Articles related to non-commercials
Przemyslaw Radomski CFA - SunshineProfits
Does CoT Show Battle over Gold
The Commodity Futures Trading Commission has released the latest CoT report. What can we learn from it about the gold market? Light and Darkness in the Gold Market The epic battle between good and evil. The conflict between light and darkness. We and them. This is how some analysts portray the Commitments of Traders report. Commercials, i.e. bullion banks such as JP Morgan, are of course the bad guys. But wait, what’s all this about? As we explained in our Dictionary, the Commitments of Traders
Wednesday, January 17, 2018
Stewart Dougherty
Gold EFPs: Absolute Proof that the Paper Gold Price is a Fraud 
In recent months, the issuance of gold Exchange for Physical (EFP) contracts has surged. EFPs convert a physically deliverable Comex gold contract into an LBMA or LME contract supposedly deliverable at a later date ex London and/or Hong Kong. As an incentive for Comex contract holders to accept EFPs, a cash bonus reportedly is paid. EFPs in silver are also being issued in vast quantities, but we will focus on gold for brevity.Most gold market observers believe that EFPs are a Comex gimmick desig
Monday, December 18, 2017
Steve Saville - Speculative Investor
Sentiment Synopsis, Part 2
A blog post titled “Sentiment Synopsis” posted two weeks ago contained some explanatory remarks about the Commitments of Traders (COT) reports and briefly discussed the sentiment situations for gold, silver, the Canadian dollar and the Yen using the COT data as the indicators of market sentiment. In this post I’ll do the same for the euro, the Swiss franc and oil, again with the help of charts from Gold Charts ‘R’ Us. As noted in the earlier post, what I refer to as the total speculative net pos
Tuesday, November 28, 2017
Steve Saville - Speculative Investor
Sentiment Synopsis
The Commitments of Traders (COT) reports are nothing other than sentiment indicators, but as far as sentiment indicators go they are among the most useful. In fact, for some markets, including gold, silver, copper and the major currencies, the COT reports are by far the best indicators of sentiment. This is because they reflect how the broad category known as speculators is betting. Sentiment surveys, on the other hand, usually focus on a relatively small sample and are, by definition, based on
Tuesday, November 14, 2017
Przemyslaw Radomski CFA - SunshineProfits
How to Use the CoT Report in Gold Investing
The CoT report enables investors to peek behind the scenes of the gold futures market and to better understand the psychology of the marketplace and, thus, get a better idea of futures moves on the market. This is because the COT report shows the net long or short positions of different types of traders. The knowledge of how traders are positioned is useful, but what really matters are changes in their positions. Knowing that, for example, non-commercials have 175,000 contracts long is meaningle
Monday, May 2, 2016
Przemyslaw Radomski CFA - SunshineProfits
Who are Gold Traders
The Commitments of Traders Report is one of the most important publications on the gold market. It is usually published every Friday at 15:30 Eastern time by the Commodity Futures Trading Commission (CFTC) to provide market participants “a breakdown of each Tuesday’s open interest for markets in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC”. Unfortunately the readers don’t get a full picture because of a three day lag between a report and
Friday, April 22, 2016
Keith Weiner - Monetary Metals
Gold-Silver Ratio Breakout Report, 28 Feb, 2016
The gold to silver ratio moved up very sharply this week, +4.2%. How did this happen? It was not because of a move in the price of gold, which barely budged this week. It was due entirely to silver being repriced 66 cents lower. This ratio is now 83.2. It takes 83.2 ounces of silver to buy an ounce of gold. Conversely, it takes 1/83.2oz (about 0.37 grams) of gold to buy an ounce of silver. This ratio is now within a hair’s breadth of breaking out past the high set on Oct 17, 2008. See the histor
Monday, February 29, 2016
24hGold - Yahoo
GOLD What Does Money Managers’ Positioning Tell You about Gold Prices
The Gold Price Outlook: What Investors Need to Know(Continued from Prior Part) Precious metals ETF holdings ETFs form a significant portion of overall gold investment demand. Outflows from ETFs led to a ~28% fall in gold prices in 2013. That’s the equivalent of selling 881 tons of gold. For this reason, investors should track any sustained or significant buying or selling activities by these ETFs. Gold ETF holdings at a multi-year low As of November 25, known gold holdings equaled 1,493.5 t
Tuesday, December 1, 2015
Bob Hoye - Institutional Advisors
COT for Gold and Silver Enters Dangerous Territory
Technical observations of The Commitment of Traders readings for both gold and silver are at levels that have made prices vulnerable over the last four years. Commercials in silver have the largest net short position since an important top in 2008. Speculative non-commercial long positions are the greatest since 2005. We view the rate of change as significant as the absolute levels of the data. At the present time the RSI of both commercials and non-commercials in both
Friday, October 30, 2015
Adrian Ash - Bullion Vault
Gold Futures: Where Are the Doctors Dentists
