In the Commitment of Traders data tied to COMEX and reported by the CFTC, banks appear within the Commercial category. Across full market cycles, that category remains weighted net short silver futures.

After sharp selloffs, commercials reduce shorts through covering, which can make their position appear neutral or lightly reduced relative to prior extremes. This is often misread as banks “going long.” In reality, it reflects the removal of excess short exposure, not the establishment of meaningful long futures positions.

Courtesy of the Morgan Report

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