By Alasdair Macleod
GoldMoney, Toronto
Friday, November 28, 2025
In this report, we look at the factors driving gold and silver higher still.
During Thanksgiving week (U.S. markets were closed on Thursday) the bullish running has been made in Asia. In European trade this morning, gold was $4,173, up $90 from last Friday's close. Silver at $53.85, up $3.87 on the same time scale, was making the running. Overnight in Shanghai, spot silver spiked as high as $55.13, surpassing previous highs, and the February future closed at $56.
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The situation is complicated by the halt in Comex trading overnight. It is said to be due to cooling issues at a data center. It may or may not have contributed to silver's spiking higher. But the real problem in markets is an acute shortage of deliverable silver.
So far this year 12,834 tonnes have stood for delivery. As a source of silver bullion, Comex exceeds the combined output of Mexica, China, Peru, and possibly Chile -- the four largest producers. We don't know how much of this is no longer available in the form of market liquidity, but with liquidity clearly stretched it will require higher prices, probably far higher, to find out. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/silver-gold-becoming-giffen-goods [2]
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