Take a deep dive into the world of physical silver investing with financial market insiders and explore trading and investing opportunities with precious metals experts. Discover where to find the best silver prices and the safest bullion storage, globally. Join the silver movement and stack with Kinesis.
The precious metals sector has had a big run since November 3rd, with gold up 8.7%, silver up 10% and GDX up 21% (through to November 16th). The sector is due for what I believe will be a mild pullback. In fact, I would welcome a shallow pullback to consolidate the big move, reset the momentum indicators (RSI/MACD) and thereby set up the next move higher. For the better part of this year, the prices of gold and silver have been moving in correlation with the directional movement of the stock market. When the market heads lower, the hedge funds have been shorting gold and silver COMEX futures, along with SPX futures. They cover some portion of their shorts when the market bounces. This chart shows this relationship: The chart above plots the price of gold (shown by the red line) vs the S&P 500 (shown by the blue line) over the last year. The two markets were mildly inversely correlated up until mid-March (blue vertical line). After mid-March, the two markets have been moving almost in lock-step. I recall vividly thinking to myself in mid-April that the decline in the precious metals had become its most intense at any time since the precious metals sector downtrend began in August 2020. I also believe that this amplification of the selling in the sector might be the final leg to a bottom. The fact that the hedge funds were shorting COMEX gold and silver futures starting in the spring can be tied to the weekly CME Commitment of Traders ("COT") report. The Managed Money COT segment (hedge funds/CTAs) has been dumping gold and silver gross long positions and adding to gross short positions. The COT report showed that the Managed Money cohort went net short on COMEX silver futures in July and net short on COMEX gold futures in August. In the past 20 years, mostly though not in all cases, when the Managed Money COT cohort has been net short on COMEX futures, it has signalled the end of a decline in gold and silver. While the Managed Money cohort has been net short paper silver several times over the last 20 years, it is rare when the cohort is short on both gold and silver COMEX futures - like now. Circling back to the correlation between the stock market and the prices of gold and silver, the correlation illustrated in the chart above occurred in the final move to a bottom in the precious metals sector in the spring/summer of 2008. The chart below shows the gold price vs the S&P 500 from 2007 to the present on a weekly basis: This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.
Silver has endured a volatile year, trading above $26 an ounce in March while sinking below $18 an ounce at the start of September. As we enter the final stages of the year, attention turns to where the price of silver is headed in 2023 and beyond. Silver price predictions With silver’s recent resurgence seeing it climb back to near the levels it started 2022 on, attention is switching to where the price will head in 2023 and beyond. With the macroeconomic clouds caused by central bank interest rate rises starting to lift, silver’s bullish fundamental case is starting to gain more attention. Ole Hansen, Head of Commodity Strategy at Saxo Bank, sees a looming shortage of supply in both Europe and China and now favours silver over gold in the bank’s latest quarterly outlook. Delegates at the LBMA’s conference in Lisbon in October also saw plenty of upside potential for silver, with their average forecast for the year ahead coming in at $28.30 an ounce on the back of a tightness of supply exacerbated by unprecedented demand. In contrast, the World Bank took a more conservative view, seeing silver as continuing to trade around its current levels for the foreseeable future with its forecast of $21 an ounce for both 2023 and 2024. As ever with markets, predicting the future is nigh on impossible. Who could have planned for a pandemic or the outbreak of war in Europe for example? Yet as 2022 draws to a close, there look to be more reasons for silver to gain in 2023 than for it to fall. Silver price history Silver has a history dating back centuries when, for a long period, it was the currency of choice for global trade before it was displaced by gold, then for the fiat currency system in place today. The precious metal has always traded at a significant discount to its peer, gold, with silver’s record price of $49.48 an ounce achieved in 1980 compared with gold which surpassed $2,000 an ounce earlier this year. As well as trading at a much lower price than gold, the size of the silver market, while still substantial, is significantly smaller than gold, making it more prone to volatile price swings. Most famously, this price volatility caught the world’s attention during the silver squeeze of early 2021. A wave of buying from retail investors in late January of that year, sparked by chats on the Reddit forum, forced institutional investors to exit short positions they held against the metal, which in doing so caused the price of silver to climb higher still. On February the 1st 2021, silver breached $30 an ounce before the momentum ran out and the price quickly dropped back a few dollars. Silver’s rally to challenge its all-time high in 2011 also didn’t last with the price plunging below $35 an ounce in a matter of weeks. 