Looking For A Silver Lining Phillip Nova Bringing Global Markets The chart above is a cot chart plotted along the weekly chart of cbot silver futures. the red line indicates the weekly aggregate positions of commercial traders. we can see that since 2020, whenever the commercials indicator reaches the blue horizontal line, silver tends to bottom out as indicated by the green arrow and vertical line pointing to the reversal in trend and price of silver. As of the end of 2022, silver is facing its largest supply deficit of around 2,224.5 metric tonnes in over a decade, revealing an imbalance in the silver market. silver demand drivers total silver demand declined by around 6.4% yoy in 2023; led by declines in jewellery and silverware fabrication.
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