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COT Gold, Silver and US Dollar Index Report - February 7, 2014

 -- Published: Friday, 7 February 2014 | Print  | Disqus 

Gold COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

147,754

82,815

23,424

165,354

231,136

336,532

337,375

Change from Prior Reporting Period

-2,404

-1,002

922

-11,276

-10,473

-12,758

-10,553

Traders

102

76

68

51

52

183

172

 

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

31,747

30,904

368,279

 

 

 

-1,702

-3,907

-14,460

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, February 04, 2014

 

Gold COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

165,286

76,912

139,386

261,974

351,148

566,646

567,446

Change from Prior Reporting Period

-2,410

-507

5,658

-7,816

-7,549

-4,568

-2,398

Traders

129

85

114

56

61

232

219

 

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

35,600

34,800

602,247

 

 

 

-1,241

-3,411

-5,809

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, February 04, 2014

 

Silver COT Report: Futures

Large Speculators

Commercial

Long

Short

Spreading

Long

Short

41,321

34,333

19,017

65,457

80,309

505

4,009

1,994

3,380

-2,801

Traders

67

49

43

47

41

Small Speculators

Open Interest

Total

Long

Short

149,163

Long

Short

23,368

15,504

125,795

133,659

-960

1,717

4,919

5,879

3,202

non reportable positions

Positions as of:

135

120

 

Tuesday, February 04, 2014

  © SilverSeek.com  

 

Silver COT Report: Futures & Options Combined

Large Speculators

Commercial

Long

Short

Spreading

Long

Short

40,129

33,993

39,071

85,455

99,814

389

4,218

2,451

3,763

-2,742

Traders

72

58

63

49

46

Small Speculators

Open Interest

Total

Long

Short

189,297

Long

Short

24,643

16,419

164,655

172,878

-867

1,808

5,736

6,603

3,928

non reportable positions

Positions as of:

152

144

 

Tuesday, February 04, 2014

  © SilverSeek.com  

 

US Dollar Index COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

31,164

26,075

1,398

6,863

18,776

39,425

46,249

-1,430

-2,529

-379

925

2,380

-884

-528

Traders

94

29

7

18

7

116

39

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

8,189

1,365

47,614

 

 

 

-346

-702

-1,230

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, February 04, 2014

 

US Dollar Index COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

31,204

26,399

2,142

7,242

18,927

40,588

47,468

-1,583

-2,579

-156

953

2,346

-786

-390

Traders

97

31

14

20

7

125

44

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

8,280

1,401

48,868

 

 

 

-323

-720

-1,109

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, February 04, 2014

  

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 gold, or 5,000 ounces silver.   The numbers referred to above are therefore the number of 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.


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 -- Published: Friday, 7 February 2014 | E-Mail  | Print  | Source: GoldSeek.com

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