "problematic".
"Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap."
Good summary - my sentiments exactly. I think the biggest case for poor performance of juniors vs the metal itself is the rapid rise. I looked back at monthly gains in my portfolio and all my biggest gains were actually back in September and silver moved up about 14% yet my portfolio went up 30%. Since then my portfolio has under performed the Silver price (expect December where it was a slight improvement). I have a portfolio of 15 stocks allocated to producers, near term producers (60%), developers (25%) and explorers(15%). I will look at who has raised over this time and for what, it is one of the reasons I got out of GSVR because they just keep gas lighting shareholders and continually doing raises each 3 months.
Earnings season will reveal how much money is accumulating at the producing miners. Hard for the market to ignore in my opinion.
I tried to sell silver bars today and was turned away. The dealer is rather large wholesaler and retailer. Apparently the refinery that they sell to is backed up and not accepting anything. The only form they would take is bullion coins from the US or Canada. It will be hard to satisfy silver demand if the market freezes like this.
Yesterday I mentioned several of these points regarding the speculative, uneasy status of investing in miners on another popular substacker blog, which was promptly deleted.
Good to see not everyone is talking their book, but asking the *hard* questions & open to discussion from gen pop...
Well, I think I overloaded David (along with a few other posts, he deleted & blocked a bunch of people today), perhaps it was this post that set him off:
Perhaps next up for Mass Formation Psychosis will be *gasp* hyperinflation:
Iran just blew up, Gold is hundreds of million Rial per oz, not sure if this a result of collapse in confidence of Iran's "leadership", the result of U$ sanctions, or perhaps the Rial is the 1st domino in agnostic currency disbelief & rejection?
From where I'm sitting, I think it's a combo of *all of the above*, which certainly has potential for contagion, just like what we're seeing with "official" Silver markets...
Well, you're in good company. I was blocked by David Jensen also a while ago for pointing out an inconsistency in one of his posts. First I thought it was a glitch that made the comment disappear, so I reposted it. But then he blocked me.
A pity. He has some good information.
Hyperinflation is a psychological phenomenon. You can have really really high inflation without it being hyper. So yes, mass formation psychosis can indeed be part of that mix.
As Iran is largely shielded from the western system, I doubt we will see the spark there that collapses the whole fiat system. I think what is happening there is a result of sanctions & economical mismanagement (don't know Iran very well, so I can be completely wrong - but I don't have a high view of politicians in general, so I won't be too wrong).
Yeah, I trust apparatchiks about the same as I trust doctors, lawyers & banksters, who conversely are the greedy, corrupt & fraudulent CULTure that politicos sell the futures of normal folks/main street out to the highest bidder(s).
Add religion to that mix & it's exponentially more destructive & poisonous...
I survived a violent childhood, became a social outsider, so I never got programmed by the same *social* tropes that most are trapped into, developing my reasoning skills in a way that is similar to how Einstein developed his.
Standing back in observation, I'm constantly amazed at how little spiritual sanity is found within large groups of humanity, listening to Eckhart Tolle (among other spiritual practice) confirmed & sharpened my senses regarding "mass formation psychosis":
"The insanity of the collective egoic mind, amplified by science and technology, is rapidly taking our species to the brink of disaster. Evolve or die: that is our only choice now."
For those that are still playing the bankster paper trading games, *stop*.
Try to stay focused on buying & holding as much Ag as you can find/afford, as well as all other precious materials that *evil* would try to monopolize against humanity...
I've been watching this slow motion collapse for 30+ years, have never jumped into "prepper" mode, but I now implore every good & honest person/community to prepare for surviving scenarios where normal services, logistics & civilization may break down for at least 90 days, which includes hardening your inner circle to only those you can rely upon & wish to sustain.
I'm sure some non-Western people reading this blog have already lived through such scenarios, those who haven't consider yourself *warned*...
We are all God's kids, here to love & help each other, but only a few possess the awareness & spiritual sanity to be members of THE WAY.
"Strait is the gate, and narrow is THE WAY, which leadeth unto life, and few there be that find it." ~ Yeshua Hamashiach"
"THE WAY (Tao) is all-pervading. It reaches to the left and to the right. All things depend on it with their existence. Still it demands no obedience." ~ Lao Tzu
"THE WAY is not in the sky. THE WAY is in the heart." ~ Buddha
Well said! I think the first hint at mass psychosis that I got was from the book Ender: Xenocide I think it was. There was an instance where someone was whipping up the crowd and lost control of it. That's when I "learned" that a crowd beyond a certain limit has a mind of its own.
