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Quick Update On Futures Positioning

Jason Goepfert
2016-05-06
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The latest Commitments of Traders report showed mostly the same themes as prior weeks. "Smart money" hedgers are holding:

  • Massive (and growing) shorts in gold and silver

  • Growing (but not extreme) positions against non-US dollar currencies

  • Except for the yen, in which they are holding near-record short positions

  • Decreasing enthusiasm for the grains

  • Near-record (and growing) bets against sugar

For gold, their current positions against the metal have been matched only two other times in its history.

20160506_gold

Neither one led to a longer-term peak in gold, but both did precede multi-month consolidation. That has been a concern for gold for weeks and continues to be so.

20160506_cot1

20160506_cot2

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