April 2, 2018 -- Precious metals markets enter second quarter trading in search of support levels after posting across the board declines last week. The Good Friday holiday that shortened the trading week may have prevented even steeper weekly declines, and prices are up this morning.

Sentiment toward precious metals among futures speculators is quite bearish at the moment, particularly in the silver market. According to the latest Commitment of Traders report, large speculators (mainly hedge funds) have taken out their largest net short positions in silver since the mid 1990s.

For contrarians, that may be taken as a sign that the recent selling pressure is overdone and silver is due for a bounce. The potential certainly exists for a massive short squeeze in the weeks ahead, though for now the bears remain in the driver’s seat. The impetus will be on the bulls to finally push prices through stubborn upside resistance levels.



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