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28 Jan 2025

Silver rally may catalyze CTA buying activity – TDS

A rally in Silver markets will catalyze large-scale CTA buying activity, TDS’ Senior Commodity Strategist Daniel Ghali notes.

Upside convexity in Silver markets remains severely underpriced

“Continued algo selling activity isn't out of the question just yet, but considering the unique implications of fast-draining LBMA inventories, the XAU/XAG ratio at multi-year highs and an imminently strong outlook for gold flows, discretionary fund positioning essentially flat, and SHFE aggregate open interest at multiyear lows, the set-up in Silver markets is akin to a powder keg waiting for a spark to ignite.”

“Explosive upside convexity in Silver markets remains severely underpriced, and the evidence continues to suggest the market is sleepwalking into a silversqueeze. Comex inventories have now risen by nearly 30 million ounces since the start of the year, which in all likelihood has eroded a significant portion of the ~55 million ounce buffer between the LBMA's free float and its long-term average daily trading volume.”

Jan 28, 2025

United States Richmond Fed Manufacturing Index registered at -4 above expectations (-8) in January

United States Richmond Fed Manufacturing Index registered at -4 above expectations (-8) in January
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Jan 28, 2025

US CB Consumer Confidence Index drops to 104.1 in January

Consumer sentiment in the US deteriorated in January, with the Conference Board's (CB) Consumer Confidence Index declining to 104.1 from 109.5 in December.
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