New York Silver Shortage Indicated By Silver Price 'Backwardation'
Market Says: We'll Take The Metal, Thanks
When the cash / spot silver price is above the futures contract price, it is an indicator that physical silver for delivery is in short supply.
You can see below that today, the cash silver in New York was above the July futures price in the CME COMEX market.
Figure 1 - CME COMEX Silver Cash / Spot And Futures Prices June 26, 2025; source: tradingcharts.com
Increasingly, the market will realize metal is more valuable than paper or digits.
Best regards,
David Jensen
China just announced a gold backed yuan. That’s enough to make the washing machine spin even faster.
Guess I'll just have to buy some more then. Nearly Fiat payday with a bucket load of overtime to exchange. Damn I love a delivery day. Seeing all my hard work locked up in coins or bars makes me happy. ☺️