Gold Speculators reduce bullish bets after surge to 61-week high

Gold Speculators reduce bullish bets after surge to 61-week high

By InvestMacro | COT | Data Tables | COT Leaders | Downloads | COT Newsletter

Here are the latest charts and statistics for the Commitment of Traders (COT) data published by the Commodities Futures Trading Commission (CFTC).

The latest COT data is updated through Tuesday March 15th and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets.

Highlighting the COT metals data is this week’s pullback in the Gold futures bets. The speculative net position in the Gold futures retreated this week after surging higher and gaining by a total of +102,246 net contracts over the previous five weeks. The recent boost in the speculator sentiment had pushed the Gold bullish position to its highest level in the previous sixty-one weeks. This week saw a modest pullback from the highs of last week but keeps the total Gold speculator sentiment in a strong bullish position above the +250,000 net contract level for a third consecutive week. Gold prices, meanwhile, have retreated from their highs of the past couple weeks and sit right at a support line at the $1920 spot price level currently which sets up an interesting situation going forward between the bulls and bears.

Joining Gold (-12,600 contracts) in lower speculator bets this week were Silver (-743 contracts), Copper (-12,789 contracts), Platinum (-7,901 contracts) and Palladium (-737 contracts).


Data Snapshot of Commodity Market Traders | Columns Legend
Mar-15-2022 OI OI-Index Spec-Net Spec-Index Com-Net COM-Index Smalls-Net Smalls-Index
WTI Crude 1,850,794 0 341,815 4 -382,602 90 40,787 72
Gold 617,605 51 261,788 71 -297,441 27 35,653 65
Silver 159,571 25 51,554 74 -67,579 33 16,025 36
Copper 183,170 14 19,030 56 -26,717 41 7,687 70
Palladium 6,992 2 -1,009 16 220 78 789 91
Platinum 67,727 35 17,932 28 -25,692 72 7,760 70
Natural Gas 1,082,746 0 -146,560 35 105,856 64 40,704 82
Brent 192,679 34 -18,961 79 17,343 22 1,618 31
Heating Oil 349,618 31 6,455 52 -32,434 37 25,979 88
Soybeans 745,345 32 217,599 84 -193,958 20 -23,641 31
Corn 1,504,159 22 507,206 95 -468,758 5 -38,448 21
Coffee 224,693 3 45,500 82 -48,838 22 3,338 11
Sugar 818,877 1 156,580 69 -188,036 33 31,456 47
Wheat 339,904 2 10,930 56 -5,252 36 -5,678 91

 


Gold Comex Futures:

Gold Futures COT ChartThe Gold Comex Futures large speculator standing this week equaled a net position of 261,788 contracts in the data reported through Tuesday. This was a weekly lowering of -12,600 contracts from the previous week which had a total of 274,388 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 71.0 percent. The commercials are Bearish with a score of 26.9 percent and the small traders (not shown in chart) are Bullish with a score of 65.4 percent.

Gold Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 56.1 24.5 8.8
– Percent of Open Interest Shorts: 13.8 72.6 3.0
– Net Position: 261,788 -297,441 35,653
– Gross Longs: 346,731 151,045 54,330
– Gross Shorts: 84,943 448,486 18,677
– Long to Short Ratio: 4.1 to 1 0.3 to 1 2.9 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 71.0 26.9 65.4
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 28.3 -29.3 18.3

 


Silver Comex Futures:

Silver Futures COT ChartThe Silver Comex Futures large speculator standing this week equaled a net position of 51,554 contracts in the data reported through Tuesday. This was a weekly decrease of -743 contracts from the previous week which had a total of 52,297 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 73.8 percent. The commercials are Bearish with a score of 32.6 percent and the small traders (not shown in chart) are Bearish with a score of 36.2 percent.

