Silver Speculators Cut Back On Their Bullish Net Positions For 2nd Week

July 1, 2018

Silver Non-Commercial Speculator Positions:

Large metals speculators reduced their bullish net positions are reflected in in SILVER PRICES markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 34,221 contracts in the data reported through Tuesday June 26th. This was a weekly fall of -6,681 contracts from the previous week which had a total of 40,902 net contracts.

Speculative net positions declined for a second straight week following six weeks of increases. The overall bullish level remains above the +30,000 net contract standing for a third week in a row. Silver positions were in bearish territory as recent as May 8th before speculators started boosting their bullish bets.

Silver Commercial Positions:

The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -49,031 contracts on the week. This was a weekly advance of 9,510 contracts from the total net of -58,541 contracts reported the previous week.

Silver Commercial Positions

iShares Silver (NYSE:SLV) ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $15.33 which was a decrease of $-0.03 from the previous close of $15.36, according to unofficial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and non-reportable traders (usually small traders/speculators). Find CFTC criteria here:

(http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

*********

The Fourth Coinage Act of 1873 embraced the gold standard and demonetized silver, known as the “Crime of 73”