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Ted Butler: A big development in silver
By Ted Butler
SilverSeek.com
Thursday, February 1, 2024
A recent development in Comex silver futures positioning has been unusual enough that I didn't detect it at first, because it has been somewhat gradual. Over the past five reporting weeks, from the commitment-of-traders report as of Dec. 19, 2023, to the most recent report as of January 23, 2024, the number of long traders in the Other Large Reporting Traders category has increased by 29 traders, from 49 to 78 traders -- which I believe is both the largest increase and largest number of long traders in this category ever.
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I didn't pick up immediately on what is a rather radical development because the sharp increase in the number long traders in the Other Large Reporting Traders category was gradual, increasing by around six traders each week for the past five reporting weeks.
The total number of gross longs in this category added over the past five reporting weeks was close to 6,000 contracts (30 million ounces), and looking at the data every which way, indicates to me that the average holding per each new trader is quite close to 200 contracts each or a nice round 1-million-ounce silver equivalent. ...
... For the remainder of the analysis:
https://silverseek.com/article/big-new-development
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