What is the Silver COT report?

It is the weekly CFTC Commitments of Traders breakdown for Silver (COMEX): how many long and short futures contracts each group of large traders held as of the prior Tuesday, published the following Friday.

How do you read Silver net positioning?

Net position is long contracts minus short contracts for one trader group. A positive net means the group leans bullish; the weekly change matters more than the raw level.

What does the Silver COT index mean?

The COT index rescales a group's net position 0-100 against its own high and low over the chosen lookback. Above 80 is close to the most bullish that group has been; below 20 is close to the most bearish.

What is a bearish divergence in Silver?

A bearish divergence is Silver futures (front month) making new highs while the tracked trader group reduces its net long position — the rally is losing the sponsorship of the money that usually drives it.

Silver (COMEX)

Silver positioning

Price series: Silver futures (front month) · positions as of Tuesday Jul 28, 2026, published Friday Jul 31, 2026

Last weekly close · Silver futures (front month)

57.59

Managed money net position (contracts)

9,182

No signalJun 2, 2026 → Jul 28, 2026 · 8-week window

Neither price nor positioning has moved enough this window to say anything.

Price vs positioning (contracts)

Price on top, and what the big traders were holding underneath it.

Price — Silver futures (front month)

Net position (contracts) — Net position = long contracts minus short contracts. Above the zero line = net long.

Signal classification tracks bullish divergencebearish divergenceconvergence (healthy trend)

COT Index

0–100 · vs last 3 years

How extreme today's positioning is compared with this group's own history.

Each group's current net position, rescaled 0–100 against its own high and low over the selected lookback. 0 = most bearish it has been in that window, 100 = most bullish. Unitless by design, so markets of very different sizes can be compared.

Non-commercial (large specs)24 · neutral

Leaning short, but not yet at an extreme.

Commercial (hedgers)75 · neutral

Leaning long, but not yet at an extreme.

Managed money31 · neutral

Leaning short, but not yet at an extreme.

Producers / merchants98 · stretched long

Near the most bullish this group has been in the window.

Swap dealers47 · neutral

Middle of its own historical range — nothing stretched.

0 · most bearish50 · mid-range100 · most bullish

COT Index = ((Current − Min) / (Max − Min)) × 100, over the last 3 years

Managed money — COT index history (0–100, rolling 3 years window)

Gap & Gap Index

contracts · index 0–100

How far apart two trader groups are right now.

Gap = group A's net position minus group B's, measured in contracts. The Gap Index rescales that difference 0–100 against its own last 3 years: 0 = the two groups as close together as they get, 100 = as far apart as they get.

Gap Index · vs last 3 years

The two groups are as closely aligned as they have ever been.

Current gap (contracts)

+22,211 contracts

Left axis: gap in contracts (positive = Managed money is more net long than Producers / merchants). Right axis: gap index, 0–100. Gap tracks Managed money − Producers / merchants.

Latest week by category

What each trader group was holding in the most recent report.

Positions as of Tuesday Jul 28, 2026, published Friday Jul 31, 2026, compared with the prior weekly report. Positive net = net long; negative net = net short. COT index is measured over the last 3 years.

Category	Long (contracts)	Short (contracts)	Net (contracts)	Weekly change (contracts)	COT index (0–100, 3y)
Non-commercial (large specs)	35,314	13,097	22,217	-1,248	24
Commercial (hedgers)	32,507	71,316	-38,809	+1,644	75
Managed money	17,939	8,757	9,182	-2,100	31
Producers / merchants	5,958	18,987	-13,029	+15	98
Swap dealers	21,705	47,485	-25,780	+1,629	47

Signal log — Managed money

Every past signal in this market, and what price did afterwards.

Every rolling 8-week window classified as a bullish or bearish divergence, or as convergence where price and positioning agree. Price change is in percent; net change is in contracts.

Each row covers one stretch of weekly reports: the % is the price change over that stretch, the net figure is the change in the group's net position, in contracts.

Convergence — healthy downtrendMay 12, 2026 → Jul 7, 2026price -22.5% · net position -2,560 contracts
Bullish divergenceApr 21, 2026 → Jun 30, 2026price -18.3% · net position +4,914 contracts
Convergence — healthy uptrendMar 17, 2026 → May 12, 2026price +11.2% · net position +6,114 contracts
Bullish divergenceJan 27, 2026 → Apr 28, 2026price -3.0% · net position +2,907 contracts
Convergence — healthy downtrendJan 13, 2026 → Mar 10, 2026price -8.1% · net position -3,503 contracts
Bearish divergenceNov 4, 2025 → Mar 3, 2026price +74.6% · net position -11,391 contracts
Convergence — healthy uptrendOct 14, 2025 → Dec 16, 2025price +34.1% · net position -1,151 contracts
Bearish divergenceAug 19, 2025 → Dec 2, 2025price +49.8% · net position -9,072 contracts
Convergence — healthy uptrendAug 5, 2025 → Sep 30, 2025price +23.9% · net position +5,098 contracts
Bearish divergenceJun 3, 2025 → Sep 23, 2025price +28.3% · net position -7,734 contracts
Convergence — healthy uptrendApr 8, 2025 → Jul 22, 2025price +19.9% · net position +21,329 contracts
Bearish divergenceApr 1, 2025 → May 27, 2025price +13.0% · net position -7,807 contracts

Source: CFTC Commitments of Traders — positions as of Tuesday, published the following Friday. All position figures are futures contracts unless the % of open interest view is selected. Positioning is a sentiment tool, not a timing signal. Not investment advice.