I've been an outsider most of my life. I like it that way. I endured hardships, but nowhere close to yours I believe. But we seem to have reached the same conclusion: balance in life, close circles of people you care about, and warn others that are willing to listen.
You're frustrated? Join the club. And we ARE making big gains. I'm holding AG miners, but I'm vexed by my hedging efforts this past month. For every 1$ I've lost shorting PM in my tax deferred acct, I've made >3$ in my cash acct. You could say I'm reducing my future RMDs : /
I also sold a small amount of PM stocks & long ETFs recently. Remember when many analysts thought AG struggling to break 55 3X was a short to mid-term top? Ofc you do, unless you're demented. That was 35-40$ ago!
Monday I wrote that this is crazier than 1980.
I wondered if we see 5K AU, 100 AG, and 50 GSR THIS month.
Well, today we're withing shouting distance of #2 in that list, and nearly reached #3.
Anyone have any ideas when & at what price level we see a significant correction??
I think we might have finally entered true price discovery. Although I wouldn't discount Chinese grandma's! They sure like to gamble.
As a contrarian, I don't like parabolic moves. I'm still nearly fully invested (about 15% cash level), and am holding significant long term SILJ calls combined with lots of junior miners. I will be cleaning this up over the next weeks I think.
Maybe make some foray into COPX or play a few warrants on Platinum/Palladium. But we'll see.
I'm also working on an interesting article that might come into play sooner or later (Chinese tradewar)
Gold and silver juniors tend to liquidate when the Nasdaq faces compression from these lofty heights we have now. I am looking for markets to correct before entering new positions in the juniors. I don't chase them. I hold a core position and trade the rest. I don't FOMO. There's always the next opportunity. You can also hedge to benefit from volatility, as Markets will likely be choppy looking ahead.
So what if Israel and Iran launch massively against each other, including Israeli nukes and Iran hitting Israeli nukes?
I'm not being frivolous, but total disruption of all electroninc markets and ledgers, and derivative collapse, seems like something I'll be thinking about on the bike ride I'm going out for.
Not the whole ride, though. I don't have to change anything, myself.
"allocated"... I don't think it is FULLY allocated. Plus, look at the cost structure. Doesn't make sense. It should be more expensive due to storage & security/insurance costs. So likely part of it is leased (as in: not there, but still on the books).
According to the LBMA, these accounts are opened when a customer requires metal to be physically segregated and needs a detailed list of weights and assays. The customer has full title to the metal in the account, with the dealer holding it on the client’s behalf as a custodian. Customers’ holdings are identified in a weight list of bars showing the unique bar number, gross weight, the assay or fineness of each bar and its fine weight. Credits or debits to the holding will be effected by physical movements of bars to or from the customer’s physical holding.
Unallocated Accounts
An unallocated account does not have specific bars set aside and the customer only has a general entitlement to the metal. It is the most convenient, cheapest and most commonly used method of holding metal. Transactions may be settled by credits or debits to the account while the balance represents the indebtedness between the two parties. Credit balances on the account do not entitle the creditor to specific silver bars, but are backed by the general stock of the bullion dealer with whom the account is held. The client is an unsecured creditor. Should the client wish to receive actual metal, this is done by ‘allocating’ specific bars or equivalent bullion product.
I believe you are correct. What i saw in prospectus is that Ag is allocated when it is designated for actually DELIVERY (50K share blocks only) and all others are un allocated, leased? However more important to me is that SLV does not trade futures pre se, its asset is actual physical silver metal. However, could be that the physical silver is made available by the delivery of futures it buys. The rabbit hole is getting too deep for me. I didn't expect to be in this game when I simply stacked some silver coins many years ago. Will wait on the miners a bit longer.
Great post. The few silver plays that have outperformed make you question the other what that also have compelling stories that do not move. Take Avino. Its stock was over $20 a share in 1980s and it went to $.40 a couple years ago and is now many multiples of that. I think the reason is lack of recent big financings. They used ATM financing to top up. Now that Kuya and Boab are fully cashed up I expect a similar trajectory. I plan to sell my remaining physical in Q2 and allocate more to juniors once the degenerate speculators return. Have you looked at Talisker Resources? Expect a huge ramp up in coming months/years.
