COT Gold, Silver and US Dollar Index Report - September 14, 2018
-- Published: Friday, 14 September 2018 | Print | Comment
Gold COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
198,367
205,957
54,025
169,192
169,179
421,584
429,161
Change from Prior Reporting Period
-1,395
-7,302
-1,430
460
6,972
-2,365
-1,760
Traders
159
110
77
53
47
246
202
Small Speculators
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Long
Short
Open Interest
47,866
40,289
469,450
-1,303
-1,908
-3,668
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, September 11, 2018
Gold COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
176,273
204,790
200,018
283,350
264,057
659,642
668,866
Change from Prior Reporting Period
-2,152
-7,892
-284
483
6,613
-1,953
-1,563
Traders
192
131
150
61
58
316
278
Small Speculators
� GoldSeek.com
Long
Short
Open Interest
53,844
44,620
713,486
-1,774
-2,164
-3,727
non reportable positions
Change from the previous reporting period
COT Gold Report - Positions as of
Tuesday, September 11, 2018
Silver COT Report: Futures
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
81,095
108,498
18,339
78,140
65,766
-1,966
-3,537
1,350
-3,281
-1,042
Traders
108
74
46
42
31
Small Speculators
Open Interest
Total
Long
Short
208,969
Long
Short
31,395
16,366
177,574
192,603
475
-193
-3,422
-3,897
-3,229
non reportable positions
Positions as of:
173
131
Tuesday, September 11, 2018
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Silver COT Report: Futures & Options Combined
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
81,064
109,387
38,590
92,220
80,742
-1,919
-3,755
2,087
-2,597
-107
Traders
122
84
78
46
39
Small Speculators
Open Interest
Total
Long
Short
246,406
Long
Short
34,532
17,687
211,874
228,719
538
-115
-1,890
-2,428
-1,775
non reportable positions
Positions as of:
205
167
Tuesday, September 11, 2018
� SilverSeek.com
US Dollar Index COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
44,223
9,728
4,867
1,844
41,835
50,934
56,430
236
-773
1,855
662
1,010
2,753
2,092
Traders
82
23
17
7
8
98
42
Small Speculators
� GoldSeek.com
Long
Short
Open Interest
7,998
2,502
58,932
396
1,057
3,149
non reportable positions
Change from the previous reporting period
COT Silver Report - Positions as of
Tuesday, September 11, 2018
US Dollar Index COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
44,263
9,728
4,893
1,847
41,893
51,002
56,513
227
-746
1,795
659
919
2,682
1,968
Traders
83
24
17
7
8
100
42
Small Speculators
� GoldSeek.com
Long
Short
Open Interest
8,018
2,507
59,020
341
1,054
3,022
non reportable positions
Change from the previous reporting period
COT Silver Report - Positions as of
Tuesday, September 11, 2018
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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