Saxo Bank: COT Update on Silver Prices — January 26, 2026

In this report, we delve into the recent shifts in the silver market as observed in the Commitments of Traders (COT) report. Despite an impressive surge in silver prices, it’s notable that this upswing is occurring without significant support from speculators.

Silver Price Movement

Recently, silver has experienced a remarkable uptrend, raising questions among market analysts regarding the sustainability of this momentum. Traditionally, price increases are often accompanied by robust activity from speculators, who play a crucial role in reinforcing bullish trends. In this instance, however, the dynamics appear to diverge from the norm.

Role of Speculators

Speculators typically contribute to market fluctuations, either driving prices up or down based on their trading positions. Currently, silver has been gaining traction, but the lack of strong speculative backing raises concerns about the durability of this rally. The market is observing a cautionary stance among traders, who may be waiting for clearer signals before committing further.

Market Insights

• The absence of strong speculative interest might indicate a more fundamental-driven rally.
• Traders are closely monitoring external factors that could impact silver prices.
• Continued vigilance in tracking market sentiment is essential for understanding future movements.

Conclusion

As silver prices continue to rise, market participants are urged to consider the current lack of speculative support. Understanding the underlying factors at play and maintaining a watchful eye on market trends will be crucial for navigating potential shifts in the silver landscape.