Miners were always short. That's the reason why futures exists in the first place? Producers go short, industry goes long. At a certain point in time metal changes hands. That's it.
Basically it's a short-term loan. Co-opted by speculators since long.
The only interesting thing I found in the note is indeed something I did not think about: that those margin raises also raise the margin for the producers. Which needs to put more money on the table. Money that wasn't budgeted.
If this is truly what is happening (and no, I don't really believe that because they should have entered new shorts since forever), that would mean the exchange isn't going to work for the producers in the long run. Making it irrelevant. Producers will enter direct negotiations with industry behemoths that need the mining output (look at GWM's deal yesterday).
So even though it might be a contributing factor, I doubt it's a big part of the puzzle.
This! Only 20 pure plays left? It would be easy for them to agree to embargo delivery of metal beyond covering their operating cost. Why? Silver IS the money... why trade away more for depreciating fiat fraud than neccessary?
You wouldn't know how fast governments would come in and say "collusion" or "monopoly" or something else made up (which basically it is of course). Other than that, I would agree with you because my metals would be immediately more worth 😋
I’m based in South Africa. We have an oil company that used German plans to develop oil (we don’t have much) from coal (we have a bit) which provided support against various supply shocks. When oil prices go up, their costs don’t change much. Which creates windfall profit situations the government has triggers for. Our mining companies in the past (maybe still today) had tax structures that similarly triggered higher tax collections disproportionately to the income depending on market conditions. So yeah, it’s tricky, politicians get ideas as you said.
I'm sure some of you have seen the 20:00 hour long red candle in near AG futures. 21:00 & 22:00 candles are in lower half of 20:00 trading around 88 as I type.
You can't "go broke" if you stand for delivery, but of course COMEX/LBMA seem to have withdrawn that option in practice, although the option is still in the contract...
Me think it's time to end this charade, why play games that The House has rigged to *always* win?
Sounds like mining is similar to farming, something I'm familiar with. No matter how favorable things are in farming, there's always something that works against you. Great prices? Bad weather and low yield. Bumper crops? Depressed prices. Good weather? High capital costs and fluctuating returns. Ya can't win for losin', even when at first look it seems like everything should be going your way.
I’ve been thinking the same thing… especially over the last month or so. Silver up like 3x higher than my supposed leveraged play SILJ
I own GDJX, SILJ. But most pleased with my HL position (the only stock I own. The others are funds). I think I got lucky with it. Usually I am very bad with picking gold or silver miners.
I now use a trailing stop on my HL position. When it triggers, cool. After a pullback, I will buy more GDXJ and SILJ.
Don Durrett suggests miners won’t accelerate in value until the SP500 and the rest of the stock market stop going up. Investors will need a reason to move out of general equities and into miners beyond the price of the associated commodities.
People should take a look at other commodity indexes, especially industrial metals, as Silver isn't the only scarcity that the paper derivative banksters are losing control of...
Full disclosure: I'm 100% invested in Ag, which I could diversify, but we closed our business a while back & paid ca$h for our forever house, but I do have other "assets" that I may be liquidating before the currency situation becomes "problematic".
"Be not deceived; God is not mocked: for whatsoever a man soweth, that shall he also reap."
Good summary - my sentiments exactly. I think the biggest case for poor performance of juniors vs the metal itself is the rapid rise. I looked back at monthly gains in my portfolio and all my biggest gains were actually back in September and silver moved up about 14% yet my portfolio went up 30%. Since then my portfolio has under performed the Silver price (expect December where it was a slight improvement). I have a portfolio of 15 stocks allocated to producers, near term producers (60%), developers (25%) and explorers(15%). I will look at who has raised over this time and for what, it is one of the reasons I got out of GSVR because they just keep gas lighting shareholders and continually doing raises each 3 months.
I’ve just realised what the problem was with Dolly Varden. Management spinning stories and doing mergers instead of making money :(
Earnings season will reveal how much money is accumulating at the producing miners. Hard for the market to ignore in my opinion.
