REAL EDITION EXCERPTSilver Below $59. Ratio 70.9. CPI at 8:30.
“Good morning. CPI has not printed yet — everything below is pre-release, and the consensus is headline +0.6% monthly / +3.6% annually, core +0.2% / +2.5%.”
What the physical ledger said
“Shanghai is draining hard: warrants fell 391,628 ounces — 0.83% — to 46.971 Moz.”
“But COMEX went the other way. Registered rose roughly 593,800 ounces to about 103.4 million, with combined up about 2.1 million to 332.01 million.”
The report also distinguished open-interest expansion from proof of short selling, and noted when issuer ETF holdings had not yet been verified.
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