During the last six weeks, the Commitment of Traders report for silver has changed drastically.

In the report from June 3, I thought we might see a net short position from the large speculators, but that didn't happened and the group has reversed course in a hurry.

This past Friday's report shows large speculators net long 47,881 contracts. This is the biggest net long position since September 2010.

Back in June, the net long position was only 766 contracts, which was the smallest net long position from the group in more than five years.

In only six weeks, large speculators have gone from their least optimistic position in five years to their biggest net long position in the last 3 1/2 years.

During the six weeks, silver has gained just under 15 percent, but it has become overbought based on the weekly stochastic readings.

Silver has managed to move back above its 52-week moving average. Prior to the current move, the last time the metal was above this trendline was in February 2013.

Seeing the sentiment shift so drastically and the metal overbought concerns me that silver may dip. If silver investors are lucky, the 52-week moving average will act as support now that it is above the trendline.