Money Managers are piling on long (Hedge Funds?) and the Commercials are going short as JPM has to hedge the positions sold to the longs.

It makes up for a bullish position with prices at their lows. Similar to the 2008 lows.

 

Gold - Commercials vs Non-Commercials

 

Gold - Disaggregated COTs - Money Managers going long

 

Silver - Commercials vs Non-Commercials

 

Silver - Disaggregated COTs - Money Managers going long - Swap Dealers going short