COT: Precious Metals Positioning is the Most Extreme Ever

The COT report is published each week and includes observations on charts of markets that exhibit interesting ownership characteristics and/or changes in ownership characteristics. This week’s update includes observations on gold, silver, and platinum.

Sign up HERE to receive free market updates.

If you want more insights, including analysis of intraday, daily, weekly and monthly charts, member only webinars, Twitter updates, and trade plans, then join the SB community (click here for more).

  • Record ownership profile in gold
  • Record ownership profile in silver
  • Record ownership profile in platinum

52 Week Ownership Profile Extremes – Gold, Silver, Copper, Platinum

13 Week Volume Highs – Australian Dollar, Swiss Franc

Currencies Indexes Interest Rates Metals 
US Dollar14S&P 5001030 Yr US Bond84Gold96
Euro75NASDAQ 1007910 Year US Note57Silver82
British Pound4Dow945 Year US Note86Copper2
Swiss Franc96Nikkei802 Year US Note37Platinum69
Japanese Yen94Eurodollar100
Canadian Dollar100
Australian Dollar61
New Zealand Dollar49
Mexican Peso80
Energies Agriculture Meats Softs 
Crude Oil51Wheat67Lean Hogs75Coffee98
Heating Oil59Hard Red Winter Wheat43Live Cattle6Cotton2
RBOB Gas33Corn100Feeder Cattle26Frozen OJ29
Natural Gas6Oats67Cocoa96
Soybeans98Sugar47
Soybean Oil63
Soybean Meal16
Rough Rice86

The COT Index is the difference between net speculative positioning and net commercial positioning measured over a 52 week percentile.  A reading of 100 indicates that the difference in positioning is the greatest it has been in 52 weeks with speculators buying and commercials selling.  A reading of 0 indicates that the difference in positioning is the greatest it has been in 52 weeks with speculators selling and commercials buying.  Speculators tend to be on the wrong side at the turn and commercials the correct side.  Use of the index is covered closely in detail in my book.

Latest CFTC Release dated September 4th, 2018

Non Commercials (speculators) – Red

Commercials – Blue

Small Speculators – Black

COTDiff (COT Index) – Black

52 week Percentile (COT Diff) – Gray

 

Gold COMEX Continuous Contract

The ownership profile in Gold is at a record.  In fact, the only other period in which the net speculative position was short was for several weeks in August, November, and December 2001.

Silver COMEX Continuous Contract

The ownership profile in Silver is at a record.  The extreme speculative short position and extreme commercial long position warns of a price low.

Platinum COMEX Continuous Contract

The ownership profile in Platinum is at a record.  The extreme speculative short position and extreme commercial long position warns of a price low.