2022 has also proven a volatile year for silver with the price suffering a multi-month slump from its March high in excess of $26 an ounce to trade below $18 an ounce in late August and early September. Having reached its nadir earlier in the year, silver is now enjoying a strong finish to 2022, setting up the possibility of another rally in 2023. Factors which affect the price of silver Having outlined the historic volatility of silver’s price, let us now delve deeper into the factors that drive those movements. This year has underlined how prone silver is to the macroeconomic environment with the precious metal suffering as a result of a series of interest rate hikes implemented by central banks across the world, in particular the actions of the US Federal Reserve. The appeal of holding a physical asset like silver diminishes at times of rising interest rates as it doesn’t offer a yield, with other interest-paying assets such as bonds proving more attractive instead. However, Kinesis has evolved the offering of physical silver by bringing forward digital Silver KAG, which generates a monthly yield for all who hold or transact with their silver on the Kinesis Virtual card. Silver is also considered, like gold, as a haven asset which investors often seek out as a safe place to store their capital at times of increased risk on equity markets. As with commodities more broadly, silver is seen as a hedge against inflation with its finite supply, meaning it holds its value over time. As well as macroeconomic factors, silver is also driven by the fundamental elements of supply and demand. Silver is used in a wide range of industries, particularly those in the electronics sector where its high conductivity and durability are sought after. As a precious metal, it also attracts demand from the jewellery industry, albeit in much lower volumes than gold. It is this industrial appeal that has lent silver a bullish fundamental outlook with the metal used in a number of the key sectors as the energy transition and tech revolution progress onwards. Silver is set to be in hot demand following the rollout of 5G, with the metal’s role in the electronic applications used in the technology requiring an extra 16 million ounces of silver by 2025 and as much as 23 million ounces by 2030, according to the Silver Institute. With silver also a key component within photovoltaics for solar panels and for batteries in electric vehicles, 2022 is set to be a record year with demand in excess of 1.1 billion ounces, according to the Silver Institute. Finally, silver’s price is also driven by investment demand. This too is also on the rise with holdings of silver in London vaults sinking to their lowest level on record in October 2022 at 26,502 tons, according to the London Bullion Market Association. These outflows were driven by the continued strength of coin and bar demand, especially in the key US and German markets, according to Philip Newman. In the case of a 'silver price reset', says Andrew Maguire, in the latest episode of Live from the Vault, 'COMEX is in the crosshairs for physical delivery'. Maguire explains how there is not enough registered silver to be delivered, which could force the market makers holding eligible silver to put that up for sale, and convert otherwise undeliverable bullion holdings into 'registered category', thus making it deliverable. In terms of the valuation of silver, the upcoming months might be a pivotal moment for the metal, where a readjustment in price could begin reflecting its true value, rather than one governed by paper market bets. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience inwriting about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News. As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewableenergy and the challenges of avoiding greenwash while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis
Silver has endured through centuries as a sought-after asset, first as the de facto trading currency before evolving over time to become an investment product. In addition, the metal is now widely used in a variety of cutting-edge technologies. So as an individual looking to gain exposure to the silver price or looking to buy physical silver coins or bars, what can be the best ways to gain access to the market? Different ways to invest in silver There are a few different options for investors looking to invest in silver. The most straightforward of these is to hold the physical metal. This can be held in bar or coin form, with this highly liquid global market enabling individuals to have a clear entry and exit price around the world when the time comes to add to their holdings or sell them. With the price of silver trading at around $20 to $30 an ounce, buying a one-ounce coin offers a very low entry point for someone starting out on their investment journey. While the price of silver coins typically closely tracks the underlying spot price of the physical metal they are made of, some of the rarest vintages or particularly decorative coins can trade at a significant premium to the spot price. Silver bars are the other main way an investor can buy the physical metal. Bars are larger in size and far less decorative than the coins, but the simplicity of the production allied to the larger size enables bars to benefit from economies of scale. This results in bars typically trading even closer to the spot price than coins. Coming soon, Kinesis will offer a new range of minted bullion coins and bars at their online bullion store, at some of the lowest prices in the precious metals sector. Aside from physical ownership, the last few years have seen a surge in the range of exchange-traded funds, or ETFs, available. These funds offer exposure to the silver price with the holdings backed up by an equivalent amount of the physical metal. However, buyers of an ETF don’t gain ownership of silver, but rather, shares in the fund. As well as a small administrative charge levied for running these funds, potential investors should also factor in the element of counterparty risk that these funds have in contrast to physical silver itself. Buying shares in the miners that produce silver is another way of gaining exposure to the silver price with the fortunes of the miners often closely mirroring the relative performance of the metals they are bringing out of the ground. With some of these miners also paying a dividend, holding mining stocks has the added potential benefit of providing a return for investors. Is silver a good investment? Silver is exposed to the same fluctuations that impact commodities and equities markets. As such, the price can go down as well as up, as seen this year when silver dropped from about $26 an ounce in March down to below $18 an ounce at the start of