Analyst: 13% of Total Open Interest in COMEX Silver Market to Be Sold, Potentially Driving Prices Lower

Odaily News: Gold and silver prices rose at the start of 2026 trading. Tim Waterer, Chief Market Analyst at KCM Trade, stated that precious metals continued their upward momentum into 2026, with year-end position-squaring pressure having eased, allowing fundamentals to return to focus. Bitcoin's rise kicked off 2026.

Daniel Ghali, Senior Commodity Strategist at TD Securities, said in a report that an estimated 13% of the total open interest in the COMEX silver market is expected to be sold off within the next two weeks. This could lead to a significant revaluation and decline in prices, with post-holiday low liquidity potentially amplifying price volatility.

Goldman Sachs stated last month that its base case forecast is for gold to reach $4,900 by December 2026. Major banks are bullish on gold prices this year, citing reasons including expectations for further Federal Reserve rate cuts and the US President's reshaping of the Fed's leadership. (Jin10)