Silver COT Report 10/5/12: Commercials Increase Net Shorts Another 31 Million Ounces!

Submitted by SD Contributor Marshall Swing:

Silver COT Report 10/5/12

Commercials added 1,337 longs on the week and a sizeable 7,518 shorts to end the week with 46.51% of all open interest, an increase of -1.25% in their share since last week, and now stand as a group at 289,200,000 ounces net short, which is an increase of another 30,905,000 net short ounces from the previous week

 

Large speculators piled on 2,458 longs and covered 1,650 short contracts increasing their net long position to 190,590,000 ounces, an increase in their net long position of over 20,000,000 ounces from the prior week.

 

Small speculators picked up 940 longs and covered 1,133 shorts for a net long position of 98,610,000 ounces an  increase of just over 10,000,000 ounces net long from the prior week.

 

While the commercials appear to have piled on the short positions this past reporting period, we see in the disaggregated commercials numbers that the accumulation of those short contracts was pretty evenly split between the producer merchant and the swap dealers.

 

As always, for your convenience, if you would like to contact the CFTC and express your views to them, I have provided you their phone numbers and I hope earnestly that you fill up their phone lines: http://www.cftc.gov/Contact/index.htm and email addresses as well:

 

[email protected]  Chairman Gensler

 

[email protected]  Commissioner Chilton

 

[email protected]  Commissioner Sommers

 

[email protected]  Commissioner O’Malia

 

[email protected]  Commissioner Wetjen

 

[email protected]  Director Meister

 

See you next week!

 

Marshall