Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York. As a journalist, he has covered every futures market traded in the U.S., at one time or another. Jim is the proprietor of the "Jim Wyckoff on the Markets" analytical, educational and trading advisory service. Jim also worked as a ...

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - In the short - term, the market needs to digest Trump's new tariff policy and the escalating US - Iran tensions. Precious metal prices are expected to remain strong. In the long - run, the underlying logic of the precious metal bull market remains solid. With the probability of the Fed cutting interest rates this year, continuous global geopolitical uncertainties, and the US's huge debt promoting the de - dollarization process, the allocation demand from global central banks, institutions, and residents is likely to continue, and the price of precious metals has upward potential. Long - term strategies suggest buying on dips [6] 3. Summary by Relevant Catalog 3.1 Price Tracking - As of February 23, 2026, London spot gold was at $5148.11/ounce, up 3.8% from February 13, 2026; London spot silver was at $86.45/ounce, up 12.1% [5]. - COMEX gold was at $5169.80/ounce, up 3.8% from February 13; COMEX silver was at $86.33/ounce, up 12.2% [5]. - The COMEX gold - silver ratio on February 23, 2026, was 59.89, down 7.5% from February 13 [5]. 3.2 Position Data - As of February 20, 2026, the gold ETF - SPDR was at 1078.75 tons, unchanged from February 19; the silver ETF - SLV was at 15517.60503 tons, down 0.19% [5]. - COMEX gold non - commercial long positions were 213432 contracts, up 0.29% from February 19; non - commercial short positions were 53517 contracts, up 1.37% [5]. - COMEX silver non - commercial long positions were 36626 contracts, down 0.09% from February 19; non - commercial short positions were 12623 contracts, down 7.89% [5]. 3.3 Inventory Data - As of February 20, 2026, COMEX gold inventory was 33920235 troy ounces, down 0.51% from February 19; COMEX silver inventory was 366257039 troy ounces, down 0.32% [5]. 3.4 Interest Rate/Foreign Exchange/Stock Market - As of February 20, 2026, the US dollar index was 97.74, down 0.10% from February 19; the 2 - year US Treasury yield was 3.48%, up 0.29%; the 10 - year US Treasury yield was 4.08%, unchanged [5]. - The VIX was 19.09, down 5.64% from February 19; the S&P 500 was 6909.51, up 0.69%; NYMEX crude oil was $66.31, down 0.54% [5]. 3.5 Market Review and Influencing Factors - As of 16:00 on February 23, London spot gold was at $5148.108/ounce, up about 3.77% during the Spring Festival holiday; London spot silver was at $86.452/ounce, up about 12.08% [5][6]. - During the Spring Festival, overseas precious metals first declined then rose. Initially, factors such as the US - Iran negotiations reducing risk - aversion demand, the Fed's January meeting minutes showing increased divergence, and the rebound of the US dollar index weakened precious metal prices. Later, poor US economic data increased the expectation of interest rate cuts, the US Supreme Court ruling the IEEPA BCY public tax illegal, Trump's new tariff policy, the US - Iran negotiation deadlock, and the increasing possibility of US military action against Iran boosted risk - aversion demand and strengthened precious metal prices [6]

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times during his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and as a senior market analyst with TraderPlanet.com [2] - Jim is also a consultant for the "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2] Group 3 - Daily updates and technical analysis are provided by Jim on Kitco.com, including both AM and PM roundups [3]

