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Craig Hemke at Sprott Money: Comex position changes and silver price analysis
By Craig Hemke
Sprott Money, Toronto
Tuesday, December 23, 2025
It has been a remarkable year for gold and silver prices, and there are myriad reasons to expect the gains to extend into 2026. For our final post of 2025, let's look at how bullion bank positioning has changed over the past few months and what that might imply going forward.
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Let's start with this: All the reports you've seen regarding J.P. Morgan "closing their short position in silver" are nothing but speculation.
No one knows if any one bank is buying or selling. The U.S. Commodity Futures Trading Commission doesn't report specific positions, and no bank will ever come out and tell you directly what they're doing. As such, we can speculate, guess, and use our accumulated experience to make assumptions, but we cannot make declarative statements.
Additionally, after the most recent U.S. government shutdown, the CFTC is still attempting to get caught up on its reporting. They're getting close, however, and that allows us to create this post, but we won't have an up-to-date commitment of traders report until New Year's Eve. ...
... For the remainder of the analysis:
https://www.sprottmoney.com/blog/comex-gold-position-changes-today
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