January 1, 2026 | Silver’s 2026 Open: Irresistable Force Meets Immovable Object

Specifically, Institutional buying meets higher Comex margins

Comex Margins

The paper metals markets have traditionally responded to spiking prices by raising margin requirements. Players who can’t come up with the extra money have to liquidate their positions, which causes prices to fall. That accounts for at least part of the brutal end to last year’s silver price action.

The Comex exchange just raised margin requirements again. Does this mean silver will fall hard when trading opens later today? GoldSilver’s Mike Maloney says yes:

Institutional Buying

Meanwhile, the world’s financial institutions have at long last discovered commodities, with many increasing their 2026 allocations for gold, silver, copper, et al. So presumably there are bids lined up to start the process of meeting those targets. Asian Guy (of course) sees this resulting in higher silver prices right off the bat.

Trading vs Accumulating

It really doesn’t matter what silver does today. Its long-term story is that deficits produce shortages, which in turn produce higher prices, so we should be agnostic about any given day’s action. Higher prices are great because we’re long; lower prices are great because we’re still accumulating.

In other words, enjoy the action, but keep stacking.

John Rubino January 1st, 2026

Posted In: John Rubino Substack

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