To: Secret_Agent_Man who wrote (219393 ) 1/16/2026 9:37:48 AM From: Secret_Agent_Man Read Replies (1) | Respond to Here’s the actual CFTC Bank Participation Report (BPR) data for COMEX silver futures that you asked to interpret — showing how U.S. banks vs. non-U.S. banks were positioned as of the most recent reporting cycle (January 6, 2026): CFTC Bank Participation Report – COMEX Silver Futures (January 6, 2026) ?? U.S. Banks (5 reporting) Long futures : 16,146 contracts (~80.7 M oz) Short futures : 15,099 contracts (~75.5 M oz) Net position : Net long ˜ 1,047 contracts (~5.2 M oz) ?? Non-U.S. Banks (16 reporting) Long futures : 9,577 contracts (~47.9 M oz) Short futures : 50,766 contracts (~253.8 M oz) Net position : Net short ˜ 41,189 contracts (~206 M oz) ?? Combined Net (U.S. + non-U.S.) U.S. banks net long; non-U.S. banks net short, driving the aggregate banks’ net short position . Total banks holding silver futures for BPR purposes: 21 reporting . ?? How to Read These Figures 1) Net Position Explanation Each COMEX silver futures contract = 5,000 oz of silver. So: U.S. banks’ net long ˜ ~5.2 million oz (1,047 contracts × 5,000 oz). Non-U.S. banks’ net short ˜ ~206 million oz (41,189 contracts × 5,000 oz). 2) What This Means in Market Structure U.S. banks (as a group) have flipped to a net long position in silver futures. This aligns with market commentary that big U.S. banks (especially JPMorgan and others) have reduced or eliminated their net short futures exposure. Non-U.S. banks remain strongly net short , representing the lion’s share of short futures exposure in this data snapshot. ?? Key Takeaways ? U.S. Banks are Net Long COMEX Silver A few U.S. banks now show a net long position in COMEX silver futures. This is historically notable because for many years U.S. banks as a group tended to be net short in silver futures — a positioning that has now reversed. ? Non-U.S. Banks Hold Most of the Net Short Exposure The significant net short (˜206 M oz equivalent) sits with non-U.S. banks. These positions may include futures held by large bullion banks based in Europe, Asia, and other jurisdictions, but the BPR does not disclose individual bank names . ?? This Report Doesn’t Identify “Who Bought From JPMorgan” The CFTC BPR does not show specific counterparties — it only aggregates positions into two categories: U.S. banks and non-U.S. banks . The data shows that U.S. banks’ short positions disappeared and turned into net long positions, while non-U.S. banks hold most of the remaining net shorts — it does not imply a direct sale from JPMorgan to a named party like UBS . ?? Summary in Plain Terms U.S. Banks Long: 16,146 Net long ~1,047 contracts (~5.2 M oz) Short: 15,099 Non-U.S. Banks Long: 9,577 Net short ~41,189 contracts (~206 M oz) Short: 50,766 Total Bank Reported Positions 21 banks Aggregate net short remains, driven by non-U.S. banks
Net long status for U.S. banks in COMEX silver futures. Major short burdens among non-U.S. banks . No direct allocation of JPMorgan’s former shorts to named EU banks in public data . If you want, I can also chart how these U.S. vs. non-U.S. bank silver positions have changed over time (e.g., last several months) to show the trend visually.
