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Alasdair Macleod: Supply squeeze continues in gold and silver
By Alasdair Macleod
GoldMoney, Toronto
Thursday, November 13, 2025
It's now China's vaults running short on gold and silver. But European exchange-traded fund profit-taking is providing some minor supply, giving the London market temporary relief.
The resilience of precious metal prices was demonstrated this week as both gold and silver rose toward new high ground. In European trading this morning, gold was $4,170, up $169 from last Friday's close. And silver at $52.75 was up $4.45 on the same time frame having touched its mid-October all-time high of $54.35 on Wednesday.
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Both markets are facing global liquidity problems.
There are now signs that speculators are beginning to buy gold futures, with open interest on Comex jumping by some 30,000 contracts in the last seven trading sessions. If it continues, physical liquidity will face additional challenges. And as the record of open interest shows, there is considerably more room for speculator purchases before the Comex contract becomes definitively overbought. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/supply-squeeze-continues
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