Gold
Disaggregated COT · CFTC 088691
Producer hedge ratio5.4%Under-hedged · Bullish
PhaseTrend
Producer net-125,000
Managed money net+120,000
Disaggregated positioning
Producers hedge by selling — heavy producer shorts at low prices are bullish.
CategoryLongShortNet
Producer / Merchant120,000245,000-125,000
Swap Dealers90,00040,000+50,000
Managed Money180,00060,000+120,000
Other Reportables30,00025,000+5,000
Non-Reportables20,00030,000-10,000
Open interest520,000 (+6,000)
Commercial vs speculator
When commercials (smart money) and speculators diverge, commercials usually win.
Divergent · Commercials bullish
- Commercial net
- -75,000
- Speculator net
- +120,000
Market reference
Contract spec and its currency linkage.
- Contract size
- 100 troy oz
- Correlated currency
- USD
- Correlation
- -0.78
- Report date
- 2026-05-26