What are the big funds doing in gold?
New to COT data? Start here 2-minute read
What is this?
Every week the US regulator (the CFTC) publishes how big traders are positioned in gold futures. This page shows one group: managed money, meaning hedge funds and other large speculators.
Long and short
A long is a bet that gold will go up. A short is a bet that it will go down. Each contract covers 100 ounces of gold.
Net position
Net = longs minus shorts. A big positive number means funds are mostly betting on higher prices. A negative number means they're mostly betting on lower prices.
Why watch the change?
The weekly change shows whether funds are adding to their bets or pulling back. Several weeks in the same direction tells you more than any single week.
When positioning is extreme
If funds are near their most bullish level of the year, there may be fewer new buyers left. That can make gold more likely to drop sharply if they start selling. It's a warning sign, not a sell signal.
Commercials
Producers (miners, refiners) and swap dealers (banks) mostly hedge, so they're usually net short gold. They tend to take the opposite side to funds, which is why some traders watch them as the "other side of the trade".
COT Index
A 0–100 score showing where positioning sits within its last 3 years. Above 80 means funds are near their most bullish; below 20 means near their most bearish. Readings at the extremes are when positioning is most stretched.
What it can't tell you
The data is recorded on Tuesday and published on Friday, so it's a few days old. Use it as background for your own analysis, never as a buy or sell signal on its own.
Net position history
Each point is one weekly report. Line going up means that group is adding to bullish bets; going down means it's pulling back. Tap Commercials to compare the other side.
Recent weeks
| Report date | Long | Short | Net | Net change | Commercials net | Open interest |
|---|
Source: CFTC Disaggregated Commitments of Traders, futures only, COMEX gold (contract code 088691). One contract is 100 troy ounces. Net is long minus short; spreading positions are excluded.
Positions are recorded on Tuesday and published on Friday at 3:30pm New York time, which is usually 8:30pm in London. This page loads the latest report each time it's opened.
Positioning data is for information only and isn't a trading signal or financial advice.