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Silver Stabilizing Amid CME Clampdown And Calls By Reddit To Stop The Trade

By Stephen InnesCommoditiesFeb 02, 2021 12:17AM ET

www.investing.com/analysis/silver-stabilizing-amid-cme-clampdown-and-calls-by-reddit-to-stop-the-trade-200557818

By Stephen Innes | Feb 02, 2021 12:17AM ET

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XAU/USD

-0.85%

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+0.15%

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Gold

-0.79%

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XAU/XAG

+0.56%

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Silver Stabilizing
XAU/XAG has dropped nearly 16% during the last few sessions to levels not seen since 2014. With silver stabilizing around the current levels, the market appears to be buying some of the crosses back today. The cross has rebounded to 65 today after dropping to a 62 handle from 74 over the past few days.

The inflexion point for gold?

Gold was flat overnight despite a firm USD as US yields remain on the back foot. A possible price inflexion is in focus?

As markets continue to digest meme stock volatility, the gold/silver ratio could turn for an upside correction.

Buying physical gold will become less expensive in India with the reduction in import duty to 7.5% from 12.5%. This could be a stimulus, a pro-growth budget and will be supportive for bullion demand in India, which has seen green shoots of recovery in recent months.

CME Silver clampdown

The CME is raising margins on Comex silver futures by 18% after futures surged. Margins will rise to $16,500 per contract from $14,000, effective Feb. 2. With the decision is based on “the normal review of market volatility to ensure adequate collateral coverage”, there’s now a need to put up more collateral.

Although the silver rally has caught the market’s attention past days, some Reddit members have responded with pleas to avoid the trade to benefit institutional holders who are long tonnage of silver.

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Silver Stabilizing Amid CME Clampdown And Calls By Reddit To Stop The Trade

The inflexion point for gold?

CME Silver clampdown

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