Asian Metals Market Update: India Clears Conditions For Silver ETFs

Chintan Karnani
November 26, 2021

Global trading volumes will be thin today and Monday in precious metals. The next fourty five days are a period of low cyclical period of low physical demand for gold and silver. Sharp price crashes (if any) in gold and silver over the next six weeks should be used to invest for 2022 Christmas. I am a stubborn person. I am not changing my long term bullish outlook in bullion.

India’s Securities And Exchange Board of India (SEBI) has cleared the conditions for the launch of silver exchange traded fund (Silver ETF). A number of silver ETF will be launched in India before the end of March 2022. Silver is set for a big rally next year (due to India allowing silver ETF to operate). Now and at current price is the right time to start investing in silver (in any form) in small amounts and average on any three percent fall till $21.00.

Industrial metals will remain firm as supply shock news hits headline. No one will dare go short in industrial metals.

“Please do not buy physical gold and physical silver in UNFIX MODE”. Unfix mode implies price fixing at a later date after buying the physical metal. My experience in India is during the months of December to February a lot of jewellers and physical traders of bullion buy the metal in UNFIX MODE only to incur significant losses. Please do not repeat this mistake.

INTRADAY Technical are bullish for gold, silver and copper and industrial metals. There will be another big wave of rise if price remain firm after London Opens.

COMEX GOLD DECEMBER 2021 – current price $1796.70

  • Gold has to trade over $1784.50 to rise to $1819.40

  • Gold will rise quickly if it trades over $1801.80 today.

COMEX SILVER DECEMBER 2021 – current price $2358.50

  • Silver has to trade over $2310 till tomorrow to rise to $2433 and $2477.

  • Silver will crash if it trades below $2310 till Monday.

COMEX FUTURES DAILY TECHNICAL

 

Gold Dec

Silver Dec

Copper Dec

Nymex Crude oil

CMP

$1,796.70

$2,358.50

$441.30

$76.38

S5

$1,761.60

$2,191.00

$426.50

$70.45

S4

$1,770.02

$2,231.20

$430.05

$71.87

S3

$1,779.15

$2,274.75

$433.90

$73.42

S2

$1,783.29

$2,294.52

$435.65

$74.11

S1

$1,788.42

$2,318.97

$437.81

$74.98

 

 

 

 

 

R1

$1,804.98

$2,398.03

$444.79

$77.78

R2

$1,810.11

$2,422.49

$446.95

$78.65

R3

$1,814.25

$2,442.25

$448.70

$79.35

R4

$1,823.38

$2,485.80

$452.55

$80.89

R5

$1,831.80

$2,526.00

$456.10

$82.31

Breakdown level

$1,787.93

$2,316.63

$437.60

$74.90

Breakout Level

$1,805.48

$2,400.38

$445.00

$77.86

CMP= Current price market price

ABOVE TECHNICALS ARE ONLY FOR REFERENCE

NYMEX CRUDE OIL (January 2022)  - current price $76.38

  • Crude oil has to trade over $77.40 to rise to $81.20 (by next week).

  • There will be sellers on rise as long as crude oil does not break $77.40.

COPPER DECEMBER 2021 – current price $441.30

  • Copper has to trade over $436.00 to rise to $454.00.

  • Copper will crash if it trades below $436.00 after LME opens.

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1 cubic foot of silver weighs approx 655 pounds whereas 1 cubic foot of gold weighs more than half a ton.

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