Bullish

Bullish: Hedge funds (Managed Money) are net long while institutions (Swaps) are net short/hedging.

Generated Nov 08, 2025 04:33 AM PST
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Lay of the Land

Managed Money net: +158,616 contracts (21.4% of OI)
Funds’ long exposure is stretched versus recent norms.
Swap Dealers net: -234,219 contracts (30.7% of OI)
Banks’ net short hedge is heavy.
Open Interest: 898,447 contracts
Total open contracts in the market. Participation broadened materially. Net weekly change: +62,626.
Share of OI: Managed Money long 21.4% (below typical) vs Swaps short 30.7% (below typical)
Banks hold a larger share of open interest than speculators.
Concentration: Largest 8-or-less held 38.1% of shorts.
Shorts show moderate clustering among large traders.

At a Glance

Open Interest — 898,447 (Δ +62,626)
Broader participation. Net weekly change: +62,626.
Managed Money — 192,350 long / 33,734 short → +158,616 net
Stretched long vs history.
Swap Dealers — 42,028 long / 276,247 short → -234,219 net
Heavy hedge.
Other Reportables — 127,422 long / 26,778 short → +100,644 net
Other large traders snapshot.

Legend

Producer/Merchant/Processor/User
Mining companies, refiners, jewelers, and others tied to physical gold; they mostly hedge to manage business risk.
Managed Money
Hedge funds and professional traders betting on price direction.
Swap Dealers
Banks and institutions, often hedging customer trades or OTC positions.
Other Reportables
Large traders like prop desks and family offices that don’t fit other categories.
Non-Reportables
Smaller players, including retail traders.
Hedged / Hedging
Taking positions that offset risk from other exposures. For example, shorting futures to protect against losses if other holdings are long.
Source: CFTC Disaggregated COT (Futures & Options Combined). Contract size: 100 troy ounces.