Silver
Liquidation Riskmetals · Last COT: 2026-04-14
+3.13 (+4.0%)
31.99 — 100.93
WoW: +872 (+8.4%)
WoW: -1,186 (-7.6%)
WoW: -32 (-0.1%)
Based on 52 observations
Based on 105 observations
Week 16 · 21y avg
21 years of data
Price Context
Price is mid-range (68%) with neutral positioning (12th percentile) — no strong signal from the price-COT relationship.
Report Date Price
+2.33 (+3.05%) WoW
52-Week Range
68%
Divergence
No DivergenceSeasonality
Macro Context
A falling dollar makes gold and silver cheaper for foreign buyers, supporting prices. A rising dollar is a headwind for precious metals.
Rising yields increase the opportunity cost of holding non-yielding metals like gold. Falling yields are bullish for precious metals.
Higher short-term rates signal tighter Fed policy, which historically pressures gold. Lower rates ease monetary conditions and support metals.
Elevated volatility drives safe-haven demand into gold and silver. Low VIX reflects complacency and reduces the urgency to hold precious metals.
Disaggregated Signals
MM Spread Ratio
15.0%
Normal
Producer 52-wk %ile
84.6%
Obs: 52
Producer 105-wk %ile
92.4%
Obs: 105
Conviction & Spread Analysis
Change Decomposition
Latest: Longs AddedRetail vs Smart Money
Retail Z-Score: -1.23Concentration Risk
Risk spreading — position becoming less fragileConcentration Ratio — Last 52 Weeks
Dual Normalization (Z-Score vs % OI)
PartialRecent-cycle context
105-wk rolling
Cross-cycle view
Cross-cycle view
Last 52 Weeks
| Date | MM Net | Producer Net | Swap Net | Open Interest | 52-wk %ile | 105-wk %ile | Z-Score | WoW Chg |
|---|---|---|---|---|---|---|---|---|
| 2026-04-14 | +11,270 | -16,756 | -23,377 | 116,983 | 25.0% | 12.4% | -1.57 | +872 (+8.4%) |
| 2026-04-07 | +10,398 | -15,570 | -23,345 | 115,138 | 19.2% | 9.5% | -1.68 | -868 (-7.7%) |
| 2026-03-31 | +11,266 | -15,492 | -23,365 | 115,169 | 21.2% | 10.5% | -1.65 | +108 (+1.0%) |
| 2026-03-24 | +11,158 | -15,242 | -25,046 | 113,164 | 19.2% | 9.5% | -1.70 | +1,511 (+15.7%) |
| 2026-03-17 | +9,647 | -14,797 | -23,561 | 114,758 | 13.5% | 6.7% | -1.88 | -642 (-6.2%) |
| 2026-03-10 | +10,289 | -16,153 | -25,424 | 115,458 | 15.4% | 7.6% | -1.87 | +2,523 (+32.5%) |
| 2026-03-03 | +7,766 | -15,015 | -24,951 | 113,326 | 9.6% | 4.8% | -2.12 | -757 (-8.9%) |
| 2026-02-24 | +8,523 | -16,675 | -24,405 | 125,454 | 9.6% | 5.7% | -1.99 | +2,555 (+42.8%) |
| 2026-02-17 | +5,968 | -15,883 | -26,464 | 131,496 | 5.8% | 4.8% | -2.20 | +1,399 (+30.6%) |
| 2026-02-10 | +4,569 | -16,790 | -25,373 | 133,641 | 1.9% | 2.9% | -2.23 | -414 (-8.3%) |
| 2026-02-03 | +4,983 | -18,267 | -27,458 | 143,180 | 1.9% | 3.8% | -2.14 | -2,716 (-35.3%) |
| 2026-01-27 | +7,699 | -21,213 | -22,843 | 156,637 | 1.9% | 5.7% | -1.91 | -2,247 (-22.6%) |
| 2026-01-20 | +9,946 | -19,756 | -26,633 | 152,020 | 1.9% | 6.7% | -1.67 | -3,846 (-27.9%) |
| 2026-01-13 | +13,792 | -25,511 | -29,781 | 151,513 | 1.9% | 7.6% | -1.33 | -2,030 (-12.8%) |
| 2026-01-06 | +15,822 | -25,545 | -26,146 | 153,240 | 3.8% | 10.5% | -1.15 | +1,814 (+12.9%) |
| 2025-12-30 | +14,008 | -26,074 | -24,188 | 157,391 | 1.9% | 8.6% | -1.30 | -7,600 (-35.2%) |
| 2025-12-23 | +21,608 | -24,229 | -30,038 | 155,710 | 13.5% | 18.1% | -0.67 | -279 (-1.3%) |
| 2025-12-16 | +21,887 | -25,373 | -29,818 | 152,921 | 15.4% | 19.0% | -0.64 | -3,888 (-15.1%) |
| 2025-12-09 | +25,775 | -28,837 | -31,990 | 154,762 | 28.8% | 32.4% | -0.30 | +6,801 (+35.8%) |
