The Silver Stocks Big Rally Crushed Immediately

It’s a given, based on silver deliveries in 2025 — and so far in 2026…that HSBC, Barclays, Standard Chartered, BNP Paribas, Deutsche Bank and Macquarie Futures hold by far the lion’s share of the short positions of these non-U.S. banks. Canada’s Bank of Montreal is a card-carrying member of this group as well.

And, like in gold, the BIS could also be actively shorting silver.