CFTC Commitments of Traders

Common questions

What is the Commitments of Traders (COT) report?

The Commitments of Traders report is a weekly breakdown, published by the U.S. Commodity Futures Trading Commission (CFTC), of who holds futures positions in each market. It splits total open interest into trader categories — producers and merchants who hedge physical metal, swap dealers, and managed money (hedge funds and CTAs) — so you can see how each group is positioned in gold, silver, and other futures.

What is managed money net positioning?

Managed money is the speculative bucket: hedge funds and commodity trading advisors. Their net position is their long contracts minus their short contracts. A large net long means the fast money is betting on higher prices; a net short means it is betting on lower prices. This page shows the managed-money net for each metal, in contracts, plus the long and short legs behind it.

When is COT data released and what week does it cover?

The CFTC snapshots positions as of Tuesday's close and publishes the report the following Friday afternoon. So each week's figures describe positioning a few days earlier, not intraday. This page carries the full weekly history for each metal and marks the report date on every reading.

Does COT positioning predict gold and silver prices?

Not on its own. An extreme managed-money net long or net short is often read as a crowded trade that can unwind, but positioning and price frequently move together for long stretches. It is most useful as a gauge of speculative sentiment alongside inventory and delivery data, not as a standalone signal.