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Alasdair Macleod: A horror story in the gold and silver paper markets
By Alasdair Macleod
GoldMoney, Toronto
Friday, September 26, 2025
Our headline chart shows silver storming ahead amid reports of backwardations and soaring lease rates. Will it continue, and will gold be next?
Driven by poor liquidity, in Europe this morning silver was $45.03, up $2 from last Friday's close. Gold was up a less spectacular $68 at $3,750 on the week, but with a firm undertone.
... Dispatch continues below ...
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In this report we look at what is driving gold and silver prices higher, and whether it will continue.
Having soared to over 184,000 Comex contracts by June 17, open interest declined to 154,000 on September 1. Meanwhile the price continued rising strongly to $40. A falling open interest and rising price can happen only in a vicious bear squeeze on the establishment shorts -- principally the swap traders. But open interest stopped falling after September 1, and is now rising because long speculators realize that precious metals are in a bull market and are joining the chase. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/a-horror-story-in-paper-markets
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