Imagine someone told you a few years ago that open interest in silver futures would fall by more than half from its previous peaks. What would you expect? Probably a much lower silver price. Less investor interest. A market losing momentum. Yet today we see the exact opposite. Open interest on COMEX silver is currently around 100,000 contracts. That is roughly 60% lower than the peaks seen in 2011 and 2020, when open interest exceeded 230,000–245,000 contracts. Back in 2020, silver reached a peak just below $30 per ounce while open interest stood near 236,000 contracts. Today, silver trades around $75–80 per ounce ... (full story)