Silver Speculators edged their bullish bets lower for 1st time in 4 weeks

September 14, 2019

September 14th – By CountingPips.comReceive our weekly COT Reports by Email

Silver Non-Commercial Speculator Positions:

Large precious metals speculators slightly trimmed 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 60,231 contracts in the data reported through Tuesday September 10th. This was a weekly reduction of -1,894 net contracts from the previous week which had a total of 62,125 net contracts.

The week’s net position was the result of the gross bullish position (longs) falling by -4,564 contracts (to a weekly total of 100,413 contracts) while the gross bearish position (shorts) declined by a lesser amount of -2,670 contracts for the week (to a total of 40,182 contracts).


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The Silver speculative bets dipped this week following three straight weeks of gains that had added over +22,000 contracts to the overall net bullish position. Speculator sentiment has risen for ten out of the past fifteen weeks that has taken the net position from a total of -8,443 contracts on June 4th to a total of +60,231 contracts as of this week. Despite the small pullback, this week marked the first time since November of 2017 that the net position has been above +60,000 contracts for two 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 -84,768 contracts on the week. This was a weekly decrease of -90 contracts from the total net of -84,678 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 $1818.60 which was a loss of $-105.10 from the previous close of $1923.70, 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).

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