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What is the story about?
Peter McGuire, CEO of trading.com believes that it is too early to talk about shorting Silver, even as the precious metals has seen sharp swings from record high levels on Monday.
With spot prices having crossed levels of $82 in early trading on Monday, Silver, at one point, was more valuable thanm Nvidia, the most valuable listed company in the world, and the second-most valued asset, after Gold.
However, prices have declined nearly 10% from the record high levels, and are back below the mark of $80 an ounce.
"“It's certainly overdrive. I mean, it's like a V12 Lamborghini on an autobahn. At the moment and it's probably got more upside yet. So, I'm not going to call it short anytime soon," McGuire said.
Having begun the year sub-$30, Silver prices have risen over 170% so far, with three more trading sessions left for the year, putting the white metal on course for its best calendar year performance since 1979, when it had gained over 200%.
"If you would have told me that this time last year, I would have laughed, and I would have said I don't think it can get there, but now it has, and we have got a couple of days left of trade, so we might even punch out 180% and it's too early to talk about being short at the momentum and the upside is very strong, and let's just see where it rolls. But yeah, it's very dynamic trading at the moment," McGuire told CNBC-TV18 in an interaction on Monday.
A combination of supply shortfall, industrial demand, the need to cover up paper shorts, and speculative inflows are all driving Silver prices higher. McGuire sees Silver reaching $90-$92 an ounce by the end of January 2026, and Gold to test levels of $4,750 by the same timeframe.
Also Read: Gold, silver near all-time highs in India: Key domestic cues in focus
With spot prices having crossed levels of $82 in early trading on Monday, Silver, at one point, was more valuable thanm Nvidia, the most valuable listed company in the world, and the second-most valued asset, after Gold.
However, prices have declined nearly 10% from the record high levels, and are back below the mark of $80 an ounce.
"“It's certainly overdrive. I mean, it's like a V12 Lamborghini on an autobahn. At the moment and it's probably got more upside yet. So, I'm not going to call it short anytime soon," McGuire said.
Having begun the year sub-$30, Silver prices have risen over 170% so far, with three more trading sessions left for the year, putting the white metal on course for its best calendar year performance since 1979, when it had gained over 200%.
"If you would have told me that this time last year, I would have laughed, and I would have said I don't think it can get there, but now it has, and we have got a couple of days left of trade, so we might even punch out 180% and it's too early to talk about being short at the momentum and the upside is very strong, and let's just see where it rolls. But yeah, it's very dynamic trading at the moment," McGuire told CNBC-TV18 in an interaction on Monday.
A combination of supply shortfall, industrial demand, the need to cover up paper shorts, and speculative inflows are all driving Silver prices higher. McGuire sees Silver reaching $90-$92 an ounce by the end of January 2026, and Gold to test levels of $4,750 by the same timeframe.
Also Read: Gold, silver near all-time highs in India: Key domestic cues in focus
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