Midnight to 6am - Overnight Spot Watchers Spot...

Yeah its good to see it heading to retesting the highs already.
I'm pretty sure the rebalancing windows of these large indexes has butted up against shorts covering, so not sure if this will actually provide metal to industry for their needs from stockpiles...
The recent changes to margins as well makes paper leverage want to unwind on both sides.
I did some further digging and some good definition and even better link to current action detailed below.

The Index vs. The Funds
  • The Index: The Bloomberg Silver Subindex is a set of rules used to measure the performance of silver futures contracts. It is a reference point that investment products aim to match, but you cannot invest directly in the index itself. The annual rebalancing of the index is an adjustment to maintain target weightings, which in turn causes funds that track it to buy or sell silver futures to match the new allocation.
  • The Funds: Financial institutions create various products to track this index. The most common vehicle is an ETF (Exchange-Traded Fund). These funds hold assets (like physical silver bullion or futures contracts) and issue shares that trade on stock exchanges like regular stocks.
Common Funds that Track Bloomberg Silver Indices
Examples of funds that track the Bloomberg Silver Subindex (BCOMSI) include:
  • ProShares Ultra Silver (AGQ): A leveraged ETF that seeks to provide 2x the daily performance of the Bloomberg Silver Subindex.
  • ProShares UltraShort Silver (ZSL): An inverse leveraged ETF that seeks to provide 2x the inverse of the daily performance of the Bloomberg Silver Subindex.
This is really worth the read.
 
It was mixed bag would say it was evenly weighted. Think most of them thought the minimum postage of $50 a bit steep. Besides they want you to come in to temp you with all those shiney objects
 
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