Silver COT Report — Net Positioning
Silver futures · COMEX · CFTC contract code 084691
Latest positioning
Week ending 8 September 2026 · cut 690 on the week · open interest 103,250 (-1,112)
Net speculative position — last 52 weeks
The current reading sits in the 29th percentile of its 3-year range — over the past 3 years, the net position has been lower than it is now 29% of the time. A high reading means the position is crowded by its own historical standards; it is context, not a forecast.
All three cohorts
| Category | Net position | Week change |
|---|---|---|
| Large speculatorsFunds and managed money | +26,049 | -690 |
| CommercialsProducers, users and banks hedging physical exposure | -44,908 | +372 |
| Small tradersBelow the CFTC reporting threshold | +18,859 | — |
The three cohorts net to zero between them — every long has a short on the other side. Commercials being heavily short is normal for a produced commodity and is not a bearish view; it is a hedge against inventory they already own.
Weekly history
| Week ending | Specs net | Open interest |
|---|---|---|
| 8 Sep 2026 | +26,049 | 103,250 |
| 1 Sep 2026 | +26,739 | 104,362 |
| 25 Aug 2026 | +25,261 | 113,801 |
| 18 Aug 2026 | +23,625 | 120,117 |
| 11 Aug 2026 | +23,646 | 115,127 |
| 4 Aug 2026 | +22,280 | 111,999 |
| 28 Jul 2026 | +22,217 | 106,719 |
| 21 Jul 2026 | +23,465 | 106,410 |
| 14 Jul 2026 | +25,074 | 105,023 |
| 7 Jul 2026 | +28,015 | 104,859 |
| 30 Jun 2026 | +27,368 | 108,964 |
| 23 Jun 2026 | +23,751 | 108,944 |
| 16 Jun 2026 | +24,544 | 107,721 |
| 9 Jun 2026 | +22,214 | 103,440 |
| 2 Jun 2026 | +23,926 | 102,809 |
| 26 May 2026 | +22,223 | 101,744 |
| 19 May 2026 | +24,671 | 100,751 |
| 12 May 2026 | +26,111 | 103,800 |
| 5 May 2026 | +23,892 | 96,932 |
| 28 Apr 2026 | +24,160 | 101,275 |
| 21 Apr 2026 | +23,720 | 115,462 |
| 14 Apr 2026 | +23,562 | 116,983 |
| 7 Apr 2026 | +23,417 | 115,138 |
| 31 Mar 2026 | +23,904 | 115,169 |
| 24 Mar 2026 | +24,673 | 113,164 |
| 17 Mar 2026 | +21,881 | 114,758 |
| 10 Mar 2026 | +24,578 | 115,458 |
| 3 Mar 2026 | +23,338 | 113,326 |
| 24 Feb 2026 | +22,260 | 125,454 |
| 17 Feb 2026 | +24,003 | 131,496 |
| 10 Feb 2026 | +22,955 | 133,641 |
| 3 Feb 2026 | +25,877 | 143,180 |
| 27 Jan 2026 | +23,703 | 156,637 |
| 20 Jan 2026 | +25,214 | 152,020 |
| 13 Jan 2026 | +32,060 | 151,513 |
| 6 Jan 2026 | +29,271 | 153,240 |
| 30 Dec 2025 | +30,063 | 157,391 |
| 23 Dec 2025 | +35,884 | 155,710 |
| 16 Dec 2025 | +36,352 | 152,921 |
| 9 Dec 2025 | +44,709 | 154,762 |
| 2 Dec 2025 | +38,519 | 150,832 |
| 25 Nov 2025 | +32,188 | 144,541 |
| 18 Nov 2025 | +34,016 | 153,295 |
| 10 Nov 2025 | +32,986 | 159,649 |
| 4 Nov 2025 | +33,221 | 155,257 |
| 28 Oct 2025 | +37,119 | 158,187 |
| 21 Oct 2025 | +37,259 | 169,418 |
| 14 Oct 2025 | +43,181 | 172,415 |
| 7 Oct 2025 | +46,217 | 166,474 |
| 30 Sep 2025 | +49,739 | 163,837 |
| 23 Sep 2025 | +52,276 | 165,805 |
| 16 Sep 2025 | +51,538 | 162,954 |
Source: CFTC Commitments of Traders (Legacy, futures only) — a US government work, public domain. Positions are measured Tuesday and published the following Friday at about 15:30 ET, so this report is always at least three days behind the market. Positioning describes how traders are placed; it is not a forecast.