Silver
February 1, 2021
–They’ve targeted silver now. sparking a rally above the August high, now 29.30, up 2.31 on the day. Three month vol at 62 is also at the spike high in August, but SIH1 vol is 93. The gold/silver ratio has plummeted to 63, the lowest since 2014. For context the spike high in this ratio in 2020 was 124, the low in 2011 was 32. Corn also at a new high today, with C H1 over 553 (up 66% from the low in August).
–On Friday the curve steepened as stocks fell. SPX was -1.9% with Nasdaq -2.0%. 2/10 gained 4.4 to 97.8, near the recent high of 99.3. Red/gold euro$ pack spread settled at new high of 100.5, up 6 on the day.
–Today’s news includes ISM Mfg, expected 60.0 from 60.7 last. The high of the last five years was 60.8 in 2018. Prices paid was 77.6 last against the 2018 high of 79.5.
