How bullish is speculation — measured against its own history?
Futures market positioning of gold, silver, platinum, palladium and copper, each placed within the range of the past ten years: palladium swings the widest, copper the least.
How bullish is speculation — measured against its own history?
For each metal the bar shows the range of the past ten years: from the most pessimistic to the most optimistic week. The dot marks where the latest report sits within it. What is measured is the net position of non-commercial traders as a share of open interest.
Highest up in its own range right now is Gold at 45.0 % — it was higher in only 27 % of the weeks since 2016. At the lower end sits Platinum at 7.3 % (percentile 14).
CFTC Commitments of Traders (futures only), as of 03/11/2026; window from 15/11/2016, 521 weekly reports per metal. The figures are three days old on release (reporting date Tuesday, publication Friday). What is compared is the share of open interest — the contract counts of two metals are not comparable, a silver contract covers 5,000 ounces, a gold contract 100. A high rank does not mean “expensive” and a low one does not mean “cheap”: the measure describes positioning in the futures market and is not a buy or sell recommendation.
Where the numbers come from
This chart is calculated from an external data series that we collect and store ourselves. How often the figures can change is shown for each series below.
- external source CFTC — Commitments of Traders — new values weekly (reporting date Tuesday, published Friday)
The Chart view shows the most recently calculated state. The Image version — including the one for sharing and downloading — is a still image generated nightly at 02:30. Last generated on 09/11/2026 at 03:07.
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