Commercial Hedgers just hit their most extreme net short position ever in silver futures.
Just 5 weeks ago, on March 28, we noted that the so-called “smart money” commercial hedgers had reached their largest net short position in silver futures in more than a decade. Well, for us to dedicate another post to this situation within such a short time frame, there had to be either a massive reversal in that positioning, or a further expansion in shorts to an all-time record. As the title suggests, the latter is the inspiration for this post.
Specifically, as of Tuesday, April 26, commercial hedgers held a net short position of 91,302 silver futures contracts. Since the CFTC began reporting the Commitment Of Traders’ data in 1986, that is their largest net short position on record. Of course, on the other side of that position, we find the non-commercial speculators holding a record net long position of 78,773 contracts.
