Loading ...Shanghai pm fix came in at $87.71. So, I guess it means they’re taking their queue from paper, I don’t know “who”s” paper, but whatever trades overnight.
That being said, somehow I thought it would be worse this am. 10% down is ugly in silver, but wondering why gold isn’t getting hit harder. The unfortunate part about Shanghai lowering the pm fix is that it tightens the spread and the scum doesn’t have to worry about it now. If we closed here, an $8 spread is about where it’s been on most days, it’s hard to see any recovery.
I can’t make sense of any of it. Maybe demand is slowing and the industrial guys are holding off to see what happens.
We re-tested the lows of Friday again, hopefully that’s all this is.