Silver
Disaggregated COT · CFTC 084691
Producer hedge ratio6.4%Under-hedged · Bullish
PhaseTrend
Producer net-36,000
Managed money net+20,000
Disaggregated positioning
Producers hedge by selling — heavy producer shorts at low prices are bullish.
CategoryLongShortNet
Producer / Merchant22,00058,000-36,000
Swap Dealers18,0009,000+9,000
Managed Money40,00020,000+20,000
Other Reportables9,0007,000+2,000
Non-Reportables8,0006,000+2,000
Open interest150,000 (+2,000)
Commercial vs speculator
When commercials (smart money) and speculators diverge, commercials usually win.
Aligned
- Commercial net
- -27,000
- Speculator net
- +20,000
Market reference
Contract spec and its currency linkage.
- Contract size
- 5,000 troy oz
- Correlated currency
- USD
- Correlation
- -0.65
- Report date
- 2026-05-26