A post by @KobeissiLetter on X.

Speculative investors dumped $2.3 billion in silver futures over the five weeks ending November 3, per CFTC positioning data cited by The Kobeissi Letter, driven largely by $2.6 billion in new short positions that were only partly offset by $300 million in fresh longs. The swing marks a sharp reversal in sentiment for the precious metal, with bearish bets dominating flows despite lingering dip-buying interest. The scale of the short build matters because crowded positioning can amplify price moves if the market rallies and forces shorts to cover. Traders will watch the next CFTC report for whether the short accumulation extends or begins to unwind, alongside silver's spot price reaction to the positioning extreme.