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Alasdair Macleod stated that silver's backtesting phase is close to completion and suggested the price could rise to hundreds of dollars per ounce.
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Macleod has previously connected sharp markdowns in gold and silver prices to futures contract expiry and related activity by bullion banks, as detailed in earlier commentary. He has also argued that silver's weakness is driven by contract creation in the paper markets rather than changes in physical supply and demand, according to prior analysis. These observations frame his latest outlook on silver price movements.