Silver COT Report
Live CFTC Commitments of Traders positioning for Silver futures — commercial hedgers versus managed money. Latest report: July 28, 2026.
By RetailVest Researchsourced from CFTCupdated
Positioning signal
neutral
No clear positioning bias
Z-score (vs 3yr)
-1.24
11.5th percentile
Open interest
106,719
+309 WoW
In plain English
Speculators lean bearish on Silver, though not at a full extreme. Worth watching to see whether the pessimism deepens into a contrarian opportunity.
Who's positioned where
Commercials (hedgers)
-38,809
net · 32,507 long / 71,316 short
Managed money (specs)
+22,217
net · 35,314 long / 13,097 short
Commercial net — last 6 months
What this means for Silver
The CFTC's weekly report splits Silver futures positions into — producers and users hedging real exposure — and , the speculators taking the other side. Commercials are net short here, while specs are net long. Research on hedging pressure finds that when commercial hedgers are unusually net-short, it has historically preceded positive returns — so the (currently -1.24) matters more than the raw number.Silver ultimately trades on industrial demand, the gold/silver ratio, and real yields, and positioning is one input among those fundamentals.
Educational analysis, not investment advice. Positioning is descriptive and can stay extreme for long stretches.
Trade Silver without futures — ETF proxies
Liquid ETFs that track Silver. Same idea, no margin account required.
Leveraged/inverse ETFs (amber) reset daily and decay over time — for short holds only. Not investment advice.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.