Managed Money is holding 19,156 long silver futures contracts against 6,558 shorts.
So hedge funds are no longer the part of the market that is positioned heavily against silver.
When people talk about a large short concentration in silver, it can sound as if the entire speculative market is betting on lower prices. But the current data show something different.
Managed Money is net long.
A large part of the short exposure is concentrated mainly on the commercial and swap dealer side.
Speculative funds are not heavily short, while short concentration remains elevated elsewhere in the market.
And at the same time, we still have the physical market, industrial demand, and a structurally tighter long-term silver supply picture.
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