I tried to sell silver bars today and was turned away. The dealer is rather large wholesaler and retailer. Apparently the refinery that they sell to is backed up and not accepting anything. The only form they would take is bullion coins from the US or Canada. It will be hard to satisfy silver demand if the market freezes like this.
Then you should buy, preferably from distressed sellers who need cash right away to pay bills. Offer less than spot.
It is no different than when oil went negative back during the COVID days.
Excellent point
Yesterday I mentioned several of these points regarding the speculative, uneasy status of investing in miners on another popular substacker blog, which was promptly deleted.
Good to see not everyone is talking their book, but asking the *hard* questions & open to discussion from gen pop...
Hold Fast, Stand Firm & Demand Delivery!
I don't particularly like hard questions. But they need to be asked.
I write as I do. Killed a lot of miners today in my PF. Stepped a bit in 1 platinum play that was underperforming, but shows potential.
You can thank me later (as my negative RNG comes into play, it'll lift the whole sector now that I'm (partially) out).
Well, I think I overloaded David (along with a few other posts, he deleted & blocked a bunch of people today), perhaps it was this post that set him off:
Perhaps next up for Mass Formation Psychosis will be *gasp* hyperinflation:
https://www.youtube.com/watch?v=f_o7tn9EQ7w
Iran just blew up, Gold is hundreds of million Rial per oz, not sure if this a result of collapse in confidence of Iran's "leadership", the result of U$ sanctions, or perhaps the Rial is the 1st domino in agnostic currency disbelief & rejection?
From where I'm sitting, I think it's a combo of *all of the above*, which certainly has potential for contagion, just like what we're seeing with "official" Silver markets...
Buckle Up Mr. Jensen, it's gonna get bumpy ;-)
Well, you're in good company. I was blocked by David Jensen also a while ago for pointing out an inconsistency in one of his posts. First I thought it was a glitch that made the comment disappear, so I reposted it. But then he blocked me.
A pity. He has some good information.
Hyperinflation is a psychological phenomenon. You can have really really high inflation without it being hyper. So yes, mass formation psychosis can indeed be part of that mix.
As Iran is largely shielded from the western system, I doubt we will see the spark there that collapses the whole fiat system. I think what is happening there is a result of sanctions & economical mismanagement (don't know Iran very well, so I can be completely wrong - but I don't have a high view of politicians in general, so I won't be too wrong).
Yeah, I trust apparatchiks about the same as I trust doctors, lawyers & banksters, who conversely are the greedy, corrupt & fraudulent CULTure that politicos sell the futures of normal folks/main street out to the highest bidder(s).
Add religion to that mix & it's exponentially more destructive & poisonous...
I survived a violent childhood, became a social outsider, so I never got programmed by the same *social* tropes that most are trapped into, developing my reasoning skills in a way that is similar to how Einstein developed his.
Standing back in observation, I'm constantly amazed at how little spiritual sanity is found within large groups of humanity, listening to Eckhart Tolle (among other spiritual practice) confirmed & sharpened my senses regarding "mass formation psychosis":
"The insanity of the collective egoic mind, amplified by science and technology, is rapidly taking our species to the brink of disaster. Evolve or die: that is our only choice now."
For those that are still playing the bankster paper trading games, *stop*.
Try to stay focused on buying & holding as much Ag as you can find/afford, as well as all other precious materials that *evil* would try to monopolize against humanity...
I've been watching this slow motion collapse for 30+ years, have never jumped into "prepper" mode, but I now implore every good & honest person/community to prepare for surviving scenarios where normal services, logistics & civilization may break down for at least 90 days, which includes hardening your inner circle to only those you can rely upon & wish to sustain.
I'm sure some non-Western people reading this blog have already lived through such scenarios, those who haven't consider yourself *warned*...
We are all God's kids, here to love & help each other, but only a few possess the awareness & spiritual sanity to be members of THE WAY.
"Strait is the gate, and narrow is THE WAY, which leadeth unto life, and few there be that find it." ~ Yeshua Hamashiach"
"THE WAY (Tao) is all-pervading. It reaches to the left and to the right. All things depend on it with their existence. Still it demands no obedience." ~ Lao Tzu
"THE WAY is not in the sky. THE WAY is in the heart." ~ Buddha
Well said! I think the first hint at mass psychosis that I got was from the book Ender: Xenocide I think it was. There was an instance where someone was whipping up the crowd and lost control of it. That's when I "learned" that a crowd beyond a certain limit has a mind of its own.
