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COT Gold, Silver and US Dollar Index Report - September 9, 2016

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COT Gold, Silver and US Dollar Index Report - September 9, 2016


 
Published: Friday, 9 September 2016. 
Gold COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
370,375
62,515
55,872
110,470
440,443
536,717
558,830
Change from Prior Reporting Period
29,789
-1,730
1,580
616
29,376
31,985
29,226
Traders
203
92
85
49
62
290
205


Small Speculators




Long
Short
Open Interest



53,939
31,826
590,656



273
3,032
32,258



non reportable positions
Change from the previous reporting period

COT Gold Report - Positions as of
Tuesday, September 06, 2016

Gold COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
387,403
57,280
189,578
195,987
548,523
772,968
795,381
Change from Prior Reporting Period
37,906
-509
9,607
4,130
38,775
51,642
47,873
Traders
230
94
146
59
68
339
262


Small Speculators




Long
Short
Open Interest



58,371
35,958
831,338



140
3,910
51,783



non reportable positions
Change from the previous reporting period

COT Gold Report - Positions as of
Tuesday, September 06, 2016

Silver COT Report: Futures
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
118,059
30,031
8,814
45,970
145,552
3,829
155
1,381
1,592
5,496
Traders
126
47
36
32
37
Small Speculators
Open Interest
Total
Long
Short
199,197
Long
Short
26,354
14,800
172,843
184,397
2,979
2,749
9,781
6,802
7,032
non reportable positions
Positions as of:
172
110
 COT Silver Report
Tuesday, September 06, 2016
 

Silver COT Report: Futures & Options Combined
Large Speculators
Commercial
Long
Short
Spreading
Long
Short
121,031
28,890
25,616
51,926
155,739
4,914
98
3,279
1,475
6,173
Traders
133
51
66
39
43
Small Speculators
Open Interest
Total
Long
Short
226,878
Long
Short
28,305
16,633
198,573
210,245
3,283
3,401
12,951
9,668
9,550
non reportable positions
Positions as of:
196
140
 COT Silver Report
Tuesday, September 06, 2016
  

US Dollar Index COT Report - Futures
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
33,728
16,767
8,276
7,330
30,240
49,334
55,283
3,607
1,612
-1,242
-582
1,905
1,783
2,275
Traders
76
32
19
6
11
95
52

Small Speculators




Long
Short
Open Interest



8,835
2,886
58,169



1,045
553
2,828



non reportable positions
Change from the previous reporting period

COT US Dollar Index Report - Positions as of
Tuesday, September 06, 2016

US Dollar Index COT Report - Futures & Options Combined
Large Speculators
Commercial
Total
Long
Short
Spreading
Long
Short
Long
Short
33,819
16,985
8,374
7,499
30,291
49,692
55,650
3,601
1,621
-1,310
-590
1,882
1,702
2,193
Traders
74
35
25
6
11
98
56

Small Speculators




Long
Short
Open Interest



8,883
2,925
58,575



1,003
512
2,705



non reportable positions
Change from the previous reporting period

COT US Dollar Index Report - Positions as of
Tuesday, September 06, 2016
  
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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