Managed Money reduced net length in gold and silver during the week to 6 October, while palladium's net short widened to 9,385 contracts. Platinum was the exception, recording a modest increase in net length.
TL;DR
- Gold: Managed Money net length fell 9,331 contracts to 110,987, as funds reduced gross longs by 4,610 and added 4,721 shorts.
- Silver: Net length declined by just 86 contracts to 7,528, with reductions on both sides of the market.
- Platinum: Net length increased by 219 contracts to 8,475, with gross longs and shorts both expanding.
- Palladium: The net short widened by 1,423 contracts to 9,385, while gross shorts reached 65.9% of futures open interest.
- Open interest: Total outstanding contracts declined in gold and silver but increased in platinum and palladium.
Gold and Palladium Drive the Week's Positioning Changes
Managed Money reduced its net long positions in gold and silver, increased its net long in platinum and extended its net short in palladium during the week ended 6 October 2026. The Commodity Futures Trading Commission's Disaggregated Commitments of Traders report, published on 9 October, showed materially different changes in speculative positioning across the four principal precious metals.
Gold recorded the largest absolute reduction in net length, losing 9,331 contracts as funds liquidated existing longs and established additional shorts in almost equal measure. Palladium's net short widened by 1,423 contracts, with new short positions substantially exceeding additions to the long book. Silver's net position was little changed, while platinum recorded a modest increase.
The distinction between the four markets is clearer in the gross positioning figures than in the net changes alone. Gold experienced long liquidation alongside short additions; silver saw both sides contract; platinum and palladium recorded expansions in both gross longs and shorts. A single net figure cannot separate these cases, which is why the gross series carry the analytical weight in this report.
Managed Money Positions
| Metal | Gross longs | Gross shorts | Net position | Previous net | Weekly change |
|---|
| Gold | 127,101 | 16,114 | +110,987 | +120,318 | −9,331 |
| Silver | 16,457 | 8,929 | +7,528 | +7,614 | −86 |
| Platinum | 19,491 | 11,016 | +8,475 | +8,256 | +219 |
| Palladium | 4,485 | 13,870 | −9,385 | −7,962 | −1,423 |
Source: CFTC Disaggregated Commitments of Traders, futures only. Positions as at 6 October 2026; weekly comparison with 29 September 2026. Figures in futures contracts.
Gold remains substantially net long despite the week's reduction. Silver and platinum also retain positive Managed Money net positions, whereas palladium is the only metal in the group with a net short.
Relative to total futures open interest, gold's net long represents 28.0%, compared with 7.2% for silver and 12.9% for platinum. Palladium's net short represents 44.6%. These measures help compare the scale of positioning within each market, although they do not equate to identical physical exposures or risk across different contract specifications.
Weekly Changes and Open Interest
| Metal | Δ Longs | Δ Shorts | Δ OI | Long % OI | Short % OI | Net % OI |
|---|
| Gold | −4,610 | +4,721 | −10,347 | 32.1% | 4.1% | +28.0% |
| Silver | −429 | −343 | −1,917 | 15.7% | 8.5% | +7.2% |
| Platinum | +365 | +146 | +1,822 | 29.6% | 16.7% | +12.9% |
| Palladium | +745 | +2,168 | +2,458 | 21.3% | 65.9% | −44.6% |
Source: CFTC. Open interest is the total outstanding futures-contract count. Percentages are calculated against current open interest.
Changes in gross positions distinguish the reduction of existing exposure from the addition of new positions. Total open interest provides a separate measure of outstanding contracts across all trader categories and should not be attributed exclusively to Managed Money activity.
Gold: Long Liquidation Meets Fresh Short Selling
Gold's Managed Money net long fell from 120,318 to 110,987 contracts, a reduction of 9,331 contracts, or 7.8% of the previous week's position. Funds reduced gross longs by 4,610 contracts while adding 4,721 gross shorts, producing a nearly even contribution to the net decline from both sides of the market.
The composition of the change matters. A reduction driven solely by falling gross longs would indicate the closure of existing bullish positions without an accompanying increase in outright bearish exposure. This week's figures show both developments: funds reduced their long book and expanded their short book, which is a more substantive shift in stance than profit-taking alone would represent.
Total gold futures open interest declined by 10,347 contracts to 396,109. Managed Money gross longs nevertheless remain substantial at 127,101 contracts, equivalent to 32.1% of open interest, against gross shorts of 16,114 contracts, or 4.1%. Gold therefore remains firmly net long within this trader category despite the reduction, and the gross short book is the smallest of the four metals as a share of its market.
