Saxo Market Call What could take silver to USD 250 an ounce?
12 snips
Jan 13, 2026 
Join Ole Hansen, the Head of Commodities Strategy at Saxo Bank, as he dives into the volatile world of precious metals, particularly silver’s impressive rally. Hansen explores whether this surge indicates a larger transformation in the market dynamics between physical and financial assets. He discusses political pressures on the Fed and how they’re influencing flows into gold and silver. Additionally, Hansen touches on the implications of deglobalization on raw materials and the rising risks in energy pricing linked to geopolitical tensions.
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Momentum, Not Fundamentals, Driving Silver Surge
- Silver's rally is driven largely by momentum and fear of missing out rather than a clear industrial demand shift.
- Ole Hansen warns the bubble can persist but industrial substitution will eventually cap prices.
Expect Higher Margins, Plan Liquidity
- Treat CME margin increases as risk management, not a price-suppression conspiracy.
- Expect margin to rise with notional market size and prepare to post more collateral if active in futures.
Producers Now Hold Largest Short Position
- Open interest shows a slow decrease in swap-dealer shorts while producers become the biggest short holders.
- Producer short concentration raises a liquidity risk if miners lack cash to sustain margins.