I've been an outsider most of my life. I like it that way. I endured hardships, but nowhere close to yours I believe. But we seem to have reached the same conclusion: balance in life, close circles of people you care about, and warn others that are willing to listen.
Very good analysis and some intriguing ideas.
You're frustrated? Join the club. And we ARE making big gains. I'm holding AG miners, but I'm vexed by my hedging efforts this past month. For every 1$ I've lost shorting PM in my tax deferred acct, I've made >3$ in my cash acct. You could say I'm reducing my future RMDs : /
I also sold a small amount of PM stocks & long ETFs recently. Remember when many analysts thought AG struggling to break 55 3X was a short to mid-term top? Ofc you do, unless you're demented. That was 35-40$ ago!
Monday I wrote that this is crazier than 1980.
I wondered if we see 5K AU, 100 AG, and 50 GSR THIS month.
Well, today we're withing shouting distance of #2 in that list, and nearly reached #3.
Anyone have any ideas when & at what price level we see a significant correction??
I think we might have finally entered true price discovery. Although I wouldn't discount Chinese grandma's! They sure like to gamble.
As a contrarian, I don't like parabolic moves. I'm still nearly fully invested (about 15% cash level), and am holding significant long term SILJ calls combined with lots of junior miners. I will be cleaning this up over the next weeks I think.
Maybe make some foray into COPX or play a few warrants on Platinum/Palladium. But we'll see.
I'm also working on an interesting article that might come into play sooner or later (Chinese tradewar)
I'm thinking along similar lines. Just looking for some ideas & discussion.
Sooner than later there must be a major pullback...
Gold and silver juniors tend to liquidate when the Nasdaq faces compression from these lofty heights we have now. I am looking for markets to correct before entering new positions in the juniors. I don't chase them. I hold a core position and trade the rest. I don't FOMO. There's always the next opportunity. You can also hedge to benefit from volatility, as Markets will likely be choppy looking ahead.
So what if Israel and Iran launch massively against each other, including Israeli nukes and Iran hitting Israeli nukes?
I'm not being frivolous, but total disruption of all electroninc markets and ledgers, and derivative collapse, seems like something I'll be thinking about on the bike ride I'm going out for.
Not the whole ride, though. I don't have to change anything, myself.
My quick research shows SLV is ALLOCATED silver. Which is correct?
"allocated"... I don't think it is FULLY allocated. Plus, look at the cost structure. Doesn't make sense. It should be more expensive due to storage & security/insurance costs. So likely part of it is leased (as in: not there, but still on the books).
Allocated Accounts
According to the LBMA, these accounts are opened when a customer requires metal to be physically segregated and needs a detailed list of weights and assays. The customer has full title to the metal in the account, with the dealer holding it on the client’s behalf as a custodian. Customers’ holdings are identified in a weight list of bars showing the unique bar number, gross weight, the assay or fineness of each bar and its fine weight. Credits or debits to the holding will be effected by physical movements of bars to or from the customer’s physical holding.
Unallocated Accounts
An unallocated account does not have specific bars set aside and the customer only has a general entitlement to the metal. It is the most convenient, cheapest and most commonly used method of holding metal. Transactions may be settled by credits or debits to the account while the balance represents the indebtedness between the two parties. Credit balances on the account do not entitle the creditor to specific silver bars, but are backed by the general stock of the bullion dealer with whom the account is held. The client is an unsecured creditor. Should the client wish to receive actual metal, this is done by ‘allocating’ specific bars or equivalent bullion product.
I believe you are correct. What i saw in prospectus is that Ag is allocated when it is designated for actually DELIVERY (50K share blocks only) and all others are un allocated, leased? However more important to me is that SLV does not trade futures pre se, its asset is actual physical silver metal. However, could be that the physical silver is made available by the delivery of futures it buys. The rabbit hole is getting too deep for me. I didn't expect to be in this game when I simply stacked some silver coins many years ago. Will wait on the miners a bit longer.
You have NO idea how deep the hole goes. I have no idea, and I dig into this on a near daily basis!
hahaha Its a bottomless hole. I just want to make a few bucks and stay a step ahead of the criminals. Will try to stay hiding in the weeds.
