It's a bubble....there are dead bodies (hedge funds, investors) who got on the wrong side of the trade and we'll know about them in a few days or so. Major blowups coming.
Look @ WTI oil current futures $128.16 Six months out Sept-22 futures $105.00, 9 months out Dec-22 $98.68 Dec-23 $85.15 Dec-24 $76.29 Dec-25 $70.00 Dec-26 $66.00
On the other hand, if you'd shorted nickel, your money would've been in the bundles getting thrown in to feed the fire this morning. I don't know how much of this ridiculous spike was a short squeeze, but I'm guessing that was a big contributor.
Futures are notoriously wrong in predicting the oil price. All they are good for is telling you what price you can hedge production.
Not trying to predict the price. It's an abnormal spread providing an estimation, @ this time, on when the oil industry believes the current situation will normalize.
Agreed...I'm just telling you that as someone who has looked at them for 5 decades, they are not that accurate the further out you go.
My local coin shop has a bucket of them for face value. About half of them are the pure nickel ones, I've been loading up
Nickel limit down 3 straight days on the LME: https://www.cnbc.com/2022/03/18/nic...imit-down-again-on-london-metal-exchange.html
The Canadian Alloy Recovery Program has been systematically removing older Canadian coins from circulation. Nickels, dimes & quarters for their metal composition since 2004. https://canadiancoinnews.com/alloy-recovery-program-keeps-canadians-pocket-change-fresh/