Silver: The SLV Show and Tell

Bretton Woods Three is a Process, Not an Event

Today:

• Show and Tell in Silver

• Premium: How to Value Gold at bottom

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Yesterday’s Activity:

US equities retreated on Tuesday amid concerns about rising oil prices and bond yields.

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Market Commentary:

Silver Show and Tell

Why short SLV

1. Bearish

2. Arb of Another Venue

3. Hedging SLV Option length

4. Taking delivery of physical (and/or unwinding a hedge)

• what’s the reason, what’s the risk, whats the back end trade¹

• how would a player prepare the ground for something like that to make sure noone gets in the way.. and to get good levels?²

• 2011 background: Spread trading

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Price Action

• Gold-

• Silver- financial short squeeze

• Miners-

• Oil-

• BTC/ETH-

• Stocks-

• Bonds-

• Dollar-

Market News:

• "Cleveland Fed President Loretta Mester said Tuesday she still expects interest rate cuts this year but ruled out the next policy meeting in May. Source: CNBC

• Amazon’s grab-and-go checkout system, Just Walk Out, has been a centerpiece of its ambitions to transform bricks-and-mortar supermarkets.- bodega decentralization, mercantilism, big box death, complexity collapse, and small self sustenance, 15 minute cities

• "Oil prices settled higher on Tuesday after a session in which Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East pushed the Brent benchmark above $89 a barrel for the first time since October. Source: Reuters

• "German inflation fell to its lowest level since May 2021, Source: WSJ

• Top MSM News Links

GEOPOLITICS

• US President Biden criticized Israel for failing to adequately protect civilians and is pushing for an immediate ceasefire as part of a hostage deal,  according to Bloomberg and AFP.

• Ukraine bombings are making things difficult for Biden. Zelensky is making play for continued aid.. playing chicken with Biden

• Deep divisions between the US and Israel over an operation in Rafah were evident in a virtual meeting between senior officials.

• NATO Foreign Ministers will meet on Wednesday to discuss how to put military support for Ukraine on long-term footing including a proposal for a EUR 100bln five-year military fund, according to Reuters.

Some headlines via NewSquawk or DataTrek

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Data on Deck:

• MONDAY, APRIL 1 9:45 am S&P U.S. manufacturing PMI

• TUESDAY, APRIL 2 10:00 am Factory orders Feb, speakers

• WEDNESDAY, APRIL 3 10:00 am ISM services March 52.6% 52.6% 12:00 pm, speakers

• THURSDAY, APRIL 4 8:30 am Initial jobless claims March , speakers

• FRIDAY, APRIL 5 8:30 am U.S. nonfarm payrolls am U.S. unemployment rate ³

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Premium:

**Analysis: There is No Substitute for Gold