Silver Non-Commercial Speculator Positions:
Large speculators lowered their net positions in the Silver futures markets for a third straight 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 59,179 contracts in the data reported through Tuesday October 3rd. This was a weekly decrease of -1,081 contracts from the previous week which had a total of 60,260 net contracts.
Speculative positions have now fallen below the +60,000 net contracts for the first time in five weeks after declining by a total of -15,808 contracts over the past three weeks.
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -68,717 contracts on the week. This was a weekly increase of 3,549 contracts from the total net of -72,266 contracts reported the previous week.
iShares Silver (NYSE:SLV) ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $15.71 which was a decline of $-0.20 from the previous close of $15.91, according to unofficial market data.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.