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Alasdair Macleod: The squeeze is on in the monetary metals
By Alasdair Macleod
GoldMoney, Toronto
Friday, July 3, 2026
Trading conditions on Comex suggest that gold and silver bears are about to be squeezed -- potentially viciously. If so, then prices measured in fiat currencies have bottomed.
Let's start with gold. This week the price has rallied from a low of $3,950 on June 30 to $4,170 this morning. As is the case in silver, the July contract and option series on Comex expired this week, an event that usually leads to a selloff. That pressure on prices has ended.
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It leaves open interest in the gold contract the lowest it has been since the run-up to the December 2015 low of $1,050. This tells us that speculators who sell dollars to buy paper gold are even more absent as they were then, which was the springboard for a decade-long $4,500 dollar rise. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/the-squeeze-is-on
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