Silver Speculators Boost Bullish Bets To Highest Since 2017

August 4, 2019

London (Aug 4)  Silver Non-Commercial Speculator Positions:

Large precious metals speculators once again increased their bullish net positions in the Silver futures 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 64,297 contracts in the data reported through Tuesday July 30th. This was a weekly gain of 9,536 net contracts from the previous week which had a total of 54,761 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 1,153 contracts (to a weekly total of 111,282 contracts) while the gross bearish position (shorts) dropped by -8,383 contracts for the week (to a total of 46,985 contracts).

Large speculators added to their rising bullish positions for a third straight week and for the seventh time out of the past nine weeks. The sentiment turnaround has been fast and furious for Silver as net positions have gone from a total of -22,409 net contracts on May 28th to a total of +64,297 net contracts this week.

The current level is now the most bullish standing for Silver bets since November 21st of 2017 when net positions totaled +67,641 contracts (a span of 88 weeks).

Silver Commercial Positions:

The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -83,916 contracts on the week. This was a weekly decline of -7,778 contracts from the total net of -76,138 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1655.80 which was an increase of $8.20 from the previous close of $1647.60, according to unofficial market data.

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