Housekeeping: Good Morning
Featured Analysis:
Is There a Silver Shortage in 2026? The Silver Squeeze, Explained
Silver is not facing an empty-vault shortage, but the setup remains structurally tight. The market is on pace for a sixth straight annual deficit, with industrial demand from solar, electronics, EVs, and data centers draining above-ground inventories. The real squeeze risk sits in the gap between massive paper claims and limited deliverable metal. When buyers demand bars and shorts scramble, price becomes the release valve. The deficit is the foundation; the squeeze is the event.
*CTAs: Too Many Shorts in Gold & Silver
The key read from Goldman’s CTA update is positioning, not fundamentals. Systematic funds are unusually short gold and heavily short silver, with precious metals near the shortest exposure in roughly two years. In gold, even sideways price action now looks supportive because there is limited fresh selling left and more room for short covering. Silver is more explosive: CTAs remain deeply short, and a sustained rally could force a crowded, disorderly move as stops begin to trigger.
In Other News:
Data on Deck: FOMC
MONDAY, JULY 6
No major US releases
TUESDAY, JULY 7
9:45a S&P Global Services PMI (prev 50.7 → est 51.3)
10a ISM Non-Manufacturing PMI (prev 54.5)
WEDNESDAY, JULY 8
8:30a Trade Balance (prev -55.90B → est -78.80B)
THURSDAY, JULY 9
2p FOMC Meeting Minutes
FRIDAY, JULY 10
8:30a Initial Jobless Claims (prev 215K)
10a Existing Home Sales (prev 4.17M → est 4.20M)
GoldFix Members: Exclusive Bullion Pricing Now Available
GoldFix has partnered with Battalion Metals to give our community direct access to institutional-grade physical bullion at exclusive member pricing. Through this partnership, GoldFix members can purchase gold and silver products at pricing typically about 100 basis points below prevailing dealer rates,
***Please support Independent Media Buy a hat, mug, or hoodie today*** or Buy a Coffee for the GoldFix intern
