August 24th – By CountingPips.com – Receive our weekly COT Reports by Email
Silver Non-Commercial Speculator Positions:
Large precious metals speculators advanced 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 46,714 contracts in the data reported through Tuesday August 20th. This was a weekly rise of 7,445 net contracts from the previous week which had a total of 39,269 net contracts.
The week’s net position was the result of the gross bullish position (longs) lowering by -1,533 contracts (to a weekly total of 95,987 contracts) while the gross bearish position (shorts) declined by -8,978 contracts for the week (to a total of 49,273 contracts).
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Silver speculator positions rebounded this week after falling sharply in the previous two weeks by a total of -25,028 contracts.
The speculator positions had been on fire in the past few months as sentiment for gold and silver started surging very sharply in June. From June 6th to July 30th, silver speculator bets gained for seven out of the nine weeks and rose by a total of +86,706 net contracts.
This week’s rise brings the net position back over the +45,000 net contract level for the fourth time out of the last five weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -70,863 contracts on the week. This was a weekly decline of -5,630 contracts from the total net of -65,233 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1714.80 which was a rise of $16.30 from the previous close of $1698.50, 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 nonreportable traders (usually small traders/speculators).
Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article By CountingPips.com – Receive our weekly COT Reports by Email