PL · Metals / Cross-Asset Coherence Regime
Z101153 – PL SNB FX Reserves Z
V-B rework of prior version. Persona: SF-E1 + PL-E1.
At a glance
IN-SEASON · ACTIVE
Current reading
+0.738
PL SNB FX Reserves Z composite, tanh-bounded
Signal state
Extreme POS
151 trading days in current state
Phase
HEALTHY
Positive equals snb reserves accumulating; negative equals snb reserves draining
Sample
36 years
Live since 1990-12
As of Nov 04, 2026. Updated nightly.
SIGNAL OVERVIEW
V-B rework of prior version. Persona: SF-E1 + PL-E1. The composite is bounded between minus one and plus one through tanh. Across 36 years Phase +1 snb reserves accumulating state has returned on average plus 3.22 percent forward 60-day platinum return. Phase -1 snb reserves draining state has returned on average plus 0.32 percent. Today the composite reads +0.738, in Extreme POS territory.
LIVE CHART
PL SNB FX Reserves Z: composite bounded minus one to plus one.
The dark line in the top panel is the composite bounded between minus one and plus one. The pale red band marks snb reserves draining regime. The pale green band marks snb reserves accumulating regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is NYMEX platinum continuous back-adjusted price on the right axis in cents per ounce.
COMPOSITE
+0.738 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline +1.30 percent)
SAMPLE N
9,020 days
TODAY’S PLAYBOOK READING
STATE
Extreme Pos
STATE AND HISTORY
Extreme POS. Sample N=9,020 days since 1990-12.
WHY THE SIGNAL IS HERE
V-B rework of prior version. Persona: SF-E1 + PL-E1.
POSTURE FOR THE WEEKS AHEAD
The signal is a regime detector on a 60-day forward horizon. Pair with price momentum signals for conviction.
WHAT THE CHART SHOWS
Today the composite reads +0.738 placing the dot inside the Extreme POS band.
TOP INPUTS FIRING
- Silver returns Primary silver price momentum.
- 10-year TIPS-implied inflation breakeven Market-implied inflation expectation.
- Rolling coherence trend 5-year first-difference of coherence at 170-day cycles.
THE REGIME MAP
The three regime phases, forward 60-day platinum returns and sample share
Baseline platinum forward 60 day return (unconditional): mean plus 1.30 percent, median plus 1.47 percent, across 6,721 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| SNB reserves accumulating TODAY | +1 | 31.8% (2155 d) | +3.22% | +1.92pp | Apr 2026, Jul 2025, Sep 2024 | |
| Normal | 0 | 25.0% (1695 d) | +0.63% | -0.68pp | Dec 2025, Mar 2025, Mar 2024 | |
| SNB reserves draining | -1 | 43.2% (2931 d) | +0.32% | -0.98pp | Feb 2022, Dec 2021, Feb 2018 |
The historical pattern
How to use the signal today
THE TRACK RECORD
State changes
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Normal | 10/28/2024 | 11/05/2024 | 7d | +3.19% |
| Extreme Pos (silver Compressed) | 11/06/2024 | 11/06/2024 | 1d | +2.23% |
| Normal | 11/07/2024 | 11/07/2024 | 1d | +1.80% |
| Extreme Pos (silver Compressed) | 11/08/2024 | 11/11/2024 | 2d | +0.43% |
| Normal | 11/12/2024 | 11/20/2024 | 7d | +1.41% |
| Extreme Pos (silver Compressed) | 11/21/2024 | 12/02/2024 | 7d | +1.06% |
| Normal | 12/03/2024 | 12/11/2024 | 7d | -4.48% |
| Extreme Pos (silver Compressed) | 12/12/2024 | 09/24/2025 | 196d | -8.76% |
| Normal | 09/25/2025 | 10/09/2025 | 11d | +3.24% |
| Extreme Pos (silver Compressed) | 10/10/2025 | 10/10/2025 | 1d | +5.60% |
| Normal | 10/13/2025 | 10/17/2025 | 5d | +3.99% |
| Extreme Pos (silver Compressed) | 10/20/2025 | 10/27/2025 | 6d | +3.12% |
| Normal | 10/28/2025 | 11/11/2025 | 11d | +0.83% |
| Extreme Neg (silver Outperforming) | 11/12/2025 | 11/13/2025 | 2d | +1.28% |
| Normal | 11/14/2025 | 11/17/2025 | 2d | +1.39% |
| Extreme Neg (silver Outperforming) | 11/18/2025 | 11/20/2025 | 3d | +3.45% |
| Normal | 11/21/2025 | 11/25/2025 | 3d | +4.61% |
| Extreme Neg (silver Outperforming) | 11/26/2025 | 10/26/2026 | 229d | +1.98% |
Scroll inside the table for the full history. Forward 60-day SPY is measured from each run’s start date; a reader cannot trade off a start-date they only identify in hindsight, so this is a transparency log, not an alpha claim. Asterisked (*) returns are partial. The run is less than 60 trading days old. The full 60-day comparable fills in as more data arrives.
What this measures
V-B rework of prior version. Persona: SF-E1 + PL-E1. The composite is z-scored against a trailing baseline and bounded through tanh.
Why it matters
V-B rework of prior version. Persona: SF-E1 + PL-E1.
The signal flags the current platinum regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 36 years. Individual regime windows can run longer or shorter than mean sample.
Signal consumers and siblings
Not investment advice · The analysis on this page is informational and educational. Signal readings, historical case figures, and empirical statistics are derived from publicly available data and are provided without warranty. Hypothetical performance results have inherent limitations, including the benefit of hindsight. Readers who intend to trade should consult a licensed investment professional and see the research brief for the full disclaimer.
Last refreshed Nov 06, 2026 05:25 PM ET