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Alasdair Macleod: Physical shortage continues to drive silver
By Alasdair Macleod
GoldMoney, Toronto
Friday, January 9, 2026
Chinese silver demand is on pause allowing prices to drift from all-time highs. Meanwhile, gold marches on towards a test of its post-Christmas highs.
However, the physical silver shortage is what matters and will continue to drive prices. In gold, there is a dawning realisation that there must be something solid behind its bull market, with speculators returning to Comex.
... Dispatch continues below ...
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And those clever people behind Tether's gold stablecoin have been ramping up their reserves buying a further 26 tonnes in 2025 Q4, making them larger holders than most central banks. ...
... For the remainder of the analysis:
https://www.goldmoney.com/research/consolidating-amid-uncertainty
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