COMEX Futures for Silver Near Extreme Bullish Levels

Just below is a holiday look at the COMEX silver futures positioning as of the December 23 Commodity Futures Trading Commission (CFTC) commitments of traders (COT) report, for data as of Tuesday, December 20. We are at a remarkable and very unusual condition that can only occur after a very large change the price structure with one-sided sentiment and with unenthusiastic Spec trader expectations.  Very short term, expect anything, but longer term this COT setup is about as bullish as they come.  A tremendous amount of bull-side “horsepower” is resting on the sidelines of the New York futures bourse. It’s the largest combined commercial traders least net short silver since 2001, when silver traded for $4.20 the ounce.

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