COT Speculators push their Gold bullish bets to 39-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 November 9th 2021 and shows a quick view of how large traders (for-profit speculators and commercial entities) were positioned in the futures markets. This week’s reports are delayed due to last week’s Veteran’s Day holiday.

Highlighting this week’s COT data for the metals category is the gains in speculative bets for gold. Speculator positions jumped by over +35,000 net contracts on November 9th and marked the largest one-week increase of the past ninety weeks, dating back to February 2nd of 2020. Speculators have continued pushing their bullishness in the yellow shiny metal as bullish bets have now climbed higher for six consecutive weeks and the gold net positions have increased by a total of +81,782 contracts over that time-frame. The speculator gold standing is currently at the highest level of the past thirty-nine weeks, dating back to February 9th of this year.

Gold Comex Futures:

The Gold Comex Futures large speculator standing this week reached a net position of 250,181 contracts in the data reported through Tuesday. This was a weekly advance of 35,052 contracts from the previous week which had a total of 215,129 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 70.6 percent. The commercials are Bearish with a score of 29.8 percent and the small traders (not shown in chart) are Bearish with a score of 41.6 percent.

Silver Comex Futures:

The Silver Comex Futures large speculator standing this week reached a net position of 36,915 contracts in the data reported through Tuesday. This was a weekly rise of 3,800 contracts from the previous week which had a total of 33,115 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 59.2 percent. The commercials are Bearish with a score of 46.2 percent and the small traders (not shown in chart) are Bearish with a score of 38.2 percent.

Copper Grade #1 Futures:

The Copper Grade #1 Futures large speculator standing this week reached a net position of 22,789 contracts in the data reported through Tuesday. This was a weekly decline of -9,546 contracts from the previous week which had a total of 32,335 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 58.8 percent. The commercials are Bearish with a score of 36.6 percent and the small traders (not shown in chart) are Bullish-Extreme with a score of 85.5 percent.

Platinum Futures:

The Platinum Futures large speculator standing this week reached a net position of 17,630 contracts in the data reported through Tuesday. This was a weekly rise of 2,266 contracts from the previous week which had a total of 15,364 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 27.8 percent. The commercials are Bullish with a score of 74.3 percent and the small traders (not shown in chart) are Bullish with a score of 54.6 percent.

Palladium Futures:

The Palladium Futures large speculator standing this week reached a net position of -2,954 contracts in the data reported through Tuesday. This was a weekly lift of 437 contracts from the previous week which had a total of -3,391 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 2.4 percent. The commercials are Bullish-Extreme with a score of 96.8 percent and the small traders (not shown in chart) are Bearish with a score of 41.8 percent.

Article By InvestMacro – Receive our weekly COT Reports by Email

*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.