Silver Speculators Boosted Bullish Bets Into The New Year

February 10, 2019

Silver COT Futures Large Trader Positions

Silver Non-Commercial Speculator Positions:

Large precious metals speculators continued to lift their bullish net positions in the Silver futures markets into January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

This latest COT data is from early in January due to the government shutdown which halted the releases. The CFTC is releasing data on Tuesdays and Fridays going forward until the data is back up to date.

The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 54,023 contracts in the data reported through Tuesday, January 8th. This was a weekly gain of 9,064 net contracts from the previous week which had a total of 44,959 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 3,764 contracts to a weekly total of 86,786 contracts in combination with the gross bearish position (shorts) which saw a lowering by -5,300 contracts for the week to a total of 32,763 contracts.

The speculative silver position rose for the sixth straight week through January 8th and by a total of 64,989 contracts over that time frame. The January 8th standing marked the highest level for silver bets since November of 2017.

Silver Commercial Positions

The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -68,791 contracts on the week. This was a weekly decrease of -10,937 contracts from the total net of -57,854 contracts reported the previous week.

Silver COT Futures Large Trader Vs Silver Futures

Silver Futures

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1571.30 which was a boost of $17.30 from the previous close of $1554.00, according to unofficial market data.

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