^Same picture with gold at $2,000 and at $4,500...

I think the argument is there are more in the right line for silver particularly …. like in a long time

Someone is posting bogus quotes.

Current exchange rate to the USD is 1 Dirham = 0.272 USD

279.86 = $76.12

Dec. 30th.

Current Silver Prices in United Arab Emirates Dirhams (AED)

Cal88 said:

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DiabloWags said:

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Someone is posting bogus quotes.

Current exchange rate to the USD is 1 Dirham = 0.272 USD

279.86 = $76.12

Dec. 30th.

Current Silver Prices in United Arab Emirates Dirhams (AED)

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The price quoted on that chart above was $349 Dirhams, about $95. The contention here is that this is the quote for a transaction in physical silver. The $76 price is the rate for paper silver contracts.

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Sounds like a helluva arbitrage opportunity.

Cal88 said:

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Very interesting situation, either the spot market believes that the price spike is a bubble and not sustainable, or it is actively trying to lower prices due to many banks being in a short squeeze in the face of fundamental shifts in that market?

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The COMEX has long been known as the futures market.
London, the world's largest center for physical trading.

Lease rates have skyrocketed for physical.

In London for example, a one-month implied lease rate hit 39% in early October. Two month: 19%
With some overnight rates exceeding 200% annualized.

Meanwhile, the futures market is in deep backwardation, where the front month exceeds the price of back months. This inversion points to overwhelming immediate demand for physical silver.

Traditionally, the silver market has been in contango. That's where futures are higher in the back months due to storage and financing costs. But in October, this relationship "flipped" dramatically to a nearly $2 inversion between spot and the December contract for Silver.



That having been said, I want to see how the Silver Market reacts to new export restrictions that start on Jan. 1st.
They are imposing a new export-licensing regime where the govt will be the "gatekeeper" of roughly 120 million ounces of annual silver exports to the rest of the world.

This decision to restrict exports is what ran Silver up big last week.

China launches its silver weapon on Jan. 1. Here's what that means for prices. | Morningstar