Silver (XAGUSD) — COT positioning
Net large-speculator positioning from the CFTC's weekly report, with 3-year percentile context. 208 weekly reports tracked.
Report week: 2026-06-30
Net positioning · % of open interest
Hover for weekly detail. Zero line = balanced large-speculator book. Price (right axis) for context.
How to read this
As of the 2026-06-30 CFTC report, large speculators (leveraged / managed money — the closest public proxy for institutional and hedge-fund positioning) are net long Silver (XAGUSD), at the 38th percentile of the last 3 years — leaning bullish but not at a historical extreme.
Less useful as a standalone contrarian signal right now than when it's near the top or bottom of its 3-year range. Watch the week-to-week direction instead.
Central-bank policy rates on the chart
Toggle each central bank on or off in the chart legend (they're on by default). All rate lines share one axis, so the gap between two banks is the rate differential (carry) — a primary driver of FX positioning.
| Fed | Federal Reserve — US policy rate (Fed funds) |
Source: US Federal Reserve data (FRED). Fed/ECB/BoE are daily; BoJ/BoC/RBA/RBNZ are monthly interbank proxies that track the policy rate closely. Switzerland (SNB) is omitted — no current free series.
What each metric means
| Net position | Long contracts minus short contracts held by large speculators (leveraged money / managed money). Positive = net long the pair as quoted, negative = net short. The raw headline number; not comparable across instruments (contract sizes differ). |
| % of open interest | Open interest is the total number of futures contracts open in that market — the size of the whole table. This metric is the net speculator position as a share of that total. Example: +30,000 net-long contracts in a 300,000-contract market = +10%; if the market later grows to 600,000 with the same bet, it drops to +5% (same bet, half the weight). That's why the % — not the raw contract count — is comparable across time (and roughly across instruments). This is what the chart plots. |
| 3-year percentile | Where the latest %-of-OI reading ranks against the last ~156 weekly reports (3 years). 50 = exactly the middle of its usual range. |
| Week-over-week | Change in net position vs the prior week's report -- shows whether the crowd is adding to or trimming the current bias. |
Reading the percentile
| 0–10 | Extreme short. Large speculators are about as net-short as they've been in 3 years. Historically a zone where downside momentum has been more likely to stall than accelerate -- but strong trends can sit here for months. |
| 10–30 | Leaning short. Below-average bearish tilt. Directional, not extreme. |
| 30–70 | Neutral range. Positioning is unremarkable -- not a useful standalone contrarian signal right now. |
| 70–90 | Leaning long. Above-average bullish tilt. Directional, not extreme. |
| 90–100 | Extreme long. As crowded long as large speculators have been in 3 years -- the mirror case of extreme short. |