Bill’s Commentary:
“The chart on lease rates is a day old… they closed out on Friday at 200% to borrow silver. Also, you will notice the futures in NY are now $3 below spot in London. Jim used to always ask the question; ‘what is the value of a contract that cannot perform’. Are futures just now beginning to display what they are actually worth? Think about that…!”
Silver Traders Rush Bars to London as Historic Squeeze Rocks Market
(Bloomberg) — The London silver market has been thrown into turmoil by a massive short squeeze, driving prices above $50 an ounce for only the second time in history and stirring memories of the billionaire Hunt brothers’ notorious attempt to corner the market in 1980.
Benchmark prices in London have soared to near-unprecedented levels over New York. Traders described a market where liquidity has almost entirely dried up, leaving anyone short spot silver struggling to source metal and forced to pay crippling borrowing costs to roll their positions to a later date.
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