HEDGE FUNDS SLASH SILVER LONGS BY HALF

Hedge funds and other speculative funds cut their net long position in COMEX silver futures and options from 13,016 contracts on September 22 to 5,735 contracts on October 13, according to CFTC data. That is a drop of more than 55% in three weeks, as silver retreated from its autumn highs. The pullback shows momentum traders turning sharply more cautious on the metal $SLV after months of aggressive buying.