"Stuck": Silver Bears Have Never Been This Comfortable; That's The Problem...

For most of 2026, silver has traded like gold with a caffeine problem: up more on the way up, down more on the way down. This month it has found a third gear: down when its own bull case goes up.

That, in a sentence, is the conclusion of the latest note from Goldman's Robert Quinn, the desk's resident tracker of who is buying and selling Comex metals, titled with admirable economy "Silver Futures: Stuck" (available to pro subs). With silver down another 1.8% to $59.22 on Thursday morning, even as gold edged up to $4,122, Quinn lays out why the metal can't get out of its own way:

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