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Precious Metals Preview: Silver COT Longs At Five Week High

ge metals speculators sharply increased their bullish net positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) dLarata 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 38,035 contracts in the data reported through Tuesday January 9th. This was a weekly spurt of 15,285 contracts from the previous week. Speculative positions have now gained for three straight weeks and currently stand around their five week high. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -49,942 contracts on the week. This was a weekly drop of -12,750 contracts.