Precious Metals Preview: Fund Buying Remains Supportive For Silver

Large precious metals speculators raised their bullish net positions in the Silver futures markets in late December, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 25,550 contracts in the data reported through Tuesday December 24th. This was a weekly spike of 5,719 net contracts. The silver net position, in this delayed data, shows that speculators pushed up their bets to the highest level since June and for four straight weeks. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -39,869 contracts on the week. This was a weekly drop of -4,393 contracts.