Who gained and who lost. in this Silver bull run?

Who gained and who lost. in this Silver bull run?

The CFTC COT Commitment of Traders has shown consistently the top 8 commercial shorts in silvers kept the short positions in silver futures through this massive run up. Losers?

The banks will probably incorporate the losses into their reported FICC reported income. (Fixed Income Commodities and Currencies) 

2 to 3 years ago there were some lone voices warning of the supply deficit in the silver physical market. 

In fact, the 2022 deficit was a record 237.7 million ounces. Showing that demand outstripped supply by over 20% years ago.

Winners....

In the current silver bull run, the greatest danger is the "small scalp" trap—the temptation to pick tops or exit early on minor corrections. As Stanley Kroll (author of Dragons and Bulls) warned, trying to outsmart a "swift and strong" trend by betting on reversals is a losing game. In a historic price discovery phase, the real wealth is built by those who stop trading for crumbs and have the discipline to sit tight for the "Big Move.'"

Addendum
After doing some more it seems JP Morgan had in late 2025 covered the shorts and flipped into being long physical silver bullion. Will be interesting to see how this will pan out....