Silver Speculator bets declined for a 4th straight week

October 5, 2019

October 5th – By CountingPips.comReceive our weekly COT Reports by Email

Silver Non-Commercial Speculator Positions:

Large precious metals speculators lowered 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 49,815 contracts in the data reported through Tuesday October 1st. This was a weekly change of -914 net contracts from the previous week which had a total of 50,729 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -4,035 contracts (to a weekly total of 89,967 contracts) while the gross bearish position (shorts) decreased by a lesser amount of -3,121 contracts for the week (to a total of 40,152 contracts).


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Silver speculators continued to reduce their bullish bets for a fourth straight week following a steady rise of bullish positions from early June to early August. The recent setbacks for bulls have been rather modest as bets have only fallen by -12,310 contracts over the past four weeks while the net position remains close to +50,000 contracts. Previously, from June 4th to August 3rd, speculative bets took off from a net position of -8,443 contracts (June 4th) to +62,297 contracts (August 3rd) which amounted to a total gain of +84,534 contracts over that fourteen-week period.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -73,781 contracts on the week. This was a weekly rise of 1,998 contracts from the total net of -75,779 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 $1730.20 which was a shortfall of $-132.60 from the previous close of $1862.80, 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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