Core Viewpoint - The recent technical glitch at CME has raised significant concerns among investors regarding market integrity and the impact of low liquidity on price volatility in the natural gas market [1][4]. Group 1: Technical Issues and Market Reactions - CME acknowledged a "technical error" that caused a circuit breaker to last longer than the usual five seconds, leading to chaos in the natural gas market [1][6]. - The Commodity Futures Trading Commission (CFTC) noted that market movements were consistent with supply and demand fluctuations, and they are evaluating related trading activities [1]. - Traders expressed frustration over the incident, with some reporting losses and concerns about the market's operational integrity [2][4]. Group 2: Market Volatility and Trading Dynamics - Natural gas futures experienced a record surge of 119% from January 20-26, followed by a significant crash, highlighting extreme volatility in the market [1][11]. - The market faced additional turmoil on January 27, when an extraordinary 2-minute trading halt skewed settlement prices, compounding traders' concerns over demand forecasts affected by cold weather [3][11]. - The incident led to substantial losses for options traders who had placed bets on gas prices exceeding $7 per British thermal unit, with potential payouts of $40 million rendered worthless due to the settlement price being posted at $6.95 [5][6]. Group 3: Liquidity Issues and Regulatory Concerns - The frequency of circuit breakers indicates pervasive low liquidity in the market, particularly as contracts approach expiration, which can lead to outsized price movements [7][10]. - Regulatory position limits are seen as constraining participation in the market, allowing larger speculators to exert disproportionate influence during periods of low liquidity [8][10]. - Traders have called for a revision or removal of these limits to improve liquidity and reduce volatility, as the current framework may inadvertently facilitate market manipulation [9][10]. Group 4: Future Outlook and Risks - The market remains vulnerable to similar volatility events, especially with forecasts indicating potential cold snaps that could disrupt gas production and trigger price surges [11][12]. - The widening price spread between ICE and CME indicates a shift in trading preferences, which could impact money managers and producers relying on Nymex futures for hedging [10].

Core Viewpoint - A Restrike Event has occurred for the WisdomTree Natural Gas 3x Daily Leveraged product due to movements in natural gas futures, leading to a recalculation of the Restrike Price per ETP Security [2][4]. Group 1: Product Details - The impacted product is WisdomTree Natural Gas 3x Daily Leveraged, with the ISIN XS2819843900, traded on Borsa Italiana in EUR, and has various identifiers including Bloomberg Ticker 3NGL IM and Reuters Instrument Code 3NGL.MI [2]. - The Restrike Price per ETP Security has been set at $2.1578333 [4]. - The Restrike Period is defined from 17:17:34 to 17:32:34 (London time) on 2 February 2026 [4]. Group 2: Index and Threshold - The Restrike threshold is established at 20% [4]. - The index associated with the product is the Solactive Natural Gas Commodity Futures SL Index [4].

Core Viewpoint - JP Morgan maintains a bullish outlook for gold, projecting a price of $6,300 per ounce by year-end despite recent selloffs in precious metals [1] Group 1: Market Trends - The investment bank emphasizes a structural trend of diversification towards real assets, which is expected to continue amid a regime favoring real asset performance over paper assets [2] - Central bank buying and sustained investor demand are anticipated to support gold prices, with forecasts of approximately 800 tons of official-sector gold purchases by 2026 as reserve diversification from the U.S. dollar persists [3] Group 2: Recent Market Actions - Despite long-term optimism, gold and silver prices fell at the start of the week, with spot gold dropping to $4,401 per ounce and silver to $71.30 as investors unwound leveraged positions [4] - The CME Group has raised margin requirements for gold and silver futures, increasing COMEX gold margins from 6% to 8% and silver margins from 11% to 15%, which typically reduces speculative participation and can lead to further price declines [6]

Core Insights - Tokenized silver futures experienced the largest liquidations in the crypto market, surpassing bitcoin and ether, indicating a shift in the usual risk hierarchy as precious metals faced a pullback [1][3] - A total of 129,117 traders were liquidated in the past day, with losses amounting to $543.9 million, highlighting significant market volatility [1] Group 1: Liquidation Details - Tokenized silver contracts accounted for approximately $142 million in liquidations, while bitcoin and ether saw about $82 million and nearly $139 million in liquidations, respectively [2] - The largest single liquidation order was on Hyperliquid, involving a leveraged position worth $18.1 million that was forcibly closed due to sharp price swings [2] Group 2: Market Dynamics - The unusual liquidation pattern reflects a broader risk-off sentiment in the market, with traders using crypto platforms to express macro views on commodities rather than focusing solely on digital assets [3][7] - Silver prices have been under pressure following a significant rally earlier in the month, leading hedge funds and large speculators to reduce bullish positions to a 23-month low, cutting net-long exposure by 36% [3] Group 3: Margin Requirements and Trading Behavior - The CME Group announced an increase in margin requirements for gold and silver futures, raising collateral demands by up to 50% for some silver contracts, which may force leveraged traders to adjust their positions [4] - Tokenized metals allow traders to gain leveraged exposure to commodities without traditional futures accounts, making them attractive during rapid macro shifts [5] Group 4: Comparative Analysis - While bitcoin and ether also experienced price declines, the impact was less severe compared to metals-linked products, indicating a divergence in market behavior [6] - The current market conditions may determine whether tokenized commodities continue to be a focal point or if attention shifts back to traditional crypto assets [7]