Silver Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 46.4 27.8 16.5
– Percent of Open Interest Shorts: 14.1 70.1 6.4
– Net Position: 51,554 -67,579 16,025
– Gross Longs: 74,044 44,324 26,270
– Gross Shorts: 22,490 111,903 10,245
– Long to Short Ratio: 3.3 to 1 0.4 to 1 2.6 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 73.8 32.6 36.2
– Strength Index Reading (3 Year Range): Bullish Bearish Bearish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 29.4 -31.7 16.8

 


Copper Grade #1 Futures:

Copper Futures COT ChartThe Copper Grade #1 Futures large speculator standing this week equaled a net position of 19,030 contracts in the data reported through Tuesday. This was a weekly fall of -12,789 contracts from the previous week which had a total of 31,819 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bullish with a score of 56.1 percent. The commercials are Bearish with a score of 41.1 percent and the small traders (not shown in chart) are Bullish with a score of 69.7 percent.

Copper Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 40.0 42.0 9.8
– Percent of Open Interest Shorts: 29.6 56.6 5.6
– Net Position: 19,030 -26,717 7,687
– Gross Longs: 73,338 76,948 17,878
– Gross Shorts: 54,308 103,665 10,191
– Long to Short Ratio: 1.4 to 1 0.7 to 1 1.8 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 56.1 41.1 69.7
– Strength Index Reading (3 Year Range): Bullish Bearish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 2.1 -3.9 16.1

 


Platinum Futures:

Platinum Futures COT ChartThe Platinum Futures large speculator standing this week equaled a net position of 17,932 contracts in the data reported through Tuesday. This was a weekly lowering of -7,901 contracts from the previous week which had a total of 25,833 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish with a score of 27.7 percent. The commercials are Bullish with a score of 72.3 percent and the small traders (not shown in chart) are Bullish with a score of 70.3 percent.

Platinum Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 50.0 29.7 15.2
– Percent of Open Interest Shorts: 23.5 67.6 3.8
– Net Position: 17,932 -25,692 7,760
– Gross Longs: 33,833 20,085 10,326
– Gross Shorts: 15,901 45,777 2,566
– Long to Short Ratio: 2.1 to 1 0.4 to 1 4.0 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 27.7 72.3 70.3
– Strength Index Reading (3 Year Range): Bearish Bullish Bullish
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: 4.9 -8.5 35.7

 


Palladium Futures:

Palladium Futures COT ChartThe Palladium Futures large speculator standing this week equaled a net position of -1,009 contracts in the data reported through Tuesday. This was a weekly decline of -737 contracts from the previous week which had a total of -272 net contracts.

This week’s current strength score (the trader positioning range over the past three years, measured from 0 to 100) shows the speculators are currently Bearish-Extreme with a score of 15.8 percent. The commercials are Bullish with a score of 77.7 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 91.1 percent.

Palladium Futures Statistics SPECULATORS COMMERCIALS SMALL TRADERS
– Percent of Open Interest Longs: 29.8 47.7 21.1
– Percent of Open Interest Shorts: 44.3 44.5 9.8
– Net Position: -1,009 220 789
– Gross Longs: 2,085 3,334 1,473
– Gross Shorts: 3,094 3,114 684
– Long to Short Ratio: 0.7 to 1 1.1 to 1 2.2 to 1
NET POSITION TREND:
– Strength Index Score (3 Year Range Pct): 15.8 77.7 91.1
– Strength Index Reading (3 Year Range): Bearish-Extreme Bullish Bullish-Extreme
NET POSITION MOVEMENT INDEX:
– 6-Week Change in Strength Index: -0.1 -4.3 44.9

 


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*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) were positioned in the futures markets.

The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators) as well as their open interest (contracts open in the market at time of reporting).See CFTC criteria here.

Invest Macro

Invest Macro

InvestMacro is an independent investing media website. Started in 2007 as a simple trading blog (as CountingPips.com) focused on global major currencies, InvestMacro has since steadily expanded and evolved. Our mission is to provide independent coverage of the relevant financial markets for global macro investors. All information and opinions are for general informational purposes only and do not constitute investment advice.