September. While silver has suffered in recent months mainly as a result of the Federal Reserve implementing a series of large interest rate hikes which has lessened the appeal of the non-yield-bearing precious metal, the longer-term outlook is more bullish. Silver is a key component of the energy transition, used in a variety of sectors including in photovoltaic cells in solar energy and as a part of the batteries used in electric vehicles. As a result, silver demand is set to reach a record high this year, according to the Silver Institute. What Kinesis offers Kinesis offers investors the KAG silver-backed token, which blends together the traditional benefits of physical silver ownership with the modern appeal of a fully digital asset. Namely, users can make everyday payments using their silver as money with the Kinesis Virtual Card, converting metal to fiat currency in real-time, at the moment of purchase. With the card, spenders can earn a proportionate yield for choosing to pay for their goods in silver - or gold. Alternatively, holders of KAG earn a monthly return for keeping their precious metals in Kinesis' secure vaulting network, known as the Holder's yield. You can find out more about all the different usage-based yields Kinesis has to offer on its dedicated page, here. Kinesis maintains a high level of trust and security, with each KAG backed by one ounce of fine silver, stored in fully insured and audited vaults, held in the holder’s name. While there are clearly many ways to buy silver, Kinesis digitalised silver offers users all the benefits of physical metal ownership, lowering barriers to entry into precious metals, while enabling them to earn a return on their platform activity every single month. Discover Kinesis Silver KAG Learn more Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience inwriting about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News. As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewableenergy and the challenges of avoiding greenwash while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis
First and foremost, gold and silver should be viewed as wealth preservation assets rather than as "rate of return" investments. Over the decades and centuries, precious metals have proved effective as a hedge against inflation and fiat currency devaluation. In this analysis, investment in gold and silver refers to purchasing physical gold and silver in the form of sovereign-minted bullion coins, bars from reputable refiners or allocated gold and silver platforms. Gold vs silver: Price Using measures such as the ratio of the S&P 500 and the 10-year U.S. Treasury bond price against the price of gold and silver, the two investment metals are currently undervalued relative to financial assets, like stocks, bonds or real estate. However, both metals do offer the potential for wealth preservation as well as outperforming other financial assets as investments. Gold vs silver: Volatility The price of silver is more volatile than the price of gold. This is a desirable attribute during precious metal bull cycles and a potential detriment when each value is in decline. However, the gold-silver ratio can be useful as a guide when deciding to invest in one metal or the other. The chart above shows the gold-silver ratio ("GSR") since the beginning of the current precious metals secular bull market (2001). The ratio shows the amount of silver ounces required to buy one ounce of gold. When the GSR moves above the green horizontal line at 80, silver is statistically undervalued relative to gold, and thus it would be more rational to purchase silver than gold. Gold vs silver: Utility When the gold-silver ratio is at levels considerably lower than 80, the determination of which metal to purchase should be based on the relative utility of each as a core asset holding. For example, a 100 oz bar of gold "stores" a lot more wealth than its counterpart, a 1,000 oz bar of silver. On the other hand, over hundreds and thousands of years, silver has had the benefit of superior fungibility or use as an everyday currency. Both gold and silver can be viewed as the "anchor" in any investment portfolio. Again, the percentage allocation to the metals is based on personal risk and time horizon preferences. However, because gold and silver have proved to be superior wealth preservation assets over hundreds of years, they should be regarded as a core long-term holding independent of the relative volatility of each over shorter periods of time. How can you invest in gold and silver? To reap the full utility of gold and silver as asset preservation assets and portfolio investments, many choose to buy physical gold and silver in the form of bullion coins and bars or purchase physical gold and silver via platforms such as Kinesis - or, a combination of both. In terms of the physical gold and silver that I own, I have roughly a 50% allocation to each metal. This is the long-term wealth preservation portion of my portfolio that will quite possibly be passed on to my heirs. In addition, if I need to sell some, sovereign-minted coins are recognised pretty much anywhere in the world, offering better liquidation liquidity than other forms of physical gold and silver. In lieu of self-custody, precious metals investment accounts that are backed by real physical metal, such as Kinesis make it easy to invest directly in physical gold (KAU) and silver (KAG). In addition to the various account features available, services like Kinesis make it possible to trade in and out of gold and silver positions daily, which would be convenient for market timing trades. While it's ideal to invest in both metals, when silver is undervalued relative to gold per the gold-silver ratio, it makes sense to buy silver instead of gold. Both gold and silver should be considered an integral part of any investment portfolio. In addition to reducing the volatility of an investment portfolio and providing a hedge for stock, bond and real estate investments, physical gold and silver ownership provide durable and reliable wealth preservation over the course of long market cycles. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.
