The Set-Up in Silver: Even More Incandescently White-Hot Bullish

Despite the fact that silver rose around $15 during the holiday-shortened reporting week, I was amazed but happy to see that the Big 4 shorts…two of which are U.S. banks…manage to reduce their short position. In fact, it may have been their short covering that drove silver’s price higher during the reporting week.

I have no record or memory of the Big 8 holding such a tiny short position when Ted’s raptors were only net long this small amount. In the ‘old days’ many years back, it was common to see them net long silver by 20-40,000 contracts at this point in the price cycle.

Like it was with last week’s COT report…from a COMEX futures market perspective, the set-up for silver remains incandescently white-hot bullish.