Gold, Silver and Copper Tracker

All three Friday-settlement metals ladders resolved yesterday and Kalshi has not listed the September 11 successors. Gold, silver and copper weeklies are gone from the board, so the September 30 month-end books are now the near-dated instruments on this page.

Copper is the volume, and it is entirely in the tail. Above $7.53, quoted 5.0%, took $9,976—65% of the book's $15,400 day. Above $7.47 at 6.0% took another $3,900. Together $13,876, or 92% of the day, bought two contracts the ladder prices under six percent, while the rung it actually calls a coin flip, Above $6.63 at 50.0%, took $118.

Gold's month-end book is the clean one. Above $4,410.99 54.5%, Above $4,450.99 46.0%, Above $4,490.99 41.5%—monotone, two-to-four cents wide, implying gold near $4,440 on September 30. It turned $2,476.

The year-end gold ladder inverts at the top. 5,300 or above prices 21.5% and 5,400 or above prices 23.5%. A higher strike cannot be more likely than a lower one on the same chain. Two rungs below, 5,100 or above and 5,200 or above are both quoted 28.5%—identical prices a hundred dollars apart. That book holds $107,992 of open interest against $1,885 of daily volume.

Silver's month-end ladder has a dead zone. Every strike from Above $44.99 to Above $48.99 is quoted at exactly 95.00%, 90 bid / 100 ask—five untraded shells stacked at the same mark.

The September 30 book, the year-end direction ladder, and Polymarket's December board—three horizons on the same metal, with the near-dated weekly no longer listed.

September 30 implies about $4,440. Above $4,410.99 54.5%, Above $4,450.99 46.0%. The 46.0% rung took $622—25% of the book's day—and it is the closest thing to a live two-sided price in the metals complex right now.

Year-end says higher and contradicts itself. 4,300 or above 71.5%, 4,600 or above 57.0%, 5,000 or above 35.0%, then 5,300 or above 21.5% below 5,400 or above 23.5%. The inversion sits on $17,832 of combined open interest.

$9,976 into Above $7.53 at 5.0% and $3,900 into Above $7.47 at 6.0%. Together 92% of a $15,400 book, all of it at or under six cents, and Above $7.53 now holds $4,873 of open interest against $1,950 on the strike beside it.

The rest of the ladder behaves: Above $6.63 50.0%, Above $6.69 44.0%, Above $6.81 33.0%, Above $6.87 28.0%—monotone through the middle, implying copper near $6.63 at month end. Silver's month-end board, by contrast, has five consecutive strikes quoted at an identical 95.00% on a 90/100 spread.

With the Friday weeklies settled and no September 11 successors listed, the September 30 ladders for gold, silver and copper are the shortest-dated metals contracts on the exchange. Copper's turns $15,400 against gold's $2,476 and silver's $845—a book that was a fifth the size of the daily complex yesterday is now the whole of it.

Above $7.53, quoted 5.0% (2 bid / 8 ask), took $9,976 of copper's $15,400 and holds $4,873 open—the largest single position in the event, on the contract the book gives a one-in-twenty chance ninety cents above where the same ladder puts the median. Next to it, Polymarket's year-end gold board, the only non-Kalshi metals market in the workspace.

The weeklies are gone and nothing replaced them. Gold, silver and copper all settled at five o'clock Friday and Kalshi has listed no September 11 books. Until it does, the September 30 ladders are the near-dated metals instruments and this page's daily-resolution hook is gone with them.

Ninety-two percent of copper's day bought two sub-6% strikes. $13,876 of $15,400 into Above $7.53 and Above $7.47. Yesterday the same book put 71% of its day into three strikes under 1.5 cents. The strikes moved; the shape did not.

The year-end gold ladder inverts at the top and repeats itself in the middle. 5,400 or above (23.5%) above 5,300 or above (21.5%); 5,100 and 5,200 both at 28.5%. On $107,992 of open interest and $1,885 of volume, these are marks rather than prices—but they are marks the catalog displays.

Silver has five identical quotes in a row. Above $44.99 through Above $48.99, all 95.00% on 90/100. Zero volume on every one.

The tail-buying pattern is the most consistent thing in this catalog. Copper's month-end book, the gasoline weekly, the esports outrights and the ETH daily all put the majority of their flow into contracts priced under six percent today.