evening wrap, April 15
After debating the benefits of writing an evening wrap when there is nothing to wrap other than an almost all time high close in S&Ps, a silent submersion into the quicksands of the WTI Q-3 curve, and a creeping necrosis in everthing risk on and risk off… I decided to write one anyway. Mind you… it’s rag picking in the heap of dull that’s become hallmark of modern war. My oath I shall be mercifully brief!
But first a few quick notes and X Posts.
All oil loaded after March 12 for Russia and March 20 for Iran is verboten
in the markets
The Silver Institue’s World Silver Survey dropped today and it findings were not surprising. On balance, scrap recycling was higher than I expected, the deficit was smaller but demand was surprisingly undiminished by a 300% surge in a single year. Even now prices are up 150% and prices are stable.
I won’t say more at this point other than the average price for 2025 was $42/toz and the average price for 2026 is probably going to be 100% higher. Otherwise said… miner’s revenues will be equally higher. Usually higher earnings mean higher prices for equities of same.
As I type silver is in the diametrically opposition condition it was in late January. ranges are incredibly compressed, taxes have been paid. The war is almost over and a new uncertainty has markets equally uncertain. in a nutshell the details of the much anticipated report make it much easier to hodl with confidence and be prepared to add if the market offers … or better said asks for liquidity from buyers. The futures of silver looks statistically as good as ever, to me.
Now if it would only go down…