The spot silver price is the live benchmark price at which an ounce of physical silver can be bought or sold, at that particular snapshot in time. As this is a dynamic market with multiple factors, the spot price is constantly fluctuating. As well as the spot price for silver, there is also a liquid futures market for the precious metal that provides an insight into the long-term sentiment for silver. While less actively traded than its precious metal peer in gold, the spot silver price is still closely followed by traders and investors alike, with the metal particularly popular among retail investors with its lower cost entry point than gold. What is spot silver? Spot silver is the price a buyer can purchase silver for on the spot. It provides an immediate snapshot of where silver is trading at on the international markets and gives a reference price for dealers, jewellers, traders, fabricators and other interested parties to use in their daily activities. This spot price is most commonly stated in dollars per ounce of silver but can also be a price per gram or kilo as well as being converted into any foreign currency as befits the truly global appeal of silver. While spot silver reflects what the price of silver is now, there is also an actively traded futures market for silver on exchanges, such as COMEX. How are silver futures prices calculated? There are three different types of silver futures products available on COMEX. They are the silver futures, which have a contract size of 5,000 troy ounces, the micro silver futures with a lot size of 1,000 ounces and the e-mini silver futures where each contract is 2,500 ounces. While the silver and mini silver futures are physically deliverable, that is to say when the contract expires the equivalent amount of ounces must be delivered, the e-mini contract is financially settled. Trading on these contracts starts for delivery in the current month and extends as far out as two years into the future. Typically the nearest month to delivery is the most liquid contract. The price that these different months are trading out sets the curve for the silver futures market. If the price is higher for those contracts nearest to delivery, this is an indication of strong demand and is known as a market in backwardation. The reverse, where prices are higher for later months, indicates a weak market and is known as contango. These monthly contracts are available for trading on the exchanges during market hours and are highly liquid with tight spreads between bids and offers. The volume of silver traded on exchanges far outnumbers the amount of physical silver available with contracts changing hands multiples of times. How is the silver price determined? As well as the spot and futures price, there is also the London Bullion Market Association (LBMA) Silver Price, which serves as the global benchmark price for unallocated silver delivered in London. The price is determined by a daily auction operated by the ICE Benchmark Association (IBA) and takes place at 12pm each day. There are currently 16 banks and trading houses registered as direct and indirect participants in this daily auction with the trades carried out by these firms during the auction forming the basis for the LBMA’s silver price. The final price of the auction becomes the official Silver Price and the auction is settled in US dollars. This is then published in a variety of international currencies based on the foreign exchange levels at the time. In summary, there are three main prices for silver. The spot price for immediate purchases, the futures price for silver to be delivered in upcoming months and the daily LBMA silver price that is the benchmark used for long-term contracts. How does Kinesis’ silver price differ from spot silver? As well as the silver prices mentioned above, Kinesis has created its own silver product, KAG. This digital currency combines the timeless value of physical silver with a cryptocurrency's borderless value and efficiency - without the inherent volatility. Kinesis KAG is available as a 1-ounce silver token and is underpinned by the equivalent volume of physical silver (of a minimum fineness of 999) from an approved refiner. Each KAG is backed by one ounce of fine silver stored in fully insured and audited vaults. Kinesis’ silver price is based on fully allocated physical silver with 1 KAG the price of 1 ounce of fully allocated silver. The KAG silver price is calculated via the aggregation of the silver in these vaults across the world, which covers 13 vaults across 9 countries. This global coverage enables Kinesis to offer some of the best available prices for physical silver. By making silver digital, KAG makes this timeless asset relevant for the modern world. Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience inwriting about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News. As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewableenergy and the challenges of avoiding greenwash while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.
