Guide · 2 min read
How to read the COT report for gold
Short answer: The Commitments of Traders report shows, once a week, how large traders are positioned in gold futures. Watch the money managers' net position (longs minus shorts), how it changed this week, and where it sits in its own range. Extremes show a crowded trade, not a turning point.
Published: 24 October 2026.
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The groups
- Producers and merchants: miners, refiners and dealers. They are usually net short because they hedge metal they will sell.
- Swap dealers: banks that take the other side of clients' deals and hedge them in futures.
- Money managers: hedge funds and trading advisers. This is the group most traders mean by "speculators".
- Other reportables and small traders: everyone else above and below the reporting size.
What to read
- Net positionLongs minus shorts for the money managers.
- Weekly changeWhether they added or cut this week, and by how much.
- Place in the rangeWhere today's net position sits between its high and low of recent years.
- Open interestThe total of open contracts. Rising with the price means new money is joining the move.
How traders use it
A large net long shows that many speculators already own gold. If the news turns, they all want to sell at the same time, which can make drops sharp. A small or net short position shows the opposite. That is useful background for sizing and for knowing where the crowd stands. It is not a reason to buy or sell on its own, and crowded positions can last a long time.
The limits
- The data is from Tuesday and comes out on Friday.
- It covers futures and options on an exchange, not CFD brokers or spot dealers.
- Groups are reported by trader type, so one firm's hedge can look like a bet.
See it live
Our Who holds what page shows the latest report for gold and other futures: speculators' net position, its weekly change and its range. The glossary explains every term on it.
FAQ
What is the COT report?
A weekly report that shows how many futures positions large traders hold in each market, split into groups such as producers, swap dealers and money managers.
When does the COT report come out?
Every Friday afternoon, New York time, with positions as of the Tuesday before. By the time you read it, the numbers are three days old.
Who are the speculators in the gold COT report?
Mostly the money manager group: hedge funds and trading advisers. They trade for profit, so their net position shows which way the fast money leans.
Why are producers usually net short gold?
Miners, refiners and dealers sell futures to lock in prices for metal they will produce or hold. Their short position is mostly a hedge, not a bet.
Does a record speculative long mean gold will fall?
Not on its own. A crowded position shows where the risk of a sharp move sits, but crowds can stay crowded for months. Use it as background, not as a timing tool.
Does the COT report include CFD and spot traders?
No. It covers exchange futures and options only. Trades at a CFD broker are not in it.
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