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COT Gold, Silver and US Dollar Index Report - January 30, 2015

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COT Gold, Silver and US Dollar Index Report - January 30, 2015



Posted Saturday, 31 January 2015.
Gold COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
238,407
49,482
38,815
117,326
323,486
394,548
411,783
Change from Prior Reporting Period
15,150
-11,320
-3,665
-3,620
24,730
7,865
9,745
Traders
170
68
75
49
66
247
184


Small Speculators




Long
Short
Open Interest



43,731
26,496
438,279



286
-1,594
8,151



non reportable positions
Change from the previous reporting period

COT Gold Report - Positions as of
Tuesday, January 27, 2015

Gold COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
262,284
51,047
149,487
197,663
425,773
609,433
626,307
Change from Prior Reporting Period
14,061
-8,473
-34,103
-23,146
3,193
-43,187
-39,383
Traders
182
86
122
56
66
290
225


Small Speculators




Long
Short
Open Interest



46,996
30,122
656,429



-1,081
-4,885
-44,269



non reportable positions
Change from the previous reporting period

COT Gold Report - Positions as of
Tuesday, January 27, 2015

Silver COT Report: Futures
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
65,722
12,375
15,557
59,964
121,557
3,519
-3,554
190
-623
5,329
Traders
86
35
45
38
49
Small Speculators
Open Interest
Total
Long
Short
162,440
Long
Short
21,197
12,951
141,243
149,489
-550
571
2,536
3,086
1,965
non reportable positions
Positions as of:
143
113

Tuesday, January 27, 2015
  

Silver COT Report: Futures & Options Combined
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
65,808
13,674
36,716
86,563
146,939
5,771
-2,831
-2,491
-3,517
3,295
Traders
85
46
65
44
53
Small Speculators
Open Interest
Total
Long
Short
211,261
Long
Short
22,174
13,933
189,087
197,328
-1,616
174
-1,854
-237
-2,028
non reportable positions
Positions as of:
162
134

Tuesday, January 27, 2015
  

US Dollar Index COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
92,250
21,577
1,790
13,037
103,151
107,077
126,518
-4,890
-2,395
470
-370
622
-4,790
-1,303
Traders
180
17
10
14
6
200
28

Small Speculators




Long
Short
Open Interest



22,418
2,977
129,495



4,208
721
-582



non reportable positions
Change from the previous reporting period

COT Silver Report - Positions as of
Tuesday, January 27, 2015

US Dollar Index COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
92,220
21,764
2,023
13,356
103,422
107,599
127,208
-4,890
-2,449
544
-367
717
-4,712
-1,188
Traders
182
18
15
15
6
205
32

Small Speculators




Long
Short
Open Interest



22,667
3,058
130,266



4,233
709
-479



non reportable positions
Change from the previous reporting period

COT Silver Report - Positions as of
Tuesday, January 27, 2015
  
The COT reports which we look at each week provide 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.   The weekly reports for Futures-and-Options-Combined Commitments of Traders are released every Friday at 3:30 p.m. Eastern time.   The short report shows open interest separately by reportable and Non-reportable positions.   For reportable positions, additional data is provided for commercial and non-commercial holdings, spreading, changes from the previous report.

Futures and Options Combined
What does this title mean?   A future is a standardized contract traded through regulated exchanges where an investor buys or sells a contract at a specified price for a specific date in the future.   The price includes the interest charge due to the seller by the buyer from the date of the contract to the due date.   An option is the ‘right to buy or sell’ a contract at a fixed date in the future at a specific [strike] price.   The difference is that a futures contract is an agreement to buy or sell, whereas an option gives the holder the right to buy or sell.   An option holder can decide not to take up that right and will only lose the cost of buying the option.   His loss is therefore definable at the start of his investment, while the potential profit has not limit to it.   A futures contract is usually leveraged [a loan provided] up to 90% of the contract.   However, with the owner liable to top up his ‘margin’ to maintain this 10% his potential losses can rise far higher than his investment.  A ‘long’ [buying] contract limits its loss to the full price of the item, whereas the ‘short’ [selling] contract has no limit except the height that the price of the item can rise to.

The Commitment of Traders report [COT] is therefore a report on the overall position of the Commodity Exchange [COMEX or NYMEX].

Large & Small Speculators
The word “speculator” implies that the person is simply making a bet on the way he thinks the price of the item is going to move.   In essence, he is a gambler.   A trader might be this, but then again he might be an Arbitrageur, buying in one market and selling in another to capture the price difference between the two.   He wants to deal as fast as possible so as to minimize his risk of a price movement while he is exposed.   We would not put him in the same category as a speculator.

Contract
One contract is 100 ounces of gold, or 5,000 ounces silver.   The numbers referred to above are therefore the number of contracts in that position.   The net long speculative position is found by adding the large and small speculators bought contracts and deducting the large and small speculators sold contracts.   We work on there being 32,150 ounces in a tonne.

Buy [Long]
A long position is where an investor, trader, speculator buys 100 ounces x the number of contracts.     

Sell [Short]
A short position is where an investor, trader, speculator sells 100 ounces x the number contracts.

Spreading
For the options-and-futures-combined report, spreading measures the extent to which each non-commercial trader holds equal combined-long and combined-short positions. For example, if a non-commercial trader in Gold futures holds 2,000 long contracts and 1,500 short contracts, 500 contracts will appear in the "Long" category and 1,500 contracts will appear in the "Spreading" category.

Open Interest
Open interest is the total of all futures and/or option contracts entered into and not yet offset by a transaction, by delivery, by exercise, etc. The aggregate of all long open interest is equal to the aggregate of all short open interest.

Reportable Positions
Clearing members, futures commission merchants, and foreign brokers (collectively called "reporting firms") file daily reports with the Commission. Those reports show the futures and option positions of traders that hold positions above specific reporting levels set by CFTC regulations.

Commercial and Non-commercial Traders
When an individual reportable trader is identified to the Commodities Futures Trading Commission, the trader is classified either as "commercial" or "non-commercial." All of a trader's reported futures positions in a commodity are classified as commercial if the trader uses futures contracts in that particular commodity for hedging as defined in the Commission's regulations (1.3(z)).

Non-reportable Positions
The long and short open interest shown as "Non-reportable Positions" are derived by subtracting total long and short "Reportable Positions" from the total open interest. Accordingly, for "Non-reportable Positions," the number of traders involved and the commercial/non-commercial classification of each trader are unknown.

Changes in Commitments from Previous Reports
Changes represent the differences between the data for the current report date and the data published in the previous report.

Number of Traders
To determine the total number of reportable traders in a market, a trader is counted only once regardless whether the trader appears in more than one category (non-commercial traders may be long or short only and may be spreading; commercial traders may be long and short). To determine the number of traders in each category, however, a trader is counted in each category in which the trader holds a position. Therefore, the sum of the numbers of traders in each category will often exceed the "Total" number of traders in that market.


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