evening wrap, january 27
market vibes
It is impossible to even try to correlate markets with current events recently. Bloomberg has become an unreadable rant. FT is even worse. Cable news is Minneapolis 24 hours a day. Although I am sure there are other items of interest, the latest form of censorship is not what the news doesn’t report… it is what they do! C’est la vie… let’s just roll with it.
Most capital markets in NY were contained on Tuesday in anticipation of an FOMC decision tomorrow which as we all know is simply the presser. However, check in on CNBC after because Gundlach does a great wrap.
in the markets today
Oil prices were 2.5% to 3% higher on the storm. Stocks were mixed with another rotation from the Dow to tech. PGMs were mixed but soft. Copper was flat. The dollar was surprisingly weak vs the yen and the euro. Gold and silver were resilient.
Yesterday’s record volume in silver was even higher than the preliminary numbers I quoted last night. Final volume for the standard 5000 toz contract was 360,961. However, the micro 1000 toz cash-settled contract traded 715,111 contracts concurrently, or the equivalent of 143,022 standard contracts for a grand total record high volume in Comex silver on January 26 of 503,984 lots.
Massive volume …equaling 2,520,000,000 ounces of physical silver. It seems the Comex has finally found its mojo!
The micro silver contract (next chart) has a lot to do with it.
