Commitments of Traders

Each week, the U.S. Commodity Futures Trading Commission (CFTC) publishes its Commitments of Traders report – a breakdown of who holds positions in the futures market and on which side. Rather than showing a single price, it reveals the positioning behind the price: how many contracts are held long (betting on a rise) versus short (betting on a fall), and how those holdings are split between the different kinds of participants. We draw on the Disaggregated report, which sorts traders into meaningful groups such as producers and merchants who hedge physical metal, swap dealers, managed money (the funds and speculators), and other reportables – so you can see not just what the market is doing, but who is doing it.

This page tracks that positioning for gold and silver, refreshed every week as the new CFTC data is released. The value isn’t in any single week’s snapshot but in the context around it: we measure where each group’s long and short positions sit against their own three-year range, so a reading near the top or bottom flags positioning that is historically stretched. Crowded shorts into a rising price, or funds abandoning the long side, often say more about market psychology than the headline price alone. Below you’ll find the current week’s full report, with prior weeks archived for comparison. Everything here is offered for education and market analysis only. It is not trading advice.