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COT Gold, Silver and US Dollar Index Report - March 14, 2014

 -- Published: Friday, 14 March 2014 | Print  | Disqus 

Gold COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

170,482

51,592

40,601

163,920

289,287

375,003

381,480

Change from Prior Reporting Period

-922

-4,646

13,748

6,082

10,300

18,908

19,402

Traders

119

75

67

49

62

209

173

 

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

40,337

33,860

415,340

 

 

 

3,166

2,672

22,074

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, March 11, 2014

 

Gold COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

193,209

40,942

179,270

266,799

424,912

639,279

645,125

Change from Prior Reporting Period

-544

-5,473

16,853

7,970

13,045

24,278

24,425

Traders

140

95

125

55

68

264

229

 

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

44,971

39,125

684,249

 

 

 

3,308

3,161

27,586

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, March 11, 2014

 

Silver COT Report: Futures

Large Speculators

Commercial

Long

Short

Spreading

Long

Short

43,886

17,222

14,767

55,639

93,273

-411

834

1,721

1,020

-1,115

Traders

68

35

39

43

43

Small Speculators

Open Interest

Total

Long

Short

136,625

Long

Short

22,333

11,363

114,292

125,262

745

1,635

3,075

2,330

1,440

non reportable positions

Positions as of:

127

106

 

Tuesday, March 11, 2014

  © SilverSeek.com  

 

Silver COT Report: Futures & Options Combined

Large Speculators

Commercial

Long

Short

Spreading

Long

Short

43,083

17,691

32,906

72,939

109,898

-952

1,046

1,540

1,950

-891

Traders

71

46

62

47

50

Small Speculators

Open Interest

Total

Long

Short

172,767

Long

Short

23,839

12,272

148,928

160,495

872

1,715

3,410

2,538

1,695

non reportable positions

Positions as of:

145

135

 

Tuesday, March 11, 2014

  © SilverSeek.com  

 

US Dollar Index COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

41,083

41,261

2,526

6,108

11,130

49,717

54,917

6,219

5,916

-859

315

-306

5,675

4,751

Traders

87

44

9

16

9

109

60

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

8,287

3,087

58,004

 

 

 

-223

701

5,452

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, March 11, 2014

 

US Dollar Index COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

41,189

41,386

2,548

6,257

11,232

49,994

55,167

6,251

5,692

-1,025

53

-351

5,280

4,316

Traders

89

44

13

16

10

113

63

 

Small Speculators

 

 

 

 

Long

Short

Open Interest

 

 

 

8,307

3,135

58,302

 

 

 

-258

705

5,021

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, March 11, 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, 14 March 2014 | E-Mail  | Print  | Source: GoldSeek.com

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