CFTC: Gold net longs fall to 19-week low, silver to 2-year low

The breadth of the decline across gold, silver, copper and platinum points to a broad reduction in speculative positioning in metals rather than a single-market story, which makes the palladium outlier more notable. Silver's drop to a multi-year low stands out as the sharpest signal of conviction draining from a market that typically carries more speculative heat. Whether palladium's rise reflects a genuine rotation within the complex or a narrow, isolated move is the open question worth watching.