Positioning · retail sentiment · read at 08:31 UTC on 12 November 2026
Silver retail sentiment: long vs short
As of 08:31 UTC on 12 November 2026, 88% of retail traders are long silver and 12% short, a long/short ratio of 7.33. A week earlier, on 5 November, 88% were long, so the crowd is about where it was this week.
The long share over 120 days
Over the 120 days the terminal holds (since 11 July), the long share has run from 51% to 91%; today's reading is higher than on 55% of those days.
The COT view beside it
Speculators in silver futures are net long 4,035 contracts (CFTC, positions at 3 Nov), at the 2nd percentile of their own range. Silver COT positioning
Speculators in US dollar futures are net long 3,311 contracts (CFTC, positions at 3 Nov), at the 72nd percentile of their own range. US Dollar COT positioning
Retail shows the crowd at retail brokers; the CFTC report shows speculators in futures, weekly. The two often sit on opposite sides. This week's full report: the COT report.
Questions
Are retail traders long or short silver?
As of 08:31 UTC on 12 November 2026, 88% of retail traders are long silver and 12% short, a long/short ratio of 7.33. The crowd leans long, 88% on one side.
How has silver retail sentiment changed this week?
A week earlier, on 5 November, 88% were long, so the crowd is about where it was this week.
Is silver retail positioning extreme?
Over the 120 days the terminal holds (since 11 July), the long share has run from 51% to 91%; today's reading is higher than on 55% of those days. That is inside its recent range rather than at an edge of it.
What does the COT report say about silver?
Speculators in silver futures are net long 4,035 contracts (CFTC, positions at 3 Nov), at the 2nd percentile of their own range. Speculators in US dollar futures are net long 3,311 contracts (CFTC, positions at 3 Nov), at the 72nd percentile of their own range.
How do traders read retail sentiment?
Many traders read it as a contrarian gauge: a crowd leaning heavily one way has often been on the wrong side of the move that follows, and is the side forced out when price runs against it. It is a description of positioning, not a signal. In WatchTower Terminal's composite score retail positioning is read that way, at a weight of 10%, alongside CFTC positioning, rates and research.
More on silver: XAGUSD analysis · Silver seasonality · Silver outlook · Silver COT positioning · US Dollar outlook · US Dollar COT positioning · Fed rate expectations · US economic surprises
Aggregated retail broker positioning, read every 20 minutes in the terminal; this page is rebuilt through the day. Not financial advice.