Silver COT Positioning

What the positioning says

Managed money is net long 12,598 contracts and trimmed that long position over the past week. That leaves positioning at the 25th percentile of its 52-week range — approaching the washed-out end, though not yet at an extreme.

WAVG reads this the same way every week across every market, names the factors behind the bias, and flags when positioning reaches an extreme that has historically preceded a turn.

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

Contracts held long, short and net as of Sep 1, 2026 (published Sep 4, 2026). Source: CFTC.