Gold futures are pulling in hedge-fund bulls again. But retail punters...? LAST WEEK's urgent bid to buy gold and silver pushes ahead, writes Adrian Ash at BullionVault. BullionVault users were net buyers of physical gold again today, extending last week's demand as the metal rose above that $1320 level hit by the first crash last spring.  Who else is buying? Not investment funds via ETFs. Such exchange-traded trust funds give stockholders exposure to price, but without physical ownersh
Monday, February 17, 2014
The Gold Report
After Labor Strikes, What's Next for Platinum
The Metals Report: Erica, the platinum group metals (PGM) sector created a lot of buzz at the beginning of this year. What can investors expect in the coming 12 months?Erica Rannestad: There's going to be a lot of development in labor and wage negotiation structures in South Africa. It could potentially improve labor conditions in the platinum mining sector, which would provide more certainty about supply flows. The PGM markets are highly concentrated, meaning that both supply and demand are hea
Wednesday, June 26, 2013
The Gold Report
After Labor Strikes, What's Next for Platinum
Violent South African mining labor strikes shocked the globe in 2012, but the resulting negotiations underway could create more stable supply flows in the long term—that's how CPM Commodity Analyst Erica Rannestad sees it. In this interview with The Metals Report, Rannestad discusses the key developments that could signal a price rise and which producers could clean up big on high-priced PGMs. The Metals Report: Erica, the platinum group metals (PGM) sec
Tuesday, June 25, 2013
Mish - Global Economic Analysis
Wild Swings in Gold and Silver; Time to Give Up Hope
Overnight action in gold and silver was interesting to say the least. Silver plunged 10% and was halted four times in a flash crash, of sorts, yet is now in the green. Silver 10-Minute Chart click on chart for sharper image Silver hit as low as $20.25 and as high as $23.24. The maximum rally from the low was 14.8% Gold 10-Minute Chart click on chart for sharper image Action in gold was also pronounced, but not quite as wild as silver. Gold fell $25 from the open but is now up $22 and
Tuesday, May 21, 2013
Bullion Vault
Gold Speculation and the Comex 
What exactly does 'speculative net long' mean...?EVERY FRIDAY, the Commodity Futures Trading Commission publishes data that enable analysts to 'take the pulse' of various commodity markets.The Commitments of Traders (CoT) report gives the aggregate positions held by traders from the previous Tuesday, including the number of long contracts (that stand to benefit if prices rise) and short contracts (that benefit if they fall).Included in the CoT is positioning in gold and silver futures and option
Friday, May 3, 2013
Bud Conrad - Casey Research
Physical Gold vs. Paper Gold: The Ultimate Disconnect 
How can we explain gold dropping into the $1,300 level in less than a week? Here are some of the factors: George Soros cut his fund holdings in the biggest gold ETF by 55% in the fourth quarter of 2012. He was not alone: the gold holdings of GLD have contracted all year, down about 12.
Saturday, April 27, 2013
John Rubino - Dollar Collapse
  For Gold, Friday's COT Report Is Huge 
The dominant explanation (in the sound money community at least) for the precious metals crash is, well, sabotage. The metals exchanges were running out of physical product and faced imminent default, so the major governments via their money center bank proxies sold tens of billions of dollars of gold and silver futures contracts, forcing prices down and triggering stop-loss orders and margin calls that produced Monday's epic bloodbath. These short positions were then covered at huge p
Friday, April 19, 2013
Theodore Butler - Butler Research
The Price Smash – Who, What, How and Why
There is no doubt that we are at a critical juncture in gold and silver and the first order of business is to drill down to how and why prices plunged so much Friday and Monday. Certainly, more commentary (mostly on gold) is being written about the precious metals currently in regards to the price weakness than I can remember. Unfortunately, much of the analyses and commentary is wide of the mark, in my opinion. But the great thing is that everyone interested in what just took place with gold an
Tuesday, April 16, 2013
Adam Hamilton - Zealllc
Contrary Gold Futures 
With gold awakening from its usual summer slumber, traders are getting more excited about its prospects. Presumably this shifting sentiment will even grow to encompass futures traders, who’ve been incredibly bearish on the yellow metal for months now. While traders hold futures guys in high esteem, they are just as susceptible to groupthink as everyone else.
Saturday, August 25, 2012
Adam Hamilton - Zealllc
Reviewing Futures Commitments of Gold Traders
Gold has been deeply out of favor lately, languishing in its usual summer doldrums.This sentiment wasteland is driving traders to flee wholesale, including the futures players.Their mass exodus from the gold market is readily apparent in futures data.But provocatively such behavior is a powerful contrarian indicator, heralding the birth of major new uplegs in gold.
Saturday, July 28, 2012
Investing in mining stocks - Zealllc
Reviewing Futures Commitments of Gold Traders

Saturday, July 28, 2012