📅 2026-10-06 · COMEX銀 · 銘柄別深度レポート

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データ基準日: 2026-10-05 · 決済基準: 取引所最終日次決済価格

Silver (SI=F) Deep Dive | 2026-10-06 — Bearish: 20D Downtrend Intact, 61.45 Pivot Caps | 2026-10-06

Call: Bearish silver, with the view invalidated on a settle above 63.2 (R2). Three reasons: (1) trend and momentum — settle 61.3 [2026-10-05] sits in the bottom 14.6% of the 20-day 59.99–68.98 channel after -8.16% over 20 sessions, with the last completed weekly bar (2026-09-28–10-02) closing at 60.42, -6.77% w/w; (2) positioning — managed-money net fell to 7,614 contracts on 2026-09-29, netPct 7.11% and only the 39th percentile of three years, so the prior long base has been cut, not rebuilt, leaving rallies under-supported; (3) the curve still pays longs to wait — M1-M2 contango of -0.27 (-0.43%) and roll yield -5.22% mean carry works against fresh length. The counterweight is that COMEX registered silver slipped to 101.1 Moz (3,144,564 kg) on 2026-10-01 and the gold/silver ratio at 68.9 sits in only the 24th three-year percentile, i.e. silver has been structurally strong versus gold; that is why this is a tactical short, not a structural one. Invalidation: a settle above 63.2.

1. Bottom Line & Directional Bias

Call: Bearish silver (SI=F), invalidated on a settle above 63.2 (R2).

Three reasons drive the view. First, trend and momentum remain negative: the 2026-10-05 settle of 61.3 sits at the 14.6% position of the 20-day 59.99–68.98 channel, with 20D -8.16% and 5D -0.68%, and the last completed weekly bar (2026-09-28–2026-10-02) closed at 60.42, -6.77% w/w. Second, positioning has been de-risked rather than rebuilt: managed-money net fell to 7,614 contracts on 2026-09-29 (Δ -5,695 w/w), netPct 7.11%, the 39th percentile of the three-year window — there is no crowded long to squeeze, and no fresh sponsorship to lift price. Third, carry still penalises length: M1-M2 contango of -0.27 (-0.43%) and roll yield of -5.22% mean a long pays to hold.

The offsetting evidence is real but not yet decisive: COMEX registered silver fell to 101.1 Moz (3,144,564 kg) on 2026-10-01, and the gold/silver ratio at 68.9 is in only the 24th three-year percentile, meaning silver has been structurally strong versus gold. That argues for a tactical short, not a structural bear market. Invalidation: a settle above 63.2.

2. Price Action & Technical Analysis

Settle for SI=F was 61.3 on 2026-10-05, +1.46% on the day (settle). In early Asian trade on 2026-10-06 07:00 the last print was 61.42, +0.19% versus that settle, with an Asian range of 61.31–61.47 (Asia). The bounce is therefore small and sits directly beneath the daily pivot.

Momentum is weak on the settled series: 5D -0.68% and 20D -8.16% (settle). The 20-day channel is 59.99–68.98, placing the settle at the 14.6% position — near the lower rail, but not at it. The 52-week range is 45.85–121.3, so the market is trading in the lower half of its annual envelope, consistent with a corrective phase rather than a fresh trend high.

Volatility is elevated and that matters for sizing. ATR14 is 2.29, i.e. 3.73% of price as a full daily range — not a one-sided allowance. RV20 is 33.7%. With ^VXSLV at 36.6 on 2026-10-05 (1D -0.3 pts), implied sits 2.9 vol points above realized (IV/RV 1.09): options are pricing modestly more event risk than has been delivered, so premium selling is not obviously cheap, and stops must respect a wide daily range.

Pivots from the settle-based snapshot: P 61.45, R1 62.25, S1 60.5, R2 63.2, S2 59.69. The Asian high of 61.47 is effectively a test of P 61.45 and has not cleared it. A failure at P keeps S1 60.5 in play, then S2 59.69, which coincides with the 20-day low of 59.99. A settle above R1 62.25 would weaken the bear case; a settle above R2 63.2 invalidates it.

On the weekly frame, only the completed bar counts: 2026-09-28–2026-10-02 opened 64.66, high 64.66, low 59.99, closed 60.42, -6.77% w/w. The current week, with one session in, is unfinished and supports no weekly-close conclusion. The completed bar shows a rejection from the open and a close near the low — a bearish weekly structure that the current bounce has not repaired.

View: bearish while below P 61.45; first objective S1 60.5, then S2 59.69.

3. Supply-Demand Balance & Fundamental Drivers

Visible silver inventories are mixed but not tight enough to force a squeeze. COMEX registered stocks were 101.1 Moz (3,144,564 kg) on 2026-10-01, down 8,709 (-0.3%) d/d, extending a mild draw from 101.38 Moz (3,153,273 kg) on 2026-09-30 and 101.56 Moz (3,158,871 kg) on 2026-09-29. The direction is supportive, but the pace is slow — roughly 0.5 Moz over two sessions against a 101 Moz base. SHFE warrants moved the other way, to 1,490,865 kg on 2026-09-30, +30,504 (+2.1%) d/d, indicating Asian deliverable supply is building rather than draining. Net-net, the inventory picture is neutral-to-mildly-supportive for price, not a shortage story.

