A New Silver Whale?

August 01, 2023

by Ted Butler Silver Seek

Data published in the Commitments of Traders (COT) reports over the past four reporting weeks indicate a number of highly unusual changes in COMEX silver futures positioning. One such highly unusual change is the emergence of a big managed money trader on the short side, which appears to be holding a net short position of roughly 10,000 contracts (50 million oz) in COMEX silver futures contracts.

This large managed money short trader first appeared a few months back and after reducing its short position profitably on lower prices, has come back on the short side as aggressively as at previous peak short levels. There’s no way of knowing in advance whether this big managed money short will be able to buy back the current large short position on lower prices again, but fortunately we will come to learn that in future COT reports.