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Alasdair Macleod: The silver squeeze is back
By Alasdair Macleod
GoldMoney, Toronto
Friday, August 28, 2026
A week of consolidation for gold and silver ends with a strong performance for silver. Driving silver's price are factors common to gold, plus the gradual reopening of Indian demand.
Silver volumes on Comex have been high for the last seven trading sessions, while open interest has climbed from ultra-low levels, but it is still in deeply oversold territory by this measure.
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India's silver imports have been curtailed by the Indian government’s action in a deluded attempt to improve its trade balance. It has suppressed not only investment demand, but also industrial demand from the government-supported solar panel industry. This error is slowly being remedied as new import licences for some 400 tonnes have now been approved.
While Indian demand is not the only factor driving silver, investors who have been very bearish are now overhanging the market as buyers, a factor which is making market makers and bullion bank traders on the short side nervous. Hence, we see the characteristics of a new bear squeeze, reinforced by the managed money category virtually out of the market, illustrated by their lowest long position for 20 years. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/silver-squeeze-is-back
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