CFTC Commitments of Traders ·Report date Aug 25, 2026
Managed money added 3,099 gold contracts last week, now net long +144,747
How long or short the fast money is in the metals, from the weekly CFTC report.
The Desk's read
Hedge funds have rebuilt their bullish tilt in COMEX gold futures, their net bet standing at 144,747 contracts as of 2026-08-25, the highest since Sep 2025. The recent pace is the sharp part: the trailing 13-report climb sits at the 97th percentile of all such stretches in the 20-year record, up 16.0% over 30 days. Yet the level itself ranks only 70th percentile, near the middle of its historical range; the buildup is fast, not extreme. Silver net sits at 14,073 contracts, copper at 76,271. Watch Friday's CFTC release for whether the pace holds.
What managed money means
Managed money is the hedge-fund and CTA speculative bucket. Net is its long contracts minus its short contracts, so a positive number means the fast money is betting on higher prices.
The cards below cover gold, silver, platinum, palladium and copper, each with the latest week, the change on the week, and the last five years.
Gold
Net position · Aug 25, 2026
+144,747
net long · contracts
Week over week
+3,099
change in net
Long / short
159,819 / 15,072
Open interest
427,957
Weekly managed-money net position for Gold, last 5 years. Positive is net long, negative is net short.
Silver
Net position · Aug 25, 2026
+14,073
net long · contracts
Week over week
+2,378
change in net
Long / short
21,421 / 7,348
Open interest
113,801
Weekly managed-money net position for Silver, last 5 years. Positive is net long, negative is net short.
Platinum
Net position · Aug 25, 2026
+10,228
net long · contracts
Week over week
+3,014
change in net
Long / short
18,664 / 8,436
Open interest
64,648
Weekly managed-money net position for Platinum, last 5 years. Positive is net long, negative is net short.
Palladium
Net position · Aug 25, 2026
-5,499
net short · contracts
Week over week
-182
change in net
Long / short
4,486 / 9,985
Open interest
17,496
Weekly managed-money net position for Palladium, last 5 years. Positive is net long, negative is net short.
Copper
Net position · Aug 25, 2026
+76,271
net long · contracts
Week over week
-2,377
change in net
Long / short
92,107 / 15,836
Open interest
283,299
Weekly managed-money net position for Copper, last 5 years. Positive is net long, negative is net short.
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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.
More questions
- 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.
Data source
Figures are the weekly Disaggregated Commitments of Traders report published by the U.S. Commodity Futures Trading Commission (CFTC), covering managed-money long, short, and net positions plus total open interest for COMEX gold, silver, copper, platinum, and palladium futures. Positions are snapshotted Tuesday and released the following Friday.