The one headline in the window frames the medium-term risk: a bank view that the silver shortage could flip to surplus in 2027. That is a 2027 balance-sheet argument and does not drive the next five sessions, but it does cap how much structural scarcity premium the market should carry into rallies.

Macro transmits through two channels here. The US 10-year yield at 5.311 (+0.64%) and DXY at 102.1 (+0.17%) on 2026-10-05 are both headwinds for a non-yielding, dollar-priced metal: a high nominal 10-year raises the opportunity cost of holding silver, and a firmer dollar mechanically pressures the USD price. Neither is extreme, but both lean against the long side.

Curve structure reinforces the carry argument. M1-M2 is -0.27 (-0.43%) with roll yield -5.22% and slope -0.0461. This is contango, which reflects financing and storage carry rather than a signal that price must fall; but for a long it is a real cost of -5.22% annualized, and it means there is no prompt-tightness premium being paid to holders. In a market with no backwardation and no visible squeeze, the burden of proof sits with the bulls.

View: fundamentals are not tight enough to override the technical downtrend; inventory draws are too slow to force a squeeze, and contango taxes longs.

4. Positioning & Fund Flows

Managed-money positioning has been cut hard. Net length fell to 7,614 contracts on 2026-09-29 from 13,309 on 2026-09-22, a Δ of -5,695, with longs dropping to 16,886 from 19,303 and shorts rising to 9,272 from 5,994. Open interest edged up to 107,047 from 106,474, so the reduction in net length came from genuine long liquidation plus new short selling, not from a shrinking market.

The crowding read is instructive. netPct was 7.11% on 2026-09-29, the 39th percentile of the three-year window, down from 12.5% (55th) on 2026-09-22, 12.65% (55th) on 2026-09-15 and 13.93% (59th) on 2026-09-08. This is not a crowded long — the percentile is mid-to-low, and the CTA proxy at 62 has been flat across all four weeks, so trend-following flows are not aggressively positioned either way. The practical implication: there is no positioning dam waiting to break and fuel a violent short squeeze, but equally no fresh long sponsorship to lift price. Positioning has moved from a tailwind to a neutral-to-negative input.

On the options side, ^VXSLV at 36.6 versus RV20 of 33.7 gives IV−RV of +2.9 vol points (IV/RV 1.09). Implied is modestly rich to realized, which is consistent with the market paying a small premium for event risk around the FOMC minutes. It is not a large enough gap to justify a standalone volatility trade, but it does mean long-premium structures are not cheap and short-dated option selling carries a thinner edge than the raw vol level suggests.

View: positioning is no longer a bullish driver; with netPct at the 39th percentile and CTAs flat, flows are a neutral-to-negative input for price.

5. Cross-Asset Relative Value

The key ratio is gold/silver at 68.9, with a 1-year percentile of 71.43% and a 3-year percentile of 23.81%. The two windows tell different stories and both matter. Over three years the ratio is low — in the bottom quarter — which means silver has been structurally strong versus gold; that is a reason not to treat this as a broken metal. Over the past year, however, the ratio has risen to the 71st percentile, meaning silver has recently been lagging gold. The recent direction of travel is therefore against silver, even though the multi-year structure still favours it.

That combination frames the trade correctly: the tactical short is a bet on near-term underperformance within a market that has been a long-term outperformer. It also defines the exit logic — if the ratio starts falling again from the 71st percentile, silver is reasserting leadership and the short thesis weakens.

Elsewhere, ^GVZ at 23.18 (1Y percentile 14%) shows gold implied volatility near the bottom of its annual range, while ^VXSLV at 36.6 is materially higher. Silver is carrying the volatility premium within the precious complex, which is consistent with its larger recent drawdown (DD20d 11.99%, DD52w 51.43%). ^VIX at 15.52 (1Y percentile 19%) indicates a calm equity-vol backdrop, so silver's weakness is not being driven by broad risk aversion — it is metal-specific. ^OVX at 48.65 (1Y percentile 43%) is a reminder that energy vol is mid-range and not transmitting a macro shock into metals.

View: the ratio's 1-year percentile (71.43%) says silver is currently lagging gold — supportive of the short — while the 3-year percentile (23.81%) caps how bearish the structural case can be.

6. Historical & Seasonal Patterns

Seasonality for the same calendar start over the next 20 sessions, measured across the last 15 years, is mildly positive: mean +0.58%, median +1.82%, with the market up in 9 of 15 years. The best instance was 2011 at +7.88% and the worst was 2012 at -6.86%.

