Silver Speculators Reduced Their Bullish Bets For A 2nd Week

August 18, 2019

Silver COT Futures Large Trader Positions

Silver Non-Commercial Speculator Positions

Large precious metals speculators cut back on their bullish net positions in the Silver Futures markets again 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 39,269 contracts in the data reported through Tuesday August 13th. This was a weekly lowering of -10,563 net contracts from the previous week which had a total of 49,832 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -8,514 contracts (to a weekly total of 97,520 contracts) while the gross bearish position (shorts) increased by 2,049 contracts for the week (to a total of 58,251 contracts).

Large speculator positions declined for a second straight week by over -10,000 net contracts. Silver bets had been on a strong run-up in the previous months as positions had risen for seven out of the previous nine weeks (a total gain of +86,706 net contracts) before the recent slide. Silver positions continue to have strong bullish sentiment and have now been in bullish territory for ten straight weeks.

Silver Commercial Positions

The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -65,233 contracts on the week. This was a weekly uptick of 10,033 contracts from the total net of -75,266 contracts reported the previous week.

Silver COT Futures Large Trader Positions

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1698.50 which was a gain of $54.0 from the previous close of $1644.50, according to unofficial market data.

*********

Federal Reserve Blinks, Eyes Interest Rate Cuts; Dr. Engelhardt: Economy Beholden To Fed Interest Rate Policy