Tuesday, November 29, 2011

Silver COT Report 11/28/11

Last Friday's COT report was not released until Monday due to the Thanksgiving holiday.
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