gold silver With so many gold and silver bears, it doesn't take much to trigger a short squeeze
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The silver market is seeing an even more substantial short squeeze as prices last traded at $20.71 an ounce, up nearly 9% on the day. Silver is seeing its best daily percentage gain since mid-August 2020. Many analysts have been warning of the extreme short position building in the gold market as hedge funds increase their bearish bets for the seventh consecutive month.
"At this stage, the main buyer is likely to be money managers reducing short bets on COMEX gold," said Ole Hansen, head of commodity strategy at Saxo Bank. Commodity analysts at TD Securities said they still expect gold prices to push lower. They noted that gold still hasn't seen a significant capitulation moment.
The disaggregated report showed that money-managed speculative gross long positions in Comex silver futures fell by 2,165 contracts to 34,429. However, short positions also rose by 2,093 contracts to 42,522.
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