Silver Speculators cut back on their bullish bets for 1st time in 3 weeks

December 7, 2019

December 7th – By CountingPips.comReceive our weekly COT Reports by Email

Silver Non-Commercial Speculator Positions:

Large precious metals speculators slightly pulled back on 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 50,227 contracts in the data reported through Tuesday December 3rd. This was a weekly dip of -2,283 net contracts from the previous week which had a total of 52,510 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -1,654 contracts (to a weekly total of 89,241 contracts) while the gross bearish position (shorts) rose by 629 contracts for the week (to a total of 39,014 contracts).


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Silver speculators decreased their bullish bets this week following gains in the previous two straight weeks. Despite this week’s decline, the overall standing remains very bullish and above the +50,000 net contract level for a second consecutive week. This is first time silver bets have been higher than +50,000 net contracts for two straight weeks since September 17th and 24th.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -74,299 contracts on the week. This was a weekly drop of -426 contracts from the total net of -73,873 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 $1724.80 which was a rise of $6.00 from the previous close of $1718.80, 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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