Silver Speculators Dropped Their Bullish Bets For 4th Week
Zachary Storella | Jul 15, 2018 02:12AM ET
Silver Non-Commercial Speculator Positions:
Large precious metals speculators cut 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 23,699 contracts in the data reported through Tuesday July 10th. This was a weekly lowering of -983 contracts from the previous week which had a total of 24,682 net contracts.
Speculative positions have declined by over -26,031 contracts in total over the past four weeks. Overall, the silver spec position is now at the lowest level in the past five weeks.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -38,600 contracts on the week. This was a weekly drop of -45 contracts from the total net of -38,555 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 $15.12 which was a boost of $0.09 from the previous close of $15.03, according to unofficial market data.
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