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].

JP Morgan has reiterated a firmly bullish outlook for gold, even after precious metals suffered one of their sharpest selloffs in decades.In a note released late Sunday, the U.S. investment bank said it sees $6,300 per ounce by year’s end, noting that the reasons behind the recent move higher remain intact.“We remain firmly bullishly convinced in gold over the medium-term on the back of a clean, structural, continued diversification trend that has further to run amid a still well-entrenched regime of real a ...

Tokenized silver futures recorded the largest liquidations across the crypto market over the past 24 hours, overtaking bitcoin and ether in a rare reversal of the usual risk hierarchy as a pullback in precious metals spilled into commodities-based crypto futures. According to CoinGlass data, 129,117 traders were liquidated in the past day, with total losses reaching $543.9 million. Tokenized silver contracts led the wipeout, with roughly $142 million in liquidations tied to products tracking silver pric ...

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]

Group 1 - The core viewpoint of the articles highlights the impact of economic data and geopolitical tensions on market trends, particularly in gold prices and interest rate expectations [1][2][3]. Group 2 - On December 27, the Shanghai Gold Futures rose by 0.17% to 1018.10 yuan per gram, with a weekly increase of 3.68%. COMEX gold price increased by 3.98% to 4562 USD per ounce [1]. - Initial jobless claims in the U.S. decreased to 214,000, lower than expected, indicating a stronger labor market. However, the consumer confidence index fell to 89.1, below previous values [1]. - The market anticipates two potential interest rate cuts by the Federal Reserve in 2026, with probabilities of 61.0% for a 25 basis point cut by March and 67.7% for a 50 basis point cut by July [2]. - U.S. Treasury Secretary hinted at possible significant adjustments to the Fed's policy framework, including a shift to an inflation range target and the potential cancellation of the interest rate dot plot [2]. - Geopolitical tensions, particularly involving Venezuela and Iran, are increasing risk aversion in the market, supporting higher gold prices amid expectations of continued monetary easing from the Fed [3].

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 throughout his career [1] - Jim is the owner of the "Jim Wyckoff on the Markets" analytical, educational, and trading advisory service [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 1 - Silver futures are currently trading above 13700, with an opening price of 13726 CNY/kg and a current price of 13734 CNY/kg, reflecting a 0.25% increase [1] - The highest price reached today is 13759 CNY/kg, while the lowest was 13543 CNY/kg, indicating a bullish short-term trend for silver futures [1] - The support level for silver is maintained at 13250 CNY/kg, and as long as this support holds, a bullish outlook is suggested [3] Group 2 - The U.S. Bureau of Labor Statistics announced a delay in the release of the Producer Price Index (PPI) for October 2025 due to a funding interruption, with plans to release the data alongside the November 2025 PPI report in January 2026 [2] - The probability of a 25 basis point rate cut by the Federal Reserve in December is 89.4%, with a 10.6% chance of maintaining the current rate [2] - If employment data shows weakness, it may increase market expectations for further rate cuts, indirectly enhancing the attractiveness of silver [2]