The COT report indicates what Open Interest has been revealing lately- in the wake of the September smack down, and subsequent MF Global Clients' funds theft fiasco, volume and speculative positions have left the COMEX silver market to a large extent.
Open interest was reported at 108,548 contracts (as of Tuesday 11/22) which has since declined another 5,000 contracts or so. This indicates either a general disinterest in silver at the present, or else the MF Global theft is keeping small investors away from the futures market. (If the latter is the case and small investors are leaving the CRIMEX futures market for phyzz, this is a good thing for them as well as physical silver supply and demand, but bad for paper silver COMEX prices).
For the week ending Tuesday, 11/22, The commercials actually reduced their short positions by 3,270 contracts, or a net 4,561- the equivalent of nearly 23 million ounces of silver. Historically this is very bullish as the commercials typically cover their shorts into extreme price weakness, as the speculators and hedgies dump their longs in a panic induced liquidation into the lows.
Silver COT Report - Futures | ||||||
Large Speculators | Commercial | Total | ||||
Long | Short | Spreading | Long | Short | Long | Short |
23,577 | 10,953 | 22,298 | 40,241 | 61,972 | 86,116 | 95,223 |
-2,245 | -422 | -5 | 1,291 | -3,270 | -959 | -3,697 |
Traders | ||||||
48 | 37 | 41 | 35 | 43 | 111 | 99 |
Small Speculators | ||||||
Long | Short | Open Interest | ||||
22,432 | 13,325 | 108,548 | ||||
-1,006 | 1,732 | -1,965 | ||||
non reportable positions | Change from the previous reporting period | |||||
COT Silver Report - Positions as of | Tuesday, November 22, 2011 | |||||
Silver COT Report - Futures & Options Combined | ||||||
Large Speculators | Commercial | Total | ||||
Long | Short | Spreading | Long | Short | Long | Short |
24,349 | 7,414 | 41,553 | 49,692 | 76,347 | 115,593 | 125,313 |
-1,934 | 1,359 | -16,794 | -3,989 | -10,269 | -22,718 | -25,704 |
Traders | ||||||
64 | 33 | 54 | 37 | 45 | 129 | 109 |
Small Speculators | ||||||
Long | Short | Open Interest | ||||
25,377 | 15,657 | 140,970 | ||||
-2,348 | 638 | -25,066 | ||||
non reportable positions | Change from the previous reporting period | |||||
COT Silver Report - Positions as of | Tuesday, November 22, 2011 | |||||
