That might be but SLV is at its highest short position ever. Now contracts can be put in place at a minutes notice. Right now as it shows on Short interest Data SLV is 12.5 mil shares short. I doubt they are going to turn tales and cover. I suspect we will go up a bit from here as we are now in a new option month but then will be shorted again. I would not suggest to anyone to bother playing in this market. Only buy real silver on a monthly basis and eventually your avg will be lower then what its going to be forced one day to sell for. For now its still MANIPULATE until you can't.
SLV short positions is irrelevant. The price only follows silver futures.
Normally, large short positions of a stock is a positive. Take TSLA, it keeps getting shorted to record prices. SLV short positions does not mean anything.
All silver major bottoms were preceded with commercial traders closing their short positions.
This is a very positive sign, along with China buying so many gold and silver mines.
So what does that mean wrt forecasting silver price swings? Silver has been in a major bear market for over two years and we're still seeing lower lows and lower highs. We start looking cheap under $20 and back in the old range before the parabolic rise occurred, but if you're buying on weakness like me you use caution and go in lightly. Technicals say we could just keep rolling lower. The thing to keep in mind is that we have gotten many 7 to 10 point bounces or counter-trend rallies on the way down. We probably keep seeing counter-trend rallies pop up even if we remain in the bear market. We are due for another rally soon, but soon could be in another couple months!