Silver and Metals Week in Review — February 14th — 20th, 2021

We’re midway through February and a couple weeks past the fizzled #silversqeeze that both was and wasn’t pushed in Reddit. Most of the nation is gripped in the dark embrace of frosty weather. In light of that, let’s look at the situation:

Setup

Notably this week we had a brouhaha surrounding Blackrock’s iShares SLV Silver Trust updating their prospectus. While this captured the hearts and tinfoil-wrapped minds of YouTube “experts” everywhere, it is much ado about nothing. I have a piece detailing it here.

Across the larger market, on Thursday, the House of Representatives decided to inject their thoughts and wisdom into the Reddit #WallStreetBets debacle. While it generally was a master class in high finance delving into the nuances of order flow, execution, settlements, and liquidity requirements, it was also a great spotlight on how many of our esteemed Representatives knows nothing about any of those words. The big thing on everyone’s mind coming out of it is whether we will see real time settlements down from the T+2 we currently have.

The government is still poised to work through the $1.9T covid package. There have been rumblings, but nothing substantial. Stay tuned — someday we might find out.