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Silver Futures Come Within 35 Cents Of $60 Level

Silver futures have surged, coming within 35 cents of the $60 level, with a high of $59.65. The London/New York silver spread remains in contango, with March futures trading 56 cents over the London spot price. Gold futures are also up $33 to $4,254. JPMorgan transferred 13.4 million ounces of silver during the CME shutdown. The federal government ran the largest October budget deficit in history, influenced by early November benefit payments.

Talkmarkets·
US
CME
-0.42%
US
JPM
+1.27%
Talkmarkets·
US
CME
-0.42%
US
JPM
+1.27%

Silver: A Perfectly Organized Short Squeeze

A massive short squeeze in the silver market led to a surge in silver prices. An order for 1,000 tons of silver by India froze the London market, causing lease rates to skyrocket. JPMorgan Chase leased 4,000 tons from ICBC. A buy order for 400 million ounces triggered a buying frenzy, forcing CME to shut down servers to control the surge. The total order was valued at $22.3 billion, highlighting the tightness in the silver market.

Talkmarkets·
US
JPM
+1.27%
US
CME
-0.42%
Talkmarkets·
US
JPM
+1.27%
US
CME
-0.42%

Silver rose over 6% in a single day, while copper prices reached a new high. The CME's "system crash" caused significant volatility in the precious metals market

The CME malfunction caused fluctuations in the precious metals market, with silver futures rising over 6% in a single day and copper prices hitting a new high. The malfunction was due to a cooling issue at the data center, which temporarily halted trading before resuming. Silver prices are influenced by multiple factors, including the COMEX malfunction, market expectations for interest rate cuts, ETF fund inflows, and supply tightness. Analysts expect silver prices to continue rising, while copper prices surged due to supply shortages and bullish forecasts

Stheadline·
US
AGQ
-4.76%
US
SLV
-2.47%
US
CME
-0.42%
Stheadline·
US
AGQ
-4.76%
US
SLV
-2.47%
US
CME
-0.42%

COMEX Goes Down & Sparks Gold & Silver Flash-Crash

Photo by Zlaťáky.cz on Unsplash Just in time for your Black Friday excitement, we have a COMEX shutdown, gold and silver flash crashes, and a whole lot of confusion out there right now.Video Length: 00:18:04More By This Author:Silver Shortage In London Now Sparks Shortage In China Top Takeaway From 2025 Gold & Silver RallyWhy Silver Deficit Is Even Worse Than You Thought

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