COT Gold, Silver and US Dollar Index Report - March 13, 2015
-- Published: Friday, 13 March 2015 | Print | Comment
Gold COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
171,821
89,929
43,257
154,578
243,920
369,656
377,106
Change from Prior Reporting Period
-8,740
25,188
-901
14,498
-19,547
4,857
4,740
Traders
141
91
82
53
50
231
192
Small Speculators
Long
Short
Open Interest
41,262
33,812
410,918
937
1,054
5,794
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, March 10, 2015
Gold COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
187,299
90,070
155,269
242,346
348,053
584,915
593,392
Change from Prior Reporting Period
-7,894
23,390
12,694
25,130
-6,262
29,930
29,821
Traders
158
114
131
57
54
283
238
Small Speculators
Long
Short
Open Interest
45,852
37,374
630,766
1,854
1,963
31,784
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, March 10, 2015
Silver COT Report: Futures
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
57,966
31,994
23,489
65,853
99,116
1,624
6,859
880
2,400
-4,049
Traders
80
50
44
41
43
Small Speculators
Open Interest
Total
Long
Short
169,125
Long
Short
21,817
14,526
147,308
154,599
203
1,417
5,107
4,904
3,690
non reportable positions
Positions as of:
142
120
Tuesday, March 10, 2015
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Silver COT Report: Futures & Options Combined
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
57,561
31,923
42,139
90,145
123,582
1,150
6,876
2,032
4,183
-2,622
Traders
88
49
63
48
49
Small Speculators
Open Interest
Total
Long
Short
213,018
Long
Short
23,174
15,374
189,845
197,645
360
1,440
7,725
7,365
6,286
non reportable positions
Positions as of:
161
141
Tuesday, March 10, 2015
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US Dollar Index COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
97,139
15,869
14,822
15,079
114,813
127,040
145,504
11,426
-2,626
11,876
969
14,259
24,271
23,509
Traders
214
21
15
16
9
238
38
Small Speculators
Long
Short
Open Interest
21,446
2,982
148,486
234
996
24,505
non reportable positions
Change from the previous reporting period
COT Silver Report - Positions as of
Tuesday, March 10, 2015
US Dollar Index COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
97,139
15,929
14,909
15,180
114,975
127,228
145,813
11,425
-2,822
11,732
744
14,251
23,901
23,161
Traders
214
21
16
16
9
239
38
Small Speculators
Long
Short
Open Interest
21,638
3,053
148,866
208
948
24,109
non reportable positions
Change from the previous reporting period
COT Silver Report - Positions as of
Tuesday, March 10, 2015
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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