According to @w_thejazz, silver saw a reported 32% intraday drop, the largest since 1980, while Shanghai spot traded near 122 versus roughly 85 in US markets, implying a 44% premium and a major cross market dislocation (source: @w_thejazz citing BullTheoryio). The post alleges heavy COMEX paper selling and an extreme paper to metal imbalance, highlighting elevated basis risk for XAGUSD and the need for traders to track futures spreads, deliverability, and liquidity conditions across COMEX and Shanghai (source: @w_thejazz).

According to @w_thejazz, citing @WallStreetMav, COMEX paper silver is around 84 dollars per ounce while Shanghai pricing is near 122 dollars per ounce, with a smaller decline in China; Source: https://twitter.com/w_thejazz/status/2017397694118215802; https://x.com/WallStreetMav/status/2017323020377801174. This highlights a wide cross market price spread between Western paper contracts and Chinese pricing that traders can monitor for basis risk and execution slippage; Source: https://twitter.com/w_thejazz/status/2017397694118215802; https://x.com/WallStreetMav/status/2017323020377801174. The posts characterize the move as wild, underscoring unusual dispersion that could affect hedging alignment across venues; Source: https://twitter.com/w_thejazz/status/2017397694118215802; https://x.com/WallStreetMav/status/2017323020377801174.

According to The Kobeissi Letter, physical gold buying is experiencing a significant surge, with gold inventories in the three largest COMEX gold vaults increasing by 15 million ounces over two months. This represents a 115% increase, surpassing the gold holdings recorded during the 2020 pandemic. This data indicates a clear shift in market sentiment towards gold, which may influence trading strategies and market positions.

According to @KobeissiLetter, physical gold buying has surged dramatically, with gold inventories in the three largest COMEX gold vaults increasing by 15 million ounces over two months. This represents a 115% increase, surpassing the levels recorded during the 2020 pandemic. These developments indicate a significant shift in market dynamics, likely affecting gold prices and related trading strategies.