In an ‘all one market’ signal, gold, silver and copper are contrary constructive, bullish and bullish respectively by sentiment/positioning in the Commitments of Traders
Gold improved this week from an already okay alignment as large Specs sold and shorted, Commercials covered shorts and bought and little guys net shorted. Not bad. From CFTC…
Silver was already very bullish by the contrary CoT view and now it is even more so.
Here is how silver looked before this week when large Specs net shorted, Commercials net short covered and little guys net shorted.
And then there is cyclical Doctor Copper already with an even more bullish CoT structure than silver (Commercials are heavily long and Specs quite short with the little guy in a bunker somewhere), making another positive move this week. ‘Hmmm’ I say. This bears some thinking about because if the macro is going counter-cyclical these three likely will not rally or drop together for too long.
Take the above as an FYI.
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I’d argue that silver’s CoT is more bullish than copper’s. Based not on comparison of two, but comparing each with its respective readings over past 10 years.
PM speculators are generally not in a hurry with silver, because silver often has its largest moves at the later stages of the pm bull. Maybe this will be the case again. But silver is currently trading 60% or so below its ATH. I don’t think there are many metals or commodities trading 60% or more below their ATH.