COT Silver Report

Bullish

Managed Money is net long while Swap Dealers are net short, with price advancing and impulse accelerating.

What changed

• silver price change (Tue–Tue): 85.88 → 94.21 (+9.70%)
• Previous week price change: +6.64%

• Post-cutoff POC (2026-01-20 → 2026-01-23): 93.85
• Pre-cutoff POC (2026-01-13 → 2026-01-20): 88.22
• Managed Money net: +11,326 contracts (8.3% of OI)
• Swap Dealers net: -25,309 contracts (-21.2% of OI)
• Open Interest: 244,012 contracts (Δ +6,749)
• Share of OI: Managed Money long 8.3% vs Swaps short 21.2%
• Concentration: Largest 8-or-less held 38.5% of shorts.

Interpretation

• Price impulse accelerated versus prior week.
• Speculative net positioning expanded modestly relative to market size.
• Post-cutoff trading accepted higher prices than the COT inventory level.
• Price moved strongly with limited incremental speculative commitment.

Risk & Regime Context

• Risk profile: Bullish trend with healthy participation.
• Trend structure: The move is supported by new capital entering the market.
• Volatility regime: Volatility is expanding; continuation likely via wider ranges.
• Position saturation: Speculative positioning is balanced.