This was the spread between London and New York, where we saw the London spot price going higher because London is experiencing not an overall shortage of silver, but in terms of the available stockpile that is used in London to fulfill the trading needs on the LBMA. That’s in the danger zone. Well, hello there, my friends. Chris Marcus here with you for Arcadia Economics with a quick video on a Sunday night as we have the gold and silver markets open in the Far East. We’ll get to silver in just a second, although the gold futures soaring up another $58, and then on silver up, it’s interesting, the futures, that’s this row, up $1.23, spot price up another nickel, although as you can see here, $50.35, $48.56.

The spread between the two is currently $1.80, so come in a little bit, still pretty elevated, and this was the spread between London and New York, where we saw the London spot price going higher because London is experiencing not an overall shortage of silver, but in terms of the available stockpile that is used in London to fulfill the trading needs on the LBMA. That’s in the danger zone, and so that’s why this is normally not negative. Normally, the futures trades over, this one is the one you can look at as the spot price, so this is inverted, not just inverted by a little bit, but inverted by a lot, and we saw the report that on the last couple of days, some traders racing to get shipments of silver back to London, about 8 million ounces gone so far.

We’ll see how much more goes, and in terms of Bloomberg, well, here’s what they have on a Sunday night, and again, it’s interesting, hearing their latest, well, I guess I caught it just in time, 10 minutes ago, silver extends gains on short squeeze as gold rallies to records, so you’re certainly living through history, not just me talking about the short squeeze here, but Bloomberg saying as much and using the specific language, short squeeze, which is really what we’re seeing here. Interesting, because we have metal in the COMAX, and we’ll see how much of that goes over.

Key thing to keep an eye on, I would like to say this week, but we’re dealing with government, which is currently shut down, so we don’t know, but traders remain on edge, I’ll highlight this one here for you. The traders remain on edge ahead of the conclusion of the administration’s so-called Section 232 investigation into critical minerals, which now includes silver after silver was added in late August to the new draft list for critical minerals, so this policy, which was the Section 232 that was started back in April, initially didn’t include silver after silver was added to the draft list, now it does affect silver, so everyone is sitting around waiting for an answer on this and just making things more complex, because what happens is that if now silver, if there’s a tariff, on silver imports, that means there’s gonna be less metal coming here, that’s the same reason that we saw the spread between New York and London blow out in the other direction a couple of months ago, and now it’s blowing out inverted, because London’s running out of metal, and it’s a complete mess, and then on top of it, the gold futures are 68 bucks to start things off on a Sunday night, and I might add that this is, well apparently, much as you might have imagined Russia and Vladimir Putin not happy that the US is thinking about supplying more powerful long-range weapons that could obliterate Russian oil refineries and military bases, so a lot happening out there, spread between New York and London and silver is still elevated, and we will keep you posted on the Arcadia channel this week, so go ahead, and if you’ve not already done so, hit that subscribe button and the notification bell, that way you can stay up to date on what is truly a historic and fascinating situation in the silver market, and just in case you missed what was happening over the weekend, with silver going over to London to try and fill that gap, well that one’s coming your way now.

Thank you for watching, and I’ll see you in the next video, bye!
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