Gold COT: All Categories
Managed money, producers, swaps, and non-reportable net positions · Quotes delayed up to 5 minutesThe full Commitment of Traders breakdown for COMEX gold, showing positioning across all four reportable trader categories: producer/merchant (commercial hedgers), swap dealers, managed money (large speculators), and other reportables. The granular view reveals which side of the market is doing the buying and selling, beyond the simple commercial-vs-speculator split. For the analytical investor, this is the chart that shows where institutional weight is actually positioned in any given week.
Analyst's Note
The four-category view exposes dynamics that the simplified commercial-vs-large-spec chart obscures. Swap dealers, for example, are often positioned opposite the commercials and act as the counterparty to producer hedging — their net position is more a function of customer flow than of directional conviction. Managed money is the closest proxy to discretionary speculative positioning, and historically its extremes (above 250k net long or below 50k net long) have marked local turning points. Other reportables capture the smaller institutional traders — family offices, smaller funds, prop desks. The analytical reading benefits from triangulation: when managed money is heavily long while commercials are heavily short and other reportables are flat, the speculative excess thesis is well-supported. When managed money and other reportables are aligned in the same direction against commercials, broader institutional consensus is forming — a different, often more durable signal.
The full Commitment of Traders breakdown for COMEX gold, showing positioning across all four reportable trader categories: producer/merchant (commercial hedgers), swap dealers, managed money (large speculators), and other reportables. The granular view reveals which side of the market is doing the buying and selling, beyond the simple commercial-vs-speculator split. For the analytical investor, this is the chart that shows where institutional weight is actually positioned in any given week.
Analyst's Note
The four-category view exposes dynamics that the simplified commercial-vs-large-spec chart obscures. Swap dealers, for example, are often positioned opposite the commercials and act as the counterparty to producer hedging — their net position is more a function of customer flow than of directional conviction. Managed money is the closest proxy to discretionary speculative positioning, and historically its extremes (above 250k net long or below 50k net long) have marked local turning points. Other reportables capture the smaller institutional traders — family offices, smaller funds, prop desks. The analytical reading benefits from triangulation: when managed money is heavily long while commercials are heavily short and other reportables are flat, the speculative excess thesis is well-supported. When managed money and other reportables are aligned in the same direction against commercials, broader institutional consensus is forming — a different, often more durable signal.
More in Positioning (COT)
Gold COT: Net Positioning
CFTC Commitment of Traders — managed money net long/short (COMEX gold futures)
Silver COT: Net Positioning
CFTC Commitment of Traders — managed money net long/short (COMEX silver futures)
Gold COT vs. Spot Price
Managed money net positioning overlaid with gold spot — contrarian signal
Questions about what this chart means for your portfolio?