Gold, silver squeezes intensify

Markets are desperately short of physical gold and silver, reflected in a continuing bear squeeze. Speculative interest remains subdued, with ETF physical demand growing.

Gold, silver squeezes intensify

Markets are desperately short of physical gold and silver, reflected in a continuing bear squeeze. Speculative interest remains subdued, with ETF physical demand growing.

As our headline chart below shows, as of last night’s close (Thursday), silver has risen by 76% this year so far, outpacing gold which is up a hefty 52%. Palladium also rose strongly, up 13% on the week and 59% on the year, and platinum is up a whopping 73% since 1 January. Even copper is moving higher, up 3.9% on the week and 21% on the year.

Inflation in 2026 is the elephant in the room.

In European trade this morning, gold was $3994, up $110 from last Friday’s close. And at $50.90, silver rose $3.00 over the same time scale. Physical liquidity in silver is particularly short, with lease rates reportedly at 19% at one stage, reflecting none being available to cover forward contract deliveries in London.

The short squeeze is also evident on Comex, with open interest failing to respond to a soaring price: