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Silver Non-Commercial Speculator Positions:
Large precious metals speculators raised 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, traded by large speculators and hedge funds, totaled a net position of 19,434 contracts in the data reported through Tuesday, June 5th. This was a weekly boost of 1,981 contracts from the previous week which had a total of 17,453 net contracts.
Speculative bets in favor of silver have risen for five consecutive weeks and are now at the highest bullish level since January 30th when the net positions were 32,422 contracts. Silver contracts had spent a total of seven weeks in bearish territory between late February and early May before resuming the current bullish sentiment.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -37,547 contracts on the week. This was a weekly fall of -2,250 contracts from the total net of -35,297 contracts reported the previous week.
iShares Silver ETF (NYSE:SLV):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SLV ishares ETF, which tracks the price of silver, closed at approximately $15.52 which was an advance of $0.08 from the previous close of $15.44, according to unofficial market data.
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