Investor positioning in silver is experiencing violent swings: Speculative investors sold -$2.3 billion in silver futures over the 5 weeks ending November 3rd, according to CFTC data. This was driven by -$2.6 billion in new short positions, partially offset by +$300 million in new longs. Hedge funds and commodity trading advisers (CTAs), alongside smaller traders such as retail investors, accounted for most of the sales, with each group reducing exposure to silver futures by ~$1.4 billion. As a result, aggregate net long speculative positioning fell to +$8.0 billion, its lowest since January 2025. Since its January 2026 peak, this figure has dropped by more than -$16.0 billion. Are investors overly bearish on silver?