One number in the latest COT report caught my attention even more than the changes in long and short positions.
Open interest in COMEX Silver fell by 9,439 contracts to 104,362 in a single week.
That is roughly −8.3% in one week.
Open interest shows how many futures contracts remain open in the market. When it drops this sharply, it means a significant number of existing positions have been closed.
A decline of this size can point to leverage and speculative positions being flushed out of the market. After a period of higher volatility, that often looks like a meaningful reset on both sides.
And silver is exactly the kind of market where these shifts can happen fast.
A strong move can attract speculative capital very quickly — and force it back out just as fast.
What I would watch next is whether open interest starts rising again alongside a new price move. That would tell us much more about who is coming back into the market and how strong the new positioning really is.
For now, the message is simple:
Nearly 9,500 open contracts disappeared from COMEX Silver in one week.
That is a pretty significant reset.
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