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25.12.25 - 17:36
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Intensifying Shortage: This Is What A Run On The London Silver Market Looks Like (ZeroHedge)
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Intensifying Shortage: This Is What A Run On The London Silver Market Looks Like
Authored by David Jensen via Substack,
Dutch trading specialist Karel Mercx posted the following commentary where the opposite (multiply by -1) of the silver swap rate minus US interest rates can be used as a proxy for the implied silver lease rate to determine physical shortage in the London silver market.:
“The 1-year silver swap minus the US interest rate is now –7.18%.
That distortion explains why the silver rally is not over.
Only at the red line do supply and demand normalize.”
A further six days ago Mercx posted the following commentary:
“ The 1-year silver swap minus the US interest rate is now almost –7%! That distortion is the key reason the silver rally is not over.
That spread should be positive, since silver needed in one year comes with storage, insurance, and financing costs.
Extra explanation.
The silver swap rate is a crucial part of the global precious-metals trade. It exists because ...
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