While silver may not receive the same level of attention as gold, it shares many of the qualities as its golden peer and can claim a history that dates back almost as long. As such, there is a multi-century trading performance of silver to reflect on when assessing its investment qualities over the long term. Indeed, it is this enduring appeal, as well as it being a physical asset with a finite amount of supply, that has given silver status as an asset that holds its value over time and is a hedge against inflation. As for the investment case for silver, that can be split into two principal categories: first, as a safe haven asset, worth for an investor to have in their portfolios, to protect them at times of crisis;secondly, in contrast to gold, silver has considerable industrial demand, with the metal used in a wide range of technological applications, notably as a key component in photovoltaic cells for solar energy as well as a number of different elements of the drivetrain for electric vehicles such as Tesla. But how has silver actually performed versus other asset classes? And is it worth investing in the metal now? Silver performance vs stock market Both the stock market and silver are prone to periods of high volatility that can result in sharp gains and losses over a short period of time. Silver in particular is more prone to volatility than gold due to the lower trading volumes compared with its precious metal peer, which is one of the most traded commodities in the world. As such, these comparatively lower volumes can see silver suffer much wilder moves in both directions, than the steadier performer - gold. Yet while it shares the risk of volatility with equities, a crucial separating factor is that the main drivers for the stock market can often be met with a contrasting reaction on silver, making the metal a valuable diversification asset in any portfolio. For example, for the US equities, a weaker US dollar typically reduces these companies’ buying power on the export market. However, for silver, which is priced in US dollars, a weaker greenback often helps boost the metal’s price. Similarly, given silver’s perceived role as a safe haven asset, times of crisis on equity markets, when traders are seeking to take risk off the table, can be beneficial for silver. One area where these two assets can move in tandem is an improving industrial outlook with silver benefiting from the likelihood of increased demand for the metal while the companies that make up the stock market will also rise. While typically gold and silver move in close correlation, this industrial appeal of silver can see the close relationship between the two precious metals break down. Silver performance in the last 10 years Silver may have a reputation as a store of value over time but taking a snapshot of the last 10 years, dating back to 2012, holders of silver would have seen them lose money. Indeed, it was in 2011 that silver surged close to its all-time high, briefly trading above $48 an ounce, with the metal never coming close to threatening those levels since. Silver suffered a severe plunge in its price in 2013 before then trading in a broad range of between $14 an ounce to $22 an ounce from 2014 onwards before the start of the coronavirus lockdowns in March 2020 saw it sink below $13 an ounce to its nadir of the decade. The much-documented silver squeeze of early 2021 when the metal found itself the meme stock of the day among the Reddit community and broader retail investors pushed the price of silver above $30 an ounce for the first time since 2013. This squeeze highlighted both silver’s die-hard appeal among elements of the trading community as well as the metal’s potential volatility as it is difficult to conceive such a dramatic move being conducted by retail investors on gold. In early 2022, silver was a beneficiary of the rush to haven assets in the wake of Russia’s invasion of Ukraine in late February with the price climbing to close to $27 an ounce. However, the change in monetary policy by central banks to a more hawkish stance in which interest rates are set to rise over the course of this year saw silver punished, due to its lack of yield. As a result, the metal plunged to below $21 an ounce before recovering in recent weeks to near $22 an ounce. This potted history of silver’s performance highlights both the wide array of factors that can influence the price of silver as well as its volatility. Future of silver in the next 10 years Having endured a difficult last decade in which silver endured a rollercoaster that ultimately saw it lose value over that time period, what are the prospects for the precious metal to perform any better over the next decade? The key element to silver’s potential performance over the next 10 years lies in its demand from the industry. 2021 was a record year for physical demand with increased buying from the electronics sectors, notably photovoltaics, helping push consumption in excess of 1 billion ounces, according to the Silver Institute. 2022 is set to see another record year with demand growth again led by photovoltaics, which is set to more than double from where it was in 2012 to about 127 million ounces. Silver’s outlook is brightened by the fact it is used in key growth industries such as technology, solar energy and electric cars. Efforts to thrift the metal, where manufacturers try to minimise their use, have bottomed out with demand for silver now set to grow in line with the huge growth anticipated for these major sectors. Yet silver isn’t driven by industrial demand alone, with 2022 throwing up a war in Europe and the most aggressive series of interest rate hikes by central banks seen this millennium. The reflection back on the last 10 years shows how difficult future events are to foresee. Who could have predicted the rise of meme stocks for example? Where will silver be in 2032? In truth, no one knows. But the growth prospects of physical demand allied to a finite supply point to an asset that still has plenty of room to climb higher. Is silver still a good investment? Silver certainly has a role to play as a small part of an investor’s portfolio. It performs differently to other asset classes, offering diversification and its physical quality means an investor can never be left with absolutely nothing, unlike a company that goes bust for example. Silver investors have had to endure some volatile times but its relatively low entry point, with an ounce of silver costing about $20, makes it much cheaper and easier to obtain than gold. Plus the wide range of uses for silver, in some of the most attractive industrial sectors of our time, illustrates that the metal has attractions outside of the purely investment and collector crowd. Overall, a little exposure to silver at a time of burgeoning demand is surely worth the risk. But strap in and enjoy the often bumpy and volatile ride! Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience inwriting about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News. As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewableenergy and the challenges of avoiding greenwashing while investing sustainably. This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.
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