Futures Curves Gone Wild: Backwardation Or Chaostango?

Recently, the silver futures curve "normalized" for a while. Well, the "while" is over. It's backwardation deja vu, all over again. Or not quite...

From this (yesterday)...

...To this (today).

In a word (or two) - total chaos. With HFTs preparing to leave the Shiti stock churn, it appears the momo quants have now doubled down on silver. Only this time someone's vacuum tube is about to get burned badly.


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