Thursday, February 24, 2022

Comex Countdown: 2 Days to Go as Warfare Begins

February 24, 2022  by SchiffGold  0   0 Normally, I solely do one Comex Countdown into the shut, however… you understand… a struggle simply…

By Staff , in Gold , at February 24, 2022

  by SchiffGold  0   0

Normally, I solely do one Comex Countdown into the shut, however… you understand… a struggle simply began. Throw on high the truth that the Comex has been flashing warning indicators recently, and I believe a day by day replace is warranted for the subsequent 3 days. It’s very attainable supply quantity could be very strong which might put stress on the bodily market. I’ll hold the commentary mild and the charts easy…

Feb Silver

First a have a look at Web New Contracts (opened mid-month for instant supply). As proven beneath, unbelievable power with 1,202 contracts or practically 30% above the earlier report of 931.

Determine: 1 Current like-month supply quantity

When trying on the home accounts, we will see two issues.

  1. BofA just isn’t totally accountable – they solely have 50% (616 contracts)
  2. Retail appears to be the opposite half

Determine: 2 Home Account Exercise

March Silver

When in comparison with earlier main months, open curiosity went from center of the pack to entrance of the again. Nonetheless, 2 days to go, however we may very well be one other report.

Determine: 3 Open Curiosity Countdown

Spreads are nonetheless pretty tight, so the market hasn’t gotten uncontrolled but.

Determine: 4 Roll Value

Feb Gold

Whole supply quantity will find yourself being beneath common as proven beneath.

Determine: 5 Current like-month supply quantity

A lot of this is because of money settlements. Practically 1,706 contracts had been cash-settled. This can be a far deviation from the pattern which has seen some months have as many as 5,000+ contracts opened mid-month for instant supply. As talked about beforehand, giant web contracts in both path elevate attention-grabbing questions, however seeing a report variety of money settlements definitely raises an eyebrow!

Determine: 6 Cumulative Web New Contracts

This consists of BofA available in the market taking virtually 6,000 contracts for supply.

Determine: 7 Home Account Exercise

March Gold

We will see that March pulled again some yesterday, however continues to be staying approach above pattern.

Determine: 8 Open Curiosity Countdown

April Gold

April can be displaying a giant transfer above pattern when it comes to open curiosity as proven beneath.

Determine: 9 Open Curiosity Countdown

Lastly, just like silver, the spreads on the April contract are in line.

Determine: 10 Roll Value

What does all of it imply?

The market is pretty opaque, which might make it tough to know precisely what’s going on. Nevertheless, the open curiosity information is displaying some fairly large divergences from the pattern. With the Fed having misplaced management of inflation, it’s onerous to consider that is all associated to Russia and Ukraine, particularly contemplating a few of these divergences began to materialize earlier than the battle. The underside line, curiosity in gold is choosing up.

Information Supply:

Information Up to date: Nightly round 11 PM Japanese

Final Up to date: Feb 23, 2022

Gold and Silver interactive charts and graphs may be discovered on the Exploring Finance dashboard:

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