Silver COT Report
Live CFTC Commitments of Traders positioning for Silver futures — commercial hedgers versus managed money. Latest report: June 9, 2026.
Positioning signal
bearish
Specs adding shorts (with room to grow)
Z-score (vs 3yr)
-0.86
7.7th percentile
Open interest
103,440
+631 WoW
Who's positioned where
Commercials (hedgers)
-40,368
net · 26,660 long / 67,028 short
Managed money (specs)
+22,214
net · 32,487 long / 10,273 short
Commercial net — last 6 months
What this means for Silver
The CFTC's weekly Commitments of Traders report splits Silver futures positions into commercials — producers and users hedging real exposure — and managed money, 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 z-score (currently -0.86) 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.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.