CFTC Commitments of Traders ·Report date Sep 1, 2026
Managed money cut 7,976 gold contracts last week, now net long +136,771
How long or short the fast money is in the metals, from the weekly CFTC report.
The Desk's read
Hedge funds are crowded onto the long side of COMEX copper, holding a net 72,882 contracts as of 2026-09-01, the 93rd percentile of the 20-year record. That is their net directional bet in futures, and it sits stretched toward net long rather than net short. Yet the buildup came in gently: the trailing 13-report pace ranks only in the 24 percentile, despite a +12.1% move over 30 days. Gold at 136,771 and silver at 12,598 stay quiet, mid-range. We watch Friday's CFTC release for whether that crowded copper reading extends.
On the September 1, 2026 figures.
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 · Sep 1, 2026
+136,771
net long · contracts
Week over week
-7,976
change in net
Long / short
149,721 / 12,950
Open interest
415,196
Weekly managed-money net position for Gold, last 5 years. Positive is net long, negative is net short.
Silver
Net position · Sep 1, 2026
+12,598
net long · contracts
Week over week
-1,475
change in net
Long / short
19,156 / 6,558
Open interest
104,362
Weekly managed-money net position for Silver, last 5 years. Positive is net long, negative is net short.
Platinum
Net position · Sep 1, 2026
+8,685
net long · contracts
Week over week
-1,543
change in net
Long / short
17,263 / 8,578
Open interest
68,059
Weekly managed-money net position for Platinum, last 5 years. Positive is net long, negative is net short.
Palladium
Net position · Sep 1, 2026
-4,619
net short · contracts
Week over week
+880
change in net
Long / short
4,626 / 9,245
Open interest
16,497
Weekly managed-money net position for Palladium, last 5 years. Positive is net long, negative is net short.
Copper
Net position · Sep 1, 2026
+72,882
net long · contracts
Week over week
-3,389
change in net
Long / short
91,430 / 18,548
Open interest
282,640
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.