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Alasdair Macleod: Last growl of the PM bear as China scoops up West's metal?
By Alasdair Macleod
GoldMoney, Toronto
Friday, June 26, 2026
We are into contract expiry on Comex again. Silver's active July contract settles on Monday. Option expiry was yesterday. Are we now about to see gold and silver prices recover?
It has been a long slog lower with silver more than halving from the January 29 spike and gold losing over $1,500. It should be the paper markets' get-out-of-jail card, and they have certainly managed to reduce their liabilities.
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The cost has been enabling China to pick up large quantities of physical gold -- 692 tonnes and ridding herself of about $26 billion up to May this year so far. And she has accumulated 1,626 tonnes of silver in Q1 2026, increasing to an estimated 2,000—2,500 tonnes to date.
In effect, the cost of Western book-squaring has been a loss of large quantities of bullion. And now China's major banks are giving notice to their trading customers to close their speculative positions in gold and silver -- more on this below. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/last-growl-of-the-pm-bear
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