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Silver Open Interest Reaches Six-Year High on Short Bets

Tuesday, September 23rd

Holdings in New York silver contracts reached the highest in more than six years after investors added to bets that the metal will extend its slump as prices fell to the lowest since 2010.

Open interest in Comex futures rose 3.4 percent last week week to 176,501 contracts, the highest since February 2008, the latest exchange data compiled by Bloomberg show. Combined holdings in futures and options is at the highest in almost 17 months, U.S. government data show.

Money managers boosted their short wagers for eight straight weeks, the longest streak since April 2013, when the metal tumbled into a bear market. Long holdings are at a three-month low, leaving investors net-short for the first time since June. Prices are heading for a third month of losses amid the outlook for higher U.S. borrowing costs and as economic growth cools in China, the world’s top metals user.

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