At the time of writing gold and silver had pulled back slightly, even as wider risk appetite has improved late in the week. Gold has eased back toward the $5,080 area, while March silver has slipped under $83, with traders watching a familiar cocktail of trade headlines and rate-cut speculation.
We have also seen fresh chatter around U.S.–China trade talks and renewed uncertainty around North American trade negotiations, while Fed commentary continues to keep the market guessing on the timing of the next cut. In other words, the backdrop is noisy, and price alone is not giving you the full picture.
That is why today’s GoldCoreTV video focuses on what the screen is not showing: the mechanics of silver settlement and why COMEX delivery behaviour into March is drawing so much attention.
In this episode, we examine three things: why delivery intensity is being watched so closely, what would actually need to happen for force majeure or cash settlement scenarios to become relevant, and why this may be the opening chapter of a bigger change in silver price discovery.
If you hold physical silver, this is a topic matter worth understanding. The question is not “will COMEX collapse?” The more serious question is what happens to pricing when paper leverage and physical access stop behaving as though they are interchangeable.
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