CFTC: COMEX gold spec net longs fall 3,107 lots to 104,297

The pullback spans all three metals, but the scale differs sharply: copper's reduction is proportionally the largest, while silver's net long sits near a marginal level where small weekly shifts carry outsized signal. That breadth suggests positioning was trimmed across the complex rather than rotated between metals. Whether this reflects a one-week pause or the start of a sustained unwind is the open question, with the next few CFTC reports the clearest test.