The latest Commitments of Traders report was released, covering positions through Tuesday

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers established one new extreme this week, and it's notable. For only the 3rd time in history, hedgers moved to a net long position in silver futures. Because these traders use the futures market to hedge their underlying business risk, it's unusual to see them take an outright net long position in almost any contract. When they do, there is a long track record of that commodity rising in price over the next 6-12 months. The Backtest Engine shows that after the other two instances in August 2018 and May 2019, silver rose about 20% over the next year. They're also long platinum, which was a bad guide in 2001, but otherwise had a good track record of preceding gains in that metal in the months ahead. Hedgers are quickly building up a long position in 10-year Treasury futures again, a decent but no means perfect sign for bond bulls. They pulled back a bit in their record long position in S&P 500 e-mini contracts. This is typically a positive sign for stocks and has been nearly perfect since the 2008 financial crisis.