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

The 3-Year Min/Max Screen shows that "smart money" commercial hedgers continued a rather drastic amount of short-covering in metals, especially gold and even more so, silver. In silver, hedgers are now holding less than 6% of open interest net short, the least in three years. The Backtest Engine shows that silver showed gains during the next three months after 23 out of 30 weeks when commercials held this few shorts. The losses were all relatively small for such a volatile market. They've started to cover heavy bets against the U.S. dollar, typically what happens as the dollar is peaking, which would further support metals prices. Hedgers have more aggressively sold down their large net long position in 10-year Treasuries but continue to add or hold to large net longs in major equity index futures, especially the S&P 500 mini contract and Russell 2000.