Tuesday, 31 August 2010

Gold COT (Commitment of Traders) at Aug 24th

Total open interest was slightly higher, at 556,464 (from 543,674), with the proportion of spreads a little lower at 11.7% of the total (versus 12.3%) - not indicative of anything particular.
The major nett positions increased once again, with commercials now short 53.8 and big specs long 45.0, but small specs were nett long only 8.8 (from 9.5) - none of these are out of the ordinary.

Percent figures (after excluding estimated spreads) were:
Market long positions - Commercials 35.1% (from 36.1%), Big Specs 52.2% (from 50.5%), Small Specs 12.7% (from 13.4%)
Market short position - Commercials 88.9% (from 88.5%), Big Specs 7.1% (from 7.7%), Small Specs 3.9% (from 3.8%)

Commercials continued to add to shorts, with longs around unchanged, still suggesting that prices will move higher only sluggishly.

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