The short silver trade is becoming crowded. Silver's 3-month silver put-call skew is up to -3 points, its highest level since early July. This metric measures the relative cost of put options to call options and is up +10 points over the last 4 weeks, signaling growing demand for bearish bets on silver prices. Over the last 12 months, this metric has been higher only 2% of the time. Meanwhile, speculative investors, including hedge funds and commodity trading advisers (CTAs), sold -$2.2 billion in silver futures over the 3 weeks ending October 13th. As a result, their net long positioning is down to just +$1.7 billion, the lowest in at least 2 years. For perspective, this metric stood at +$8.5 billion in December 2025. Investors are extremely bearish on silver.