Goldman Sachs commodity analyst Robert Quinn noted that the silver market is caught in a dual predicament: failing to rise on positive news while being precisely suppressed by negative factors. During Friday's Asian trading session, silver prices once fell over 2% to $58.70 per ounce, halving from their January peak. According to a CFTC report, for the week ending September 29, managed money and other entities collectively net sold approximately $1.6 billion in silver futures, marking the largest weekly sell-off since February this year, with half of it being new short positions. Speculative net long positions have shrunk from a January peak of $24 billion to $12 billion. Bearish sentiment in the options market has reached a two-year extreme, and trend-following funds (CTAs) have accumulated their largest net short positions in at least a year. Quinn's analysis suggests that a stronger dollar and rising real interest rates are the primary suppressive factors, rather than silver's industrial demand logic. The Goldman Sachs FX team warned that the dollar's upward trend might be stalling, but recent macroeconomic headwinds (surging crude oil, rising US Treasury yields, and hawkish FOMC minutes) have once again pressured silver.