CFTC: COMEX silver speculators cut net long position by 1,544 contracts to 12,632

The reduction in COMEX silver speculative net length matters less for its size than for its direction: it shows leveraged accounts trimming exposure rather than adding it, even as broader precious-metals narratives remain in play. Positioning data is backward-looking, so the more telling signal is whether this marks the start of a sustained unwind or a one-week pause. Whether speculative net length stabilizes or continues to slide is the open question.