Peter's Blog

CFTC: Swaps Have Increased Gold Short Position by More than 1,300% since Nov 2015

Since the peak on March 8, Managed Money has reduced its Net Long positions by 60k contracts or 43%. Despite massive selling, the gold price has actually held up fairly well. The last time Managed Money net longs dropped this low in February, gold was struggling at the $1800 level, versus the struggle at $1900 […]

Hedge Funds Pile into Short Positions During September

Please note: the COTs report was published 10/1/2021 for the period ending 9/28/2021. “Managed Money” and “Hedge Funds” are used interchangeably. The Commitment of Traders analysis last month showed a potentially bullish setup in both gold and silver. The washout of Managed Money Net Long contracts that occurred in early August appeared to be over and a […]

Aug 2021 Technical Analysis: Gold & Silver Bullish or Bearish?

The price of gold and silver can be driven by many variables both technical and fundamental. Fundamental drivers include Fed meetings/speeches, its balance sheet, inflation data, jobs numbers, market risk appetite, etc. This analysis examines some of the more technical factors driving prices (e.g. Comex OI, Miners price action, technical price action). The CFCT Cots report can […]

CFTC COTS Analysis July 2021

The CFTC Commitment of Traders (COTs) report is released once a week and shows a breakdown of open interest by trader category. As discussed in the gold/silver pricing analysis, Open Interest can be a major factor in the metal price. The CFTC breaks down open interest by: