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Alasdair Macleod: Silver leads the way higher
By Alasdair Macleod
GoldMoney, Toronto
Friday, July 18, 2025
Silver swaps are facing a short squeeze in poor liquidity, with lease rates on the September Comex contract at over 5%. Gold continues to consolidate in a bullish pennant formation.
This week gold continued its consolidation, while silver squeezed higher from Wednesday onwards. In European trade this morning, gold was $3350, down a paltry $5 from last Friday’s close. Silver was $38.35, barely changed on balance.
... Dispatch continues below ...
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As our headline chart shows --
https://gm-media-library.s3.eu-west-1.amazonaws.com/image_bc673f4795.png
-- silver is now outperforming gold, up 32% v gold up 27% this year so far. Will it continue?
I think the answer is yes.
Silver has underperformed gold over the last decade, culminating in a gold/silver ratio of 121 in March 2021. That has come down substantially, but at 87 is still too high for a metal that is in growing supply deficit. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/silver-leads-the-way-higher
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