Every Friday the US regulator (CFTC) publishes what traders hold in futures, as of the Tuesday before. Net position = contracts held long minus short. Extremes, near the top or bottom of the year's range, often come before turns.
Market
Net position
Change (week)
Long %
Last 52 weeks
Loading…
—
How to read it
Large speculators are mostly funds that follow trends. A big, rising net long means they are betting on higher prices.
Commercials are producers and businesses hedging (for example gold miners selling ahead). They often hold the opposite of the speculators.
Near the yearly high or low, positioning is crowded: when everyone is already in, there may be few buyers (or sellers) left. A warning sign, not a timing signal.
Currency futures are against the US dollar: a net long in the euro means betting on EUR/USD rising; for the yen, a net long means betting on USD/JPY falling.
Questions traders ask
What is the COT report?
The Commitments of Traders report, published every Friday by the US CFTC, shows how futures positions are split between large speculators, commercial hedgers and small traders, as of the previous Tuesday.
How do traders use the COT report for gold?
Large speculators' net position shows whether big money leans bullish or bearish on gold. Extremes and sharp changes are watched as signs a trend may be strong or stretched.
When is the COT report released?
Every Friday at 15:30 New York time, with data up to that Tuesday. Holidays can delay it.
Following big moves on several accounts? Goldman Copier copies every entry and exit in seconds.Start free trial