Gave in to temptation. Silver futs obviously up but what’a more interesting is the basis (Mar delivery minus May delivery) is positive — for the last thirty years it has been between -0.2 and 0 except for a couple of periods of stress in the physical silver mkt.
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Well this aged incredibly badly and is the reason I try not to make discretionary calls! Current backwardation is the largest *ever* in the data I have (1990-present)https://twitter.com/Fullcarry/status/1356159548822876162 …
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Not many expected a move like this
End of conversation
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