| 2025-12-02 | +18,974 | -26,739 | -29,900 | 150,832 | 5.8% | 15.2% | -0.86 | -87 (-0.5%) |
| 2025-11-25 | +19,061 | -24,193 | -29,075 | 144,541 | 5.8% | 15.2% | -0.86 | -1,173 (-5.8%) |
| 2025-11-18 | +20,234 | -23,552 | -29,874 | 153,295 | 7.7% | 17.1% | -0.76 | -3,306 (-14.0%) |
| 2025-11-10 | +23,540 | -23,321 | -27,987 | 217,297 | 19.2% | 24.8% | -0.47 | +4,383 (+22.9%) |
| 2025-11-04 | +19,157 | -22,607 | -30,057 | 155,257 | 5.8% | 18.1% | -0.80 | -2,742 (-12.5%) |
| 2025-10-28 | +21,899 | -23,520 | -32,065 | 158,187 | 7.7% | 20.0% | -0.56 | +4,687 (+27.2%) |
| 2025-10-21 | +17,212 | -23,490 | -33,747 | 169,418 | 3.8% | 19.0% | -0.91 | -5,826 (-25.3%) |
| 2025-10-14 | +23,038 | -26,013 | -38,642 | 172,415 | 9.6% | 23.8% | -0.44 | -4,455 (-16.2%) |
| 2025-10-07 | +27,493 | -24,038 | -44,648 | 166,474 | 26.9% | 41.0% | -0.08 | -7,428 (-21.3%) |
| 2025-09-30 | +34,921 | -26,823 | -44,267 | 163,837 | 57.7% | 65.7% | 0.49 | -2,178 (-5.9%) |
| 2025-09-23 | +37,099 | -28,823 | -43,932 | 165,805 | 65.4% | 72.4% | 0.66 | +1,293 (+3.6%) |
| 2025-09-16 | +35,806 | -27,925 | -43,464 | 162,954 | 59.6% | 70.5% | 0.58 | -49 (-0.1%) |
| 2025-09-09 | +35,855 | -27,944 | -45,458 | 156,703 | 59.6% | 71.4% | 0.60 | -2,915 (-7.5%) |
| 2025-09-02 | +38,770 | -29,721 | -44,476 | 158,368 | 67.3% | 79.0% | 0.82 | +5,799 (+17.6%) |
| 2025-08-26 | +32,971 | -24,498 | -43,787 | 158,630 | 50.0% | 61.0% | 0.43 | +4,925 (+17.6%) |
| 2025-08-19 | +28,046 | -22,577 | -44,098 | 158,477 | 30.8% | 47.6% | 0.10 | +766 (+2.8%) |
| 2025-08-12 | +27,280 | -23,010 | -43,411 | 156,432 | 28.8% | 47.6% | 0.07 | -2,543 (-8.5%) |
| 2025-08-05 | +29,823 | -28,811 | -43,417 | 161,262 | 36.5% | 52.4% | 0.25 | -13,201 (-30.7%) |
| 2025-07-29 | +43,024 | -30,222 | -48,707 | 170,329 | 78.8% | 89.5% | 1.14 | -990 (-2.2%) |
| 2025-07-22 | +44,014 | -29,827 | -49,400 | 173,679 | 82.7% | 91.4% | 1.22 | +808 (+1.9%) |
| 2025-07-15 | +43,206 | -30,369 | -49,279 | 171,474 | 82.7% | 91.4% | 1.18 | +450 (+1.1%) |
| 2025-07-08 | +42,756 | -27,271 | -52,324 | 162,803 | 82.7% | 91.4% | 1.18 | -2,171 (-4.8%) |
| 2025-07-01 | +44,927 | -30,152 | -54,388 | 163,567 | 86.5% | 93.3% | 1.35 | -184 (-0.4%) |
| 2025-06-24 | +45,111 | -34,485 | -47,992 | 174,613 | 88.5% | 94.3% | 1.39 | -3,754 (-7.7%) |
| 2025-06-17 | +48,865 | -36,473 | -49,475 | 184,831 | 98.1% | 99.0% | 1.67 | +932 (+1.9%) |
| 2025-06-10 | +47,933 | -36,562 | -49,099 | 174,281 | 98.1% | 99.0% | 1.65 | +3,100 (+6.9%) |
| 2025-06-03 | +44,833 | -33,435 | -45,706 | 163,347 | 92.3% | 96.2% | 1.48 | +11,621 (+35.0%) |
| 2025-05-27 | +33,212 | -31,302 | -38,975 | 147,555 | 63.5% | 72.4% | 0.70 | +2,767 (+9.1%) |
| 2025-05-20 | +30,445 | -30,792 | -35,987 | 141,451 | 46.2% | 63.8% | 0.52 | +2,112 (+7.5%) |
| 2025-05-13 | +28,333 | -30,447 | -35,733 | 138,262 | 36.5% | 59.0% | 0.38 | -1,549 (-5.2%) |
| 2025-05-06 | +29,882 | -30,699 | -37,104 | 140,261 | 42.3% | 62.9% | 0.49 | -856 (-2.8%) |
| 2025-04-29 | +30,738 | -30,999 | -38,265 | 152,669 | 44.2% | 66.7% | 0.55 | +4,847 (+18.7%) |
| 2025-04-22 | +25,891 | -30,927 | -33,447 | 146,923 | 26.9% | 53.3% | 0.22 | +2,339 (+9.9%) |
Who Is Holding
Weekly holder positioning stacked by net size in contracts
Each holder is merged to a net position, then stacked from the largest holder at the bottom to the smallest at the top.