# Gold–silver positioning spread | PIER20 benchmarks

Is speculative positioning in gold more extended than in silver, or vice versa?

The gold–silver positioning spread takes the Managed Money Net/OI for gold and silver, ranks each against its own trailing five-year history, and subtracts the silver percentile from the gold one. A positive spread means gold positioning is more extended relative to its own past than silver: speculators are more bullish on gold than silver by relative conviction. The spread is the precious-metals version of the curve spread: is the positioning pressure on gold or silver?

As of **4 August 2026**, the latest readings are Gold managed-money percentile at **90.61 percentile points** and Silver managed-money percentile at **41.95 percentile points**. The Gold managed-money percentile line is up 1.9 pp over the past year and above its long-run median of 41.19 percentile points.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Gold managed-money percentile | 50.48 | 90.61 | 0.50 | 99.50 |
| Silver managed-money percentile | 43.75 | 41.95 | 0.50 | 99.50 |

## Last 24 readings

| Date | Gold managed-money percentile | Silver managed-money percentile |
|---|---|---|
| 24 Feb 2026 | 61.88 | 26.63 |
| 3 Mar 2026 | 64.94 | 27.01 |
| 10 Mar 2026 | 64.18 | 33.14 |
| 17 Mar 2026 | 66.48 | 30.08 |
| 24 Mar 2026 | 58.81 | 35.82 |
| 31 Mar 2026 | 68.39 | 35.82 |
| 7 Apr 2026 | 67.62 | 33.91 |
| 14 Apr 2026 | 70.31 | 36.21 |
| 21 Apr 2026 | 67.24 | 29.69 |
| 28 Apr 2026 | 64.56 | 39.27 |
| 5 May 2026 | 67.62 | 41.19 |
| 12 May 2026 | 69.16 | 52.68 |
| 19 May 2026 | 63.79 | 42.34 |
| 26 May 2026 | 72.61 | 37.74 |
| 2 Jun 2026 | 88.70 | 38.51 |
| 9 Jun 2026 | 82.95 | 38.51 |
| 16 Jun 2026 | 86.40 | 44.64 |
| 23 Jun 2026 | 84.48 | 41.19 |
| 30 Jun 2026 | 83.33 | 48.08 |
| 7 Jul 2026 | 80.65 | 48.08 |
| 14 Jul 2026 | 81.42 | 41.95 |
| 21 Jul 2026 | 83.33 | 41.19 |
| 28 Jul 2026 | 79.50 | 31.99 |
| 4 Aug 2026 | 90.61 | 41.95 |

## How to read this benchmark

**What a positive or negative spread means.** A positive spread means gold's positioning is further right on its own historical distribution than silver's: speculators are more convicted on gold. A negative spread means silver is the more extended contract. Since gold and silver often rally together but silver has higher beta, a negative spread (silver more extended) can show up late in a precious-metals rally as silver starts to catch up. Historically, a wide silver-extreme reading has been a topping signal.

**Why the percentile, not the raw Net/OI.** Gold and silver Net/OI operate on different ranges. Gold managed money ranges from roughly −4% to +34%, silver from roughly +5% to +50%. Comparing raw values would misstate which is more extended. The percentile transform puts each on the same 0–100 distribution, so the spread reflects relative EXTREMITY within each metal's own history.

**Limitations.** The trailing window requires 104 weeks of history before either percentile is emitted. The spread measures positioning extremity, not the outright direction. A spread near zero means both metals are similarly placed in their own distributions, which could be both at extremes or both at medians. Treat the chart as context for precious-metal positioning, not investment advice.

## How this benchmark is used

**The silver catch-up signal.** Silver's higher beta means it can lag gold early in a rally and catch up late. The spread turning negative (silver percentile overtaking gold) often signals the late-cycle silver blowoff, a pattern precious-metal desks read as positioning risk.

## Frequently asked questions

**What is the current gold–silver positioning spread?**

As of 4 August 2026, the latest readings are Gold managed-money percentile at 90.61 percentile points and Silver managed-money percentile at 41.95 percentile points. The Gold managed-money percentile line is up 1.9 pp over the past year and above its long-run median of 41.19 percentile points.

**How often is this benchmark updated?**

This benchmark is built on weekly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.

**What data sources does this chart use?**

The chart is built from Gold managed-money percentile and Silver managed-money percentile, sourced from the CFTC Commitments of Traders report.

**Why does this use percentiles instead of comparing raw positions?**

Silver and gold positions sit on different numerical ranges, so a raw difference is not comparable. The percentile puts each on the same 0-100 histogram, so a spread of +10 means gold is 10 percentile points further right on its own distribution than silver on its.

## Methodology

- Formula: spread = trailingPercentile260(Gold MM Net/OI) − trailingPercentile260(Silver MM Net/OI)
- Frequency: Weekly
- Sources: Gold managed-money percentile (gold-silver:gold) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=088691; Silver managed-money percentile (gold-silver:silver) https://publicreporting.cftc.gov/stories/s/r4w3-av2u?code=084691. Data via the CFTC Commitments of Traders report.
- Data through: 4 August 2026
- Last refreshed: 04 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/gold-silver-positioning-spread
Disclaimer: research software output, not investment advice.