COT Gold, Silver and US Dollar Index Report - July 18, 2014
-- Published: Friday, 18 July 2014 | Print | Comment
Gold COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
199,950
57,492
28,562
138,542
295,448
367,054
381,502
Change from Prior Reporting Period
-3,514
4,049
1,322
2,544
-6,553
352
-1,182
Traders
131
73
73
49
54
216
170
Small Speculators
Long
Short
Open Interest
41,314
26,866
408,368
-2,976
-1,442
-2,624
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, July 15, 2014
Gold COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
212,149
51,976
153,331
227,647
403,235
593,127
608,543
Change from Prior Reporting Period
-5,873
4,046
5,669
3,544
-7,336
3,340
2,379
Traders
159
88
121
55
58
270
217
Small Speculators
Long
Short
Open Interest
46,395
30,979
639,522
-2,322
-1,361
1,018
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, July 15, 2014
Silver COT Report: Futures
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
65,907
16,629
24,774
49,410
108,106
-1,122
-2,519
3,235
-1,643
-965
Traders
82
47
49
35
46
Small Speculators
Open Interest
Total
Long
Short
162,447
Long
Short
22,356
12,938
140,091
149,509
-902
-183
-432
470
-249
non reportable positions
Positions as of:
141
123
Tuesday, July 15, 2014
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Silver COT Report: Futures & Options Combined
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
65,243
13,444
49,765
70,230
131,726
-615
-2,910
3,731
-1,571
-597
Traders
93
48
73
42
52
Small Speculators
Open Interest
Total
Long
Short
209,481
Long
Short
24,243
14,546
185,238
194,935
-987
334
557
1,544
223
non reportable positions
Positions as of:
165
147
Tuesday, July 15, 2014
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US Dollar Index COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
37,482
19,810
2,598
5,381
29,401
45,461
51,809
-1,250
780
3
491
-821
-756
-38
Traders
91
28
10
14
5
110
39
Small Speculators
Long
Short
Open Interest
8,458
2,110
53,919
664
-54
-92
non reportable positions
Change from the previous reporting period
COT Silver Report - Positions as of
Tuesday, July 15, 2014
US Dollar Index COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
37,513
19,810
2,854
5,560
29,619
45,927
52,283
-1,297
746
129
517
-821
-651
54
Traders
92
30
14
14
6
113
44
Small Speculators
Long
Short
Open Interest
8,515
2,159
54,442
646
-59
-5
non reportable positions
Change from the previous reporting period
COT Silver Report - Positions as of
Tuesday, July 15, 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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