From Got Gold Report:HOUSTON -- Although the data is now fully one week old, last week’s disaggregated commitments of traders (COT) report issued by the Commodity Futures Trading Commission (CFTC) showed that traders the CFTC classes as “Managed Money” (hedge funds, commodity trading advisors, etc.) held 22,250 COMEX silver futures contracts long and 4,973 short for a combined no-spread net position of 17,457 contracts long (about 87.3 million ounces). The COT “evidence” is contrary to the notion that silver has already peaked and instead supports the idea that silver has merely corrected.
That is the least amount of net long exposure for Managed Money since February 23, 2010, when the veteran speculators then held 12,624 contracts net long with silver then trading at $15.85. Just below is a graph showing the net long positioning of traders classed as Managed Money as of Tuesday, May 10 as the price of silver closed at $38.47.....read on
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