Something seriously shiny is going down on the Moscow Exchange — and no, it’s not just the price of gold catching fire. Russia's silver market has gone completely rogue, with prices skyrocketing nearly 40% above global rates! 😱🔥
📈 What’s Going On?
On April 19, 2024, the Moscow Exchange’s SLVRUB_TOM contract priced silver at ₽119.38, which translates to $39.85/oz. Meanwhile, global futures were sitting at just $28.75/oz. That’s a 38.6% premium — absolutely bonkers!
💸 Meanwhile, gold stayed chill:
The GLDRUB_TOM contract tracked closely with international gold prices, showing just a 1.5% difference. So why is silver acting like it’s on crypto?
🕵️♂️ The Silver Surge Timeline:
The madness began on March 29, 2024
Volume & price of SLVRUB_TOM surged suddenly
Historically low activity exploded overnight
Unusual buying activity hinted at a market shake-up
⚠️ Enter Polymetal Drama:
Russia’s top silver miner, Polymetal, sold 100% of its Russian operations to Mangazeya Plus JSC in March 2024
Polymetal had been sanctioned by the U.S. in 2023
This forced exit may have led to insider trading or strategic repositioning 🧩
🧠 The Big Theory:
With gold being too big to manipulate (its trading volume is 60x silver’s!), some speculate insiders may have used the thinly traded silver market to offset losses — perhaps with a little help from insider knowledge 🤫
⚙️ Futures Stay Sane:
Moscow’s silver futures (SILV-6.24) are trading at $29.06/oz, close to global prices
Volume here is massive — ₽1.75B — making it much harder to game
📉 The Bottom Line:
In Russia’s isolated, sanction-warped economy, precious metal trading has become a Wild West of volatility. With investor demand, shady incentives, and limited regulation all colliding, the “Silver Rally” of 2024 might be just the beginning of a chaotic new era in post-sanction commodity trading ⚖️📊
Stay tuned… this silver saga is far from over. 🕶️💎