The honest read is that this is a weak tailwind, not a driver. A median of +1.82% over 20 sessions is small relative to an ATR14 of 2.29 per day, and the sample of 15 observations is small enough that the dispersion (from +7.88% to -6.86%) dominates the central tendency. The hit rate of 9 of 15 is 60%, which is not a statistically strong edge.

For the current setup, seasonality argues against pressing an aggressive short into the S2 59.69 area without a plan, because the historical base rate leans modestly higher over a one-month horizon. It does not, however, offset a -8.16% 20-day move, a completed weekly close of 60.42 (-6.77% w/w), or a positioning profile that has just been cut. Seasonality is context; the trend and the level structure govern.

View: seasonality is a mild positive for the next 20 sessions but too weak and too dispersed to override the bearish technical setup; it argues for disciplined targets rather than a structural short.

7. Scenario Analysis (Base / Bull / Bear)

Base case — 50% — grind lower toward S2 59.69. Trigger: continued failure at P 61.45 and a settle back below S1 60.5. Target: 59.69, with the 20-day low at 59.99 as the first magnet. Action: hold the short, trail the stop to just above R1 62.25 once 60.5 settles below. This path is consistent with the section 1 call: the 20-day downtrend, the cut in managed-money net length and the contango carry all point the same way, and the Asian bounce has not cleared the pivot.

Bull case — 25% — reclaim of R1 62.25 opens 63.2. Trigger: a settle above R1 62.25, ideally with a further draw in COMEX registered stocks below 101.1 Moz (3,144,564 kg) and a softening dollar from DXY 102.1. Target: 63.2 (R2). Action: stand aside on the short and reassess; a settle above 63.2 invalidates the bearish view outright. The bull case is not far-fetched — the gold/silver ratio's 24th three-year percentile says silver has been structurally strong, and the seasonal median of +1.82% leans the same way.

Bear case — 25% — acceleration through 59.99 toward the low 59s. Trigger: a settle below S2 59.69, which would confirm the 20-day low at 59.99 has been breached and open the lower half of the 52-week 45.85–121.3 range. Target: 58.5 area as an extension. Action: add on a confirmed settle below 59.69, with the stop pulled to 61.45. This scenario would likely require a hawkish FOMC minutes read or a further rise in the 10-year yield from 5.311, both of which would raise the opportunity cost of holding silver.

Probabilities sum to 100%. The base case agrees with the section 1 bearish call; the bull case is the invalidation path, not an alternative conclusion.

8. Trading Strategies & Risk Management

Strategy 1 — Tactical short (primary). Direction: SHORT. Entry: 61.45 (at P, on a failure to clear). Stop: 63.2 (above R2, beyond the invalidation level). Target: 59.69 (S2, coinciding with the 20-day low at 59.99). Horizon: 1-5 days. Conviction: 6/10. Size: half normal, because ATR14 of 2.29 (3.73% of price) is a wide daily range and the stop is roughly 1.75 points away. Rationale: the settle at 61.3 is below P 61.45, the 20-day position is 14.6%, and managed-money net length was just cut to the 39th percentile.

Strategy 2 — Add on confirmation. Direction: SHORT. Entry: 59.69 on a settle below S2. Stop: 61.45 (back above P). Target: 58.5. Horizon: 1-5 days. Conviction: 5/10. Size: quarter normal. Rationale: a settle below 59.69 confirms the 20-day low at 59.99 has been breached and shifts the market into the lower half of the 52-week range. Do not initiate this leg unless the first settle below 59.69 is confirmed.

Risk management: total exposure across both legs should not exceed three-quarters of a normal position given the 3.73% ATR. The FOMC minutes on 2026-10-08 02:00 BJT is the main event risk inside the horizon; consider reducing size into it. A settle above 63.2 closes both strategies.

9. This Week's Data Calendar

- **BJT 10-07 04:30	ET 10-06 16:30** — API Crude Oil Stock Change (OCT/02), USD, medium impact.
- **BJT 10-07 22:30	ET 10-07 10:30** — EIA Crude Oil and Gasoline Stocks Change (OCT/02), USD, medium impact.
- **BJT 10-08 02:00	ET 10-07 14:00** — FOMC Meeting Minutes, USD, high impact; the key event for silver, gold and the dollar this week.
- **BJT 10-08 16:30	ET 10-08 04:30** — FOMC Member Waller speaks, USD, medium impact.
- **BJT 10-14 09:30	ET 10-13 21:30** — China CPI and PPI y/y, CNY, high impact; relevant to industrial metals.

This report is generated automatically from public quantitative and macro data for research and market tracking only. It does not constitute investment advice or a recommendation to trade.

銘柄別深度レポート深度分析

COMEX金GC=F 2026-10-06

Gold (GC=F) Deep Dive | 2026-10-06 — Oversold Bounce Setup, LONG | 2026-10-06

Silver (SI=F) Deep Dive | 2026-10-06 — Bearish: 20D Downtrend Intact, 61.45 Pivot Caps | 2026-10-06

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