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COT Gold, Silver and US Dollar Index Report - December 21, 2018

 -- Published: Friday, 21 December 2018 | Print  | Disqus 

Gold COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

182,168

106,208

53,411

132,148

224,823

367,727

384,442

Change from Prior Reporting Period

12,568

-2,893

310

-2,137

13,170

10,741

10,587

Traders

170

79

69

49

49

247

173

 

 

Small Speculators

  © GoldSeek.com 

 

 

 

Long

Short

Open Interest

 

 

 

44,758

28,043

412,485

 

 

 

-506

-352

10,235

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, December 18, 2018

 

Gold COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

187,680

100,183

184,704

226,962

332,655

599,345

617,541

Change from Prior Reporting Period

16,328

-2,468

11,684

5,077

24,251

33,090

33,467

Traders

197

94

136

58

56

311

234

 

 

Small Speculators

  © GoldSeek.com 

 

 

 

Long

Short

Open Interest

 

 

 

50,287

32,091

649,633

 

 

 

-28

-405

33,062

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Gold Report - Positions as of

Tuesday, December 18, 2018

 

Silver COT Report: Futures

Large Speculators

Commercial

Long

Short

Spreading

Long

Short

74,023

54,192

9,932

61,045

96,521

2,887

-5,688

-189

-3,237

4,360

Traders

101

59

41

39

40

Small Speculators

Open Interest

Total

Long

Short

172,860

Long

Short

27,860

12,215

145,000

160,645

-672

306

-1,211

-539

-1,517

non reportable positions

Positions as of:

157

126

 

Tuesday, December 18, 2018

  © SilverSeek.com  

 

Silver COT Report: Futures & Options Combined

Large Speculators

Commercial

Long

Short

Spreading

Long

Short

72,247

53,524

28,892

78,497

113,532

3,111

-5,768

511

-3,558

4,371

Traders

110

66

65

44

43

Small Speculators

Open Interest

Total

Long

Short

209,312

Long

Short

29,675

13,364

179,636

195,948

-639

311

-574

65

-886

non reportable positions

Positions as of:

180

151

 

Tuesday, December 18, 2018

  © SilverSeek.com  

 

US Dollar Index COT Report - Futures

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

43,298

7,249

1,371

1,557

40,683

46,226

49,303

-3,362

-1,289

-4,066

-4,539

-6,418

-11,967

-11,773

Traders

67

21

9

5

7

73

36

 

Small Speculators

  © GoldSeek.com 

 

 

 

Long

Short

Open Interest

 

 

 

4,564

1,487

50,790

 

 

 

-1,249

-1,443

-13,216

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, December 18, 2018

 

US Dollar Index COT Report - Futures & Options Combined

Large Speculators

Commercial

Total

Long

Short

Spreading

Long

Short

Long

Short

43,280

7,249

1,390

1,564

40,684

46,234

49,323

-3,362

-1,289

-4,066

-4,539

-6,418

-11,967

-11,773

Traders

67

21

9

5

7

73

36

 

Small Speculators

  © GoldSeek.com 

 

 

 

Long

Short

Open Interest

 

 

 

4,582

1,493

50,816

 

 

 

-1,247

-1,441

-13,214

 

 

 

non reportable positions

Change from the previous reporting period

 

COT Silver Report - Positions as of

Tuesday, December 18, 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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 -- Published: Friday, 21 December 2018 | E-Mail  | Print  | Source: GoldSeek.com

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