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COT Gold, Silver and US Dollar Index Report - July 22, 2011


-- Posted Friday, 22 July 2011 | | Disqus

 

Gold COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

277,492

58,195

34,731

162,395

426,209

474,618

519,135

Change from Prior Reporting Period

14,977

-6,723

14,719

-5,411

14,154

24,285

22,150

Traders

229

72

80

48

56

314

183

 

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

67,724

23,207

542,342

 

 

 

-2,145

-10

22,140

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, July 19, 2011

 

Gold COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

302,828

39,765

213,062

258,069

566,112

773,959

818,939

Change from Prior Reporting Period

20,424

-6,446

45,609

12,993

36,765

79,027

75,928

Traders

254

99

159

55

61

376

262

 

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

80,183

35,203

854,141

 

 

 

-245

2,853

78,781

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, July 19, 2011

 

Silver COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

34,248

13,499

20,535

31,009

70,522

85,792

104,556

4,281

4,035

-3,334

297

2,320

1,244

3,021

Traders

73

40

43

33

45

132

108

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

30,207

11,443

115,999

 

 

 

1,960

183

3,204

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, July 19, 2011

 

Silver COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

34,674

5,749

62,561

44,250

93,238

141,485

161,548

4,047

1,941

4,625

2,040

6,244

10,712

12,810

Traders

96

38

78

37

49

165

139

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

36,942

16,879

178,427

 

 

 

4,845

2,747

15,557

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, July 19, 2011

 

US Dollar Index COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

31,029

21,837

1,218

7,305

20,465

39,552

43,520

-832

-2,434

-384

-988

-994

-2,204

-3,812

Traders

47

25

8

12

8

61

40

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

7,053

3,085

46,605

 

 

 

-1,068

540

-3,272

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, July 19, 2011

 

US Dollar Index COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

31,129

21,893

1,598

7,428

20,681

40,155

44,173

-810

-2,451

-187

-991

-974

-1,988

-3,612

Traders

49

28

12

12

9

64

47

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

7,234

3,216

47,389

 

 

 

-1,065

560

-3,053

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, July 19, 2011

  

The COT reports which we look at each week provide a breakdown of each Tuesday's open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.   The weekly reports for Futures-and-Options-Combined Commitments of Traders are released every Friday at 3:30 p.m. Eastern time.   The short report shows open interest separately by reportable and Non-reportable positions.   For reportable positions, additional data is provided for commercial and non-commercial holdings, spreading, changes from the previous report.

 

Futures and Options Combined

What does this title mean?   A future is a standardized contract traded through regulated exchanges where an investor buys or sells a contract at a specified price for a specific date in the future.   The price includes the interest charge due to the seller by the buyer from the date of the contract to the due date.   An option is the ‘right to buy or sell’ a contract at a fixed date in the future at a specific [strike] price.   The difference is that a futures contract is an agreement to buy or sell, whereas an option gives the holder the right to buy or sell.   An option holder can decide not to take up that right and will only lose the cost of buying the option.   His loss is therefore definable at the start of his investment, while the potential profit has not limit to it.   A futures contract is usually leveraged [a loan provided] up to 90% of the contract.   However, with the owner liable to top up his ‘margin’ to maintain this 10% his potential losses can rise far higher than his investment.  A ‘long’ [buying] contract limits its loss to the full price of the item, whereas the ‘short’ [selling] contract has no limit except the height that the price of the item can rise to.

 

The Commitment of Traders report [COT] is therefore a report on the overall position of the Commodity Exchange [COMEX or NYMEX].

 

Large & Small Speculators

The word “speculator” implies that the person is simply making a bet on the way he thinks the price of the item is going to move.   In essence, he is a gambler.   A trader might be this, but then again he might be an Arbitrageur, buying in one market and selling in another to capture the price difference between the two.   He wants to deal as fast as possible so as to minimize his risk of a price movement while he is exposed.   We would not put him in the same category as a speculator.

 

Contract

One contract is 100 ounces of the commodity [gold or silver in this case].   The numbers referred to above are therefore the number of 100-ounce contracts in that position.   The net long speculative position is found by adding the large and small speculators bought contracts and deducting the large and small speculators sold contracts.   We work on there being 32,150 ounces in a tonne.

 

Buy [Long]

A long position is where an investor, trader, speculator buys 100 ounces x the number of contracts.     

 

Sell [Short]

A short position is where an investor, trader, speculator sells 100 ounces x the number contracts.

 

Spreading

For the options-and-futures-combined report, spreading measures the extent to which each non-commercial trader holds equal combined-long and combined-short positions. For example, if a non-commercial trader in Gold futures holds 2,000 long contracts and 1,500 short contracts, 500 contracts will appear in the "Long" category and 1,500 contracts will appear in the "Spreading" category.

 

Open Interest

Open interest is the total of all futures and/or option contracts entered into and not yet offset by a transaction, by delivery, by exercise, etc. The aggregate of all long open interest is equal to the aggregate of all short open interest.

 

Reportable Positions

Clearing members, futures commission merchants, and foreign brokers (collectively called "reporting firms") file daily reports with the Commission. Those reports show the futures and option positions of traders that hold positions above specific reporting levels set by CFTC regulations.

 

Commercial and Non-commercial Traders

When an individual reportable trader is identified to the Commodities Futures Trading Commission, the trader is classified either as "commercial" or "non-commercial." All of a trader's reported futures positions in a commodity are classified as commercial if the trader uses futures contracts in that particular commodity for hedging as defined in the Commission's regulations (1.3(z)).

 

Non-reportable Positions

The long and short open interest shown as "Non-reportable Positions" are derived by subtracting total long and short "Reportable Positions" from the total open interest. Accordingly, for "Non-reportable Positions," the number of traders involved and the commercial/non-commercial classification of each trader are unknown.

 

Changes in Commitments from Previous Reports

Changes represent the differences between the data for the current report date and the data published in the previous report.

 

Number of Traders

To determine the total number of reportable traders in a market, a trader is counted only once regardless whether the trader appears in more than one category (non-commercial traders may be long or short only and may be spreading; commercial traders may be long and short). To determine the number of traders in each category, however, a trader is counted in each category in which the trader holds a position. Therefore, the sum of the numbers of traders in each category will often exceed the "Total" number of traders in that market.


-- Posted Friday, 22 July 2011 | Digg This Article | Source: GoldSeek.com

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