silence implies deceit
market vibes
I have to go the eye doctor in a few minutes so here’s a few ideas for the morning session. See you later with the wrap…
In long time frames using continuous roll-adjusted monthly data, silver made a near perfect 50% retracement on the Asia opening last night.
In daily data prices rallied smartly off the lows and maintained levels through London hours coming into NY. This is positive development in daily data and long time frames. Open interest fell 6,000 lots yesterday to 137k lots, the lowest since November 2024, indicating shorts are offsetting futures on the Comex. According to a Market Vibes subscriber… “SHFE Ag OI at 4.5y lows fwiw”. Silver is liquidating apace. The classic interpretation of falling prices and falling OI is weak length moving into strong hands.
