Metals
Gold COT positioning
Speculators are net long gold, at the 30th percentile of the last three years, which is within its normal range rather than at an extreme.
Reading as of 22 September 2026. The CFTC publishes weekly with a three day lag, so this describes the previous Tuesday. The terminal carries the full three year history and the week on week change.
Reading it
What this book is, and how it behaves.
Gold carries the largest speculative book of any metal and attracts long-only money that does not behave like a speculator, so a crowded long here persists far longer than it would in a currency.
Positioning at an extreme is a description of where the crowd sits, not a forecast. A crowded book can stay crowded for months and get more crowded on the way. What it does tell you is who is already in the trade, which is what decides how violently a market reacts when the news goes the other way.
Gold positioning, answered.
Are speculators net long or net short gold?
Speculators are net long gold, at the 30th percentile of the last three years, which is within its normal range rather than at an extreme. The net position is +127,389 contracts as of 22 September 2026.
What does one Gold contract represent?
One contract is 100 troy ounces. Gold carries the largest speculative book of any metal and attracts long-only money that does not behave like a speculator, so a crowded long here persists far longer than it would in a currency.
What is the COT report?
The Commitment of Traders report is published weekly by the CFTC. It breaks open interest in US futures markets down by category of trader. The figure here is the non-commercial, or speculative, net position: long contracts minus short contracts. It is reported with a three day lag, so the newest reading describes the previous Tuesday.
Does extreme positioning mean the price will reverse?
No. Positioning describes where the crowd sits, not what happens next. Crowded books can stay crowded for months and get more crowded on the way. It is a measure of who is already in a trade, which matters for how a market reacts to news, and it is not a timing signal.
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