The latest Commitments of Traders report showed an eagerness to sell the metals, in particular gold and silver. Both are at levels that coincided with peaks in the metals over the past three years. In silver, hedges now have their largest short position since 2010. As noted last week, this is a huge test for metals and silver in particular. If it can continue to rally in the face of heavy pressure from hedgers, it will be an excellent sign that the bear market is likely over.