Great post. The few silver plays that have outperformed make you question the other what that also have compelling stories that do not move. Take Avino. Its stock was over $20 a share in 1980s and it went to $.40 a couple years ago and is now many multiples of that. I think the reason is lack of recent big financings. They used ATM financing to top up. Now that Kuya and Boab are fully cashed up I expect a similar trajectory. I plan to sell my remaining physical in Q2 and allocate more to juniors once the degenerate speculators return. Have you looked at Talisker Resources? Expect a huge ramp up in coming months/years.
TSK: https://open.substack.com/pub/st0cks/p/tsk-talisker-resources?r=17w5dj&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
As the saying goes " nothing is more permanent than a temporary government program".
Brace for impact!
A suggestion on why miner share prices are struggling, they are now the silver shorts…
https://substack.com/@oleshansen/note/c-199114865?r=1m790u&utm_medium=ios&utm_source=notes-share-action
Miners were always short. That's the reason why futures exists in the first place? Producers go short, industry goes long. At a certain point in time metal changes hands. That's it.
Basically it's a short-term loan. Co-opted by speculators since long.
The only interesting thing I found in the note is indeed something I did not think about: that those margin raises also raise the margin for the producers. Which needs to put more money on the table. Money that wasn't budgeted.
If this is truly what is happening (and no, I don't really believe that because they should have entered new shorts since forever), that would mean the exchange isn't going to work for the producers in the long run. Making it irrelevant. Producers will enter direct negotiations with industry behemoths that need the mining output (look at GWM's deal yesterday).
So even though it might be a contributing factor, I doubt it's a big part of the puzzle.
This! Only 20 pure plays left? It would be easy for them to agree to embargo delivery of metal beyond covering their operating cost. Why? Silver IS the money... why trade away more for depreciating fiat fraud than neccessary?
You wouldn't know how fast governments would come in and say "collusion" or "monopoly" or something else made up (which basically it is of course). Other than that, I would agree with you because my metals would be immediately more worth 😋
I’m based in South Africa. We have an oil company that used German plans to develop oil (we don’t have much) from coal (we have a bit) which provided support against various supply shocks. When oil prices go up, their costs don’t change much. Which creates windfall profit situations the government has triggers for. Our mining companies in the past (maybe still today) had tax structures that similarly triggered higher tax collections disproportionately to the income depending on market conditions. So yeah, it’s tricky, politicians get ideas as you said.
I'm sure some of you have seen the 20:00 hour long red candle in near AG futures. 21:00 & 22:00 candles are in lower half of 20:00 trading around 88 as I type.
Head fake or start of a significant correction?
"go big or go broke" I guess? Or maybe "go big AND go broke"?
You can't "go broke" if you stand for delivery, but of course COMEX/LBMA seem to have withdrawn that option in practice, although the option is still in the contract...
Me think it's time to end this charade, why play games that The House has rigged to *always* win?
Starve. The. Beast.
Well yes of course you can go broke. If they don't deliver, and tie you up in proceedings whilst you need to pay the bills.
Well, the institutions are getting *massive* physical out, choosing metal over paper, according to JustDario (breakdown by Ajay Patel):
https://xcancel.com/DarioCpx/status/2011630995976663259#m
*509* Jan26 silver contracts (5,000 oz silver futures) deliveries stopped on Wednesday Jan14.
Total issued: **509 contracts**
Total stopped: **509 contracts**
*509* contracts × 5,000 oz = **2,545,000 ounces** of silver moving physically, In one day.
Who is delivering (short side pressure)
Deutsche Bank AG issued 46
Macquarie Futures issued 50
JP Morgan Securities issued **285** (this is the elephant)
ADM issued 11
JP Morgan alone is responsible for **56 percent** of all deliveries here.
This tells you something critical:
The largest bullion bank is supplying metal into a very high-price environment, not rolling, *NOT* cash-settling.
Who is taking delivery (long side conviction)
Macquarie Futures stopped 176
Wells Fargo stopped 107
Scotia Capital stopped 96
Morgan Stanley stopped 48
StoneX stopped 60
Also, TD got slammed at their stop, shorting Ag to $40!
This is not business as usual...
Jan 3 note: https://substack.com/@no01/note/c-194592078?r=17w5dj&utm_source=notes-share-action&utm_medium=web
😎