Markets
Who holds what: the COT report
Every Friday a report shows what big speculators, hedgers and small traders held in each futures market on the Tuesday before. Gold first, then 18 more markets.
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The Gold Field Guide
Positions as of Tuesday 2026-10-20, published the Friday after. Read 1 h 37 min ago.
US dollar index this week
Large speculators (funds) are net long 15,044 contracts, up 2,125 on the week. That is speculators near their most long of 3 years (81 out of 100).
- Position in its 3-year range (0 = most short, 100 = most long)
- 81
- Share of speculators' positions that are long
- 65%
- Hedgers (producers, banks, users) net
- -17,014 contracts
- Small traders net
- +1,970 contracts
- Open interest (all open contracts)
- 49,382 (-2,434 on the week)
Speculators' net position, the last 52 weeks:
| Tuesday | Speculators net | Hedgers net | Small traders net | Open interest |
|---|---|---|---|---|
| 2026-10-20 | +15,044 | -17,014 | +1,970 | 49,382 |
| 2026-10-13 | +12,919 | -14,828 | +1,909 | 51,816 |
| 2026-10-06 | +12,011 | -14,271 | +2,260 | 51,095 |
| 2026-09-29 | +11,881 | -13,874 | +1,993 | 48,342 |
| 2026-09-22 | +10,330 | -12,167 | +1,837 | 46,328 |
| 2026-09-15 | +10,593 | -12,234 | +1,641 | 43,744 |
| 2026-09-08 | +17,604 | -19,188 | +1,584 | 57,858 |
| 2026-09-01 | +17,025 | -18,724 | +1,699 | 50,020 |
All markets
Where the speculators in each market sit against their own past 3 years, most long at the top.
- Nasdaq 100 (E-mini)92
- US dollar index81
- Bitcoin77
- Copper72
- Dow Jones (E-mini)71
- Japanese yen70
- Swiss franc68
- 30-year Treasury bond56
- Canadian dollar52
- Platinum44
- Gold37
- S&P 500 (E-mini)28
- 10-year Treasury note21
- Crude oil (WTI)19
- Silver13
- British pound11
- Euro1
- Natural gas0
- Australian dollar0
Pick a market for its detail. Net = contracts held long minus contracts held short.
Metals
| Market | Speculators net | Week change | 3-year range | Hedgers net | 26 weeks |
|---|---|---|---|---|---|
| Gold | +199,865 | -8,014 | 37 | -235,582 | |
| Silver | +19,795 | -2,836 | 13 | -37,176 | |
| Copper | +57,397 | -11,123 | 72 | -64,296 | |
| Platinum | +13,162 | +189 | 44 | -15,694 |
Energy
| Market | Speculators net | Week change | 3-year range | Hedgers net | 26 weeks |
|---|---|---|---|---|---|
| Crude oil (WTI) | +89,325 | -11,018 | 19 | -116,158 | |
| Natural gas | -241,272 | -7,694 | 0 | +222,969 |
Stock indices
| Market | Speculators net | Week change | 3-year range | Hedgers net | 26 weeks |
|---|---|---|---|---|---|
| S&P 500 (E-mini) | -142,671 | -1,676 | 28 | +33,922 | |
| Nasdaq 100 (E-mini) | +50,726 | +2,203 | 92 | -63,576 | |
| Dow Jones (E-mini) | +6,725 | -1,411 | 71 | -8,113 |
Interest rates
| Market | Speculators net | Week change | 3-year range | Hedgers net | 26 weeks |
|---|---|---|---|---|---|
| 10-year Treasury note | -964,293 | +23,809 | 21 | +930,819 | |
| 30-year Treasury bond | -68,419 | +58,019 | 56 | +20,686 |
Currencies
| Market | Speculators net | Week change | 3-year range | Hedgers net | 26 weeks |
|---|---|---|---|---|---|
| US dollar index | +15,044 | +2,125 | 81 | -17,014 | |
| Euro | -134,524 | +3,049 | 1 | +104,895 | |
| Japanese yen | +69,878 | +19,671 | 70 | -71,087 | |
| British pound | -80,420 | +26,544 | 11 | +95,508 | |
| Swiss franc | -18,150 | +3,928 | 68 | +34,017 | |
| Canadian dollar | -74,709 | +20,056 | 52 | +86,848 | |
| Australian dollar | -127,292 | -9,993 | 0 | +114,925 |
Crypto
| Market | Speculators net | Week change | 3-year range | Hedgers net | 26 weeks |
|---|---|---|---|---|---|
| Bitcoin | +2,418 | -116 | 77 | -2,725 |
How to read it
- Large speculators (hedge funds, trend followers) trade for profit. Their net position is the headline number of the report.
- Hedgers (miners, producers, banks) usually take the other side, so their net is often the mirror image.
- A market near 0 or 100 on its 3-year range is crowded: when that many have already bought or sold, a turn can be sharp. It is a reading of positions, not a timing signal.
Source: Baroq data. Commitments of Traders, legacy report, futures only. One contract of gold is 100 ounces.
Markets in numbers
Compared
Seasonality
Volatility
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Best time to trade
Moving averages
Market correlations
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The Gold Field Guide
The gold day hour by hour, the six forces behind the price and the releases worth a place in your calendar.
Data and education only, not investment advice and not a trading signal. Public sources can be late or wrong; check before relying on a number. Past prices do not predict what a market will do. Risk warning · The words on this page, explained