Silver ETF Hits New All-time Lows relative to the S&P500

JC Parets

July 23, 2022

I remember 2010-2011 like it was yesterday.

Precious metals were all the rage.

Silver miners were the meme stocks of their day.

There was so much money being made in Silver.

And then all that changed.

No one has heard from those silver surfers ever again.

And now here we are watching the Silver ETF $SLV close the week at its lowest price in history relative to the S&P500:

No one wants to own Silver, obviously.

SLV is not just making new all-time lows relative to S&Ps, but on an absolute basis it's making new multi-year lows.

It's interesting to think about. Because no one wants Gold either, even with stocks getting off to the worst start to a year in over 50 years, bonds having their worst year since the 1840s and inflation readings coming in higher than anything we've seen since the 1970s.

And with all that, Gold prices still can't rally.

So if Gold can't go up, what's the case for Silver?

Clearly, no one wants that either.

It's fascinating to watch Silver struggling so much. It wasn't always like that.

You youngsters, go look it up. Those were crazy times 12-13 years ago. And while you're at it, go read about the Hunt Brothers 30 years prior to that.

You'll find that today's market is nothing like either of those.

Now, on to other commodities, here's the latest C.O.T. heatmap

Click the table to download and enlarge it.

COT Heatmap Highlights

Commercials’ net long positioning in gold and silver are all at three-year records.
And commercials are only 3,000 contracts from their largest long position for cocoa in three years.

Click here to download the All Star Charts Commitment of Traders Heatmap.

ASC Premium Members, click here and scroll down to read the Trade of the Week and to download the complete Commodity Report chartbook.

Let me know what you think.