Takeaway

The presenter argues that while Gold Commercials reduced their long positions by over 12%, they remain heavily short, suggesting a hedging strategy. This indicates the timing for a significant bullish swing may be premature, despite generally bullish sentiment across metals.

What the presenter said

• Gold is struggling to recover from a bottom. [00:02]
• Commercials reduced their long gold positions by 7,047 contracts, a drop of over 12%, to a total of 54,403 contracts. [00:14, 00:17]
• They remain heavily short at 324,677 contracts, having only slightly reduced their short side. [00:22]
• The presenter views the Commercials' overall positioning as balancing more short, which could be a hedging activity. [00:26]
• The market is generally bullish on metals. [00:33]
• However, the timing of a bullish swing in gold might be premature for Managed Money and other traders. [00:40]
• The presenter notes that Producers (referring to Swap Dealers in the chart) are heavily short and increasing their short exposure. [00:53]

Trade ideas

• None stated. The presenter's market view is that a bullish swing may be premature given the hedging behaviour observed from Commercials in the COT report.

Levels and data cited

• Source: COT Report (Barchart.com), as of Sep 8, 2026
• Commercials Long (Gold): 54,403 contracts (change: -7,047)
• Commercials Short (Gold): 324,677 contracts (change: -1,491)
• Swap Dealers Short (Gold): 47,549 contracts (change: -1,184)