Gold & Silver COT Report: Commercials Remain Most Net Long in Gold Since Dec 2008!

Bernanke-Dimon-Fed-TunnelCommercial longs added a total 429 contracts and added 494 net total shorts to end the week with 48.76% of all open interest, an increase of +0.17% in their share of total open interest since last week, and now stand as a group at 41,995,000 ounces net short, which is a tiny increase of just over 300,000 net short ounces from the previous week. 

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Large speculator longs increased by 992 contracts and picked up 227 net short contracts increasing their net long position to 26,780,000 ounces, an increase in their net long position of almost 4 million ounces from the prior week.


Small speculators sold off 852 long contracts from their total and covered 152 short positions for a net long position of 15,215,000 ounces a decrease of 3.5 million ounces net long from the prior week.


The silver market was stagnant last week while the real story was in gold.


Commercials dumped more than 10% of their paper holdings!


In gold, traders could not unload open interest fast enough!!


Total open interest decreased 37,940 ounces last week as commercials traders decided to take profits on shorts and the only way they could do it was to sell their own longs.  It does not matter that commercials sold their own longs for no profit or even a loss as the shorts they sold are probably very old ones and extremely in the money from many months ago.


The selling action of the commercials generated selling by the speculators and the percentage differences between large and small specs was amazing with small specs unloading contracts at twice the rate of the large specs.


However, if you look at the disaggregated commercials, the swap dealers bought 4,685 new short positions last COT period and that sticks out like a sore thumb and indicates more downside which we are seeing today as gold is down $30 and silver down $1.


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  2. Garbage in garbage out, this data is likely false

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