Weekly Markets Monitor: A silver lining playbook?
23 February, 2026
Get updates in your inbox
Get email updates
Get updates in your inbox
Get email updates
Highlights
- Last week’s updates pointed to an uneven but resilient global economic backdrop and persistent policy uncertainty. The US economy slowed in Q4, the trade deficit widened, inflation firmed, Fed divisions emerged and the Supreme court blocked global tariffs. Europe and Japan showed improving momentum and easing price pressures, while in India activity stayed steady, though trade deficits widened sharply.
- Major global equity markets ended the week mostly higher, while US Treasury yields declined and the US dollar and crude oil prices strengthened.
- After a couple of quiet-ish weeks, Geopolitics – stretching from the Potomac to the Persian Gulf – have started to move asset prices again. Gold gained a modest percent, but silver saw a large 9% bounce last week coinciding with COMEX futures short covering rather than fresh longs. It’s early days yet, but positioning at these levels has historically indicated positive returns 72% of the time three months later, rising to 75% after six months. Should silver start motoring, sentiment could spill over positively to gold, and perhaps vice versa (C.O.T.W).
Chart of the week: A silver lining playbook?
*Data as of 20 February 2026. Chart shows historical forward 26-week silver future price returns at various levels of COMEX silver positioning based on 52w z-scored managed money net long positions.
Source: Bloomberg, World Gold Council
Disclaimer
Important information and disclaimers
© 2026 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
