The total speculative net notional length in silver futures is currently at a record ~$8 billion! Surpassing even April 2011 levels when silver nearly touched $50/ounce:
While this sort of record interest is indicative of a bull market, to put this into perspective the net speculative length in silver futures represents 458,660,000 ounces of silver which equals roughly 40% of total annual silver demand from all sources last year. That’s a lot of silver!