Silver COT positioning
Managed money is net long 4,035 contracts in Silver futures as of Nov 3, 2026, with positioning at 3 of 100 within its 52-week range. From the weekly CFTC Commitments of Traders report.
Positions as of Tue, Nov 3, 2026 · published Fri, Nov 6, 2026 · Source: CFTC
Managed money added to its long position over the past week. That leaves positioning at 3 on a 0–100 scale between its 52-week low and high — an extreme, washed-out reading.
WAVG reads this the same way every week across every market, names the factors behind the bias, and flags when positioning reaches the edge of its 52-week range.
What moves silver positioning
Silver uses the same groups as gold, but it behaves differently: it is smaller, more volatile, and more speculative, so managed-money positioning swings to greater extremes. Roughly half of silver demand is industrial (solar, electronics, EVs), tying it to the growth cycle in a way gold is not.
Positioning tracks gold's direction first — the two move together most of the time — then the gold/silver ratio (a stretched ratio often signals silver is due to catch up or fall back) and industrial demand. Because the contract is thinner, a crowded position is a stronger contrarian warning here than in gold.
This week's report
| Trader group | Long | Short | Net |
|---|---|---|---|
| Managed money | 17,522 | 13,487 | +4,035 |
| Producers & merchants | 5,067 | 18,212 | −13,145 |
| Swap dealers | 22,636 | 44,247 | −21,611 |
Contracts held long, short and net as of Nov 3, 2026 (published Nov 6, 2026). Source: CFTC.
The last 13 weeks
| Week ending | Managed money net | Change | Index (52w) |
|---|---|---|---|
| Aug 11, 2026 | +11,158 | −816 | 19 |
| Aug 18, 2026 | +11,695 | +537 | 21 |
| Aug 25, 2026 | +14,073 | +2,378 | 28 |
| Sep 1, 2026 | +12,598 | −1,475 | 25 |
| Sep 8, 2026 | +14,386 | +1,788 | 30 |
| Sep 15, 2026 | +13,124 | −1,262 | 26 |
| Sep 22, 2026 | +13,309 | +185 | 29 |
| Sep 29, 2026 | +7,614 | −5,695 | 13 |
| Oct 6, 2026 | +7,528 | −86 | 14 |
| Oct 13, 2026 | +5,619 | −1,909 | 5 |
| Oct 20, 2026 | +3,505 | −2,114 | 0 |
| Oct 27, 2026 | +3,321 | −184 | 0 |
| Nov 3, 2026 | +4,035 | +714 | 3 |
Net position of managed money at each weekly reporting date, the change from the week before, and the COT index for that week. The index compares a week against this market’s own 52-week range: 0 is the low end of that range, 100 the high end — a high reading is not the same as a long position. Source: CFTC.
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