Metals - Silver prices surged, with March Silver (SIH26) increasing by $5.82 (6.6%) to a new high of $94.365, while the Cash Silver Index rose to $94.08 due to tight supplies and strong demand [1] - Gold also saw significant gains, with the Cash Index (GCY00) reaching $4,690, up $93.62 (2.0%), and February futures hitting $4,698, an increase of $102.60 (2.2%) [1] Equities - Global equity markets faced pressure, with the S&P 500 Index ($INX) completing a bearish key reversal, indicating a potential downtrend [3] - The March S&P 500 futures contract fell by 79.00 (1.1%) to 6,897.75, while the March Nasdaq contract decreased by 402 (1.6%) [3] - Asian markets mostly closed lower, except for China's Shanghai Composite, which gained 12.09 (0.3%), while European markets were also down, with the UK's FTSE 100 losing 47.0 (0.5%) [3] Energies - The Energies sector led the commodity complex with a 2.8% gain, although WTI crude oil dropped by $0.74 (1.2%) and RBOB gasoline fell by 1.8 cents (1.0%) [4] - Natural gas (NGG26) experienced a significant increase, rising by 44.7 cents (14.4%) and remaining 39.9 cents (12.9%) higher, driven by forecasts of severe winter weather affecting energy infrastructure in Texas [4]

Core Viewpoint - Silver prices have experienced significant volatility recently, with a sharp increase followed by a notable decline, raising concerns about future market stability and demand dynamics [1][2]. Group 1: Price Volatility - On January 15, silver prices hit a historical high of $93.71 per ounce before dropping sharply, with an intraday decline exceeding 7% [1]. - The following day, January 16, silver prices again saw a dramatic drop, with intraday losses surpassing 6%, closing just above the $90 per ounce mark [2]. Group 2: Market Risks - According to JPMorgan, silver faces multiple risks, including suppressed industrial demand due to high prices and continued outflows from ETFs, indicating a significant risk of market correction [1][7]. - The report highlights that industrial demand is under increasing pressure, particularly from the solar energy sector, where rising silver prices could threaten demand by 50-60 million ounces in the coming years [7]. Group 3: Supply and Demand Dynamics - Bloomberg reported that U.S. President Trump decided against imposing tariffs on key mineral imports, including silver, which alleviated some market fears regarding supply disruptions [4]. - Daniel Ghali from TD Securities noted that the U.S. government's targeted approach to trade measures could ease concerns about the impact on physical metal prices [5]. Group 4: Investment Trends - Despite a projected increase in global silver ETF holdings by 278 million ounces in 2025, there has been a notable divergence in price and volume, with significant net outflows from major silver ETFs since late last year [8]. - Analysts from various institutions remain optimistic about silver's long-term prospects, citing supply constraints and industrial demand as key supportive factors, despite the need for short-term price corrections [9].

Group 1 - Jim Wyckoff has over 25 years of experience in stock, financial, and commodity markets, including roles as a financial journalist and reporter on commodity futures trading floors in Chicago and New York [1] - He has covered every futures market traded in the U.S. at various times during his career [1] - Jim is the owner of "Jim Wyckoff on the Markets," which provides analytical, educational, and trading advisory services [2] Group 2 - He has worked as a technical analyst for Dow Jones Newswires and as a senior market analyst with TraderPlanet.com [2] - Jim has also served as a consultant for the "Pro Farmer" agricultural advisory service and was the head equities analyst at CapitalistEdge.com [2] - He holds a degree in journalism and economics from Iowa State University [2]