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The CFTC disaggregated Commitments of Traders report for the week ending July 5 showed money managers lowered their speculative gross long positions in Comex gold futures by 7,378 contracts to 103,472. At the same time, short positions rose by 11,690 contracts to 86,438. While some analysts have said that gold continues to hold up relatively well in the current environment, other analysts are not ruling out further downside.
Silver's positioning is net short 8,745 contracts. This is silver's biggest short positioning since June 2019. During the survey period, silver prices dropped significantly to $19.12 an ounce, its lowest price since July 2020.