The latest decline also extends a sequence of falling Managed Money net length. The position stood at 133,116 contracts on 15 September and 120,318 on 29 September, so at 110,987 contracts the 6 October reading is 22,129 contracts below its mid-September level. Whether that becomes a sustained liquidation or stabilises is the question the next release addresses.
Silver: Both Sides Contract as Net Length Holds
Silver's Managed Money net long declined by just 86 contracts, from 7,614 to 7,528. Gross longs fell by 429 contracts while gross shorts declined by 343, leaving the net directional balance largely unchanged.
The reduction in both outright books contrasts with gold, where short exposure increased. Silver's movement reflects simultaneous long liquidation and short covering, with the two changes almost offsetting each other. Total futures open interest also fell, declining by 1,917 contracts to 105,130, so the contraction was not confined to the speculative category.
Managed Money gross longs now represent 15.7% of silver open interest, against 8.5% for gross shorts. The net long of 7,528 contracts represents 7.2% of open interest, substantially smaller in relative terms than gold's 28.0% net-long share. Silver's speculative positioning is therefore both less directional and less concentrated than gold's.
The latest report consequently provides little evidence of a material directional repositioning by Managed Money in silver. Both outright books became smaller, but the balance between them changed only marginally, and a net movement of 86 contracts is not a signal in its own right.
Platinum: Modest Net Buying as Open Interest Expands
Platinum was the only metal among the four to record an increase in Managed Money net length. The position rose by 219 contracts, from 8,256 to 8,475, as funds added 365 gross longs and 146 gross shorts. Both sides of the market expanded, but additions to the long book were larger.
Total platinum futures open interest increased by 1,822 contracts to 65,868, contrasting with the declines recorded in gold and silver. Managed Money gross longs reached 19,491 contracts, representing 29.6% of open interest, while gross shorts stood at 11,016 contracts, or 16.7%. The resulting net long represented 12.9% of open interest.
The weekly improvement was modest relative to the existing position. Platinum's net long remains below the 9,928 contracts recorded on 22 September, so the latest increase has not reversed the reduction recorded over the preceding fortnight. A 219-contract gain against a 1,672-contract decline the week before is a pause rather than a turn.
Palladium: Short Exposure Expands Further
Palladium's Managed Money net short widened from 7,962 to 9,385 contracts, an increase of 1,423 contracts, or 17.9% in the magnitude of the net-short position. Funds added 2,168 gross shorts and 745 gross longs, with short additions approximately 2.9 times larger than long additions.
Total futures open interest rose by 2,458 contracts to 21,060. The expansion in gross short exposure therefore occurred alongside an increase in outstanding contracts across the broader market, rather than during a contraction in participation. That distinction matters: shorts were added into a growing market, not concentrated into a shrinking one.
The relative positioning figures are pronounced. Managed Money gross shorts of 13,870 contracts represent 65.9% of palladium futures open interest, compared with 21.3% for gross longs. The net short is equivalent to 44.6% of open interest, the largest negative net share among the four metals covered, and palladium is also the smallest of the four markets by open interest.
Palladium's short exposure has expanded over successive reporting periods. The net short stood at 4,339 contracts on 8 September and 7,962 on 29 September, so the latest reading is more than twice its level four weeks earlier. This concentration makes changes in short positioning the variable to watch in subsequent reports, although a large net short does not establish that covering is imminent, nor does it determine the direction of the underlying futures price.
What the Positioning Data Tell Us
The principal divergence is between gold's reduction in an existing net-long position and palladium's expansion of an already substantial net short. Both recorded negative weekly changes in Managed Money net positioning, but the composition and the broader market context differed in ways the net figures conceal.
In gold, gross longs declined and gross shorts increased while total open interest contracted. In palladium, both gross books expanded and total open interest increased, with new short positions dominating the change. Silver's two books contracted with little effect on its net position, while platinum's two books expanded with a modest improvement in net length. Four metals, four different mechanisms.
The distinction is important when interpreting Commitments of Traders data. A falling net position does not necessarily mean a uniform withdrawal of speculative exposure. It may result from long liquidation, additional short selling or both, and changes in gross positioning can reveal substantially different behaviour beneath similar net movements.
The figures also describe positions at a specific reporting date rather than continuous trading activity. The 9 October release captures positions as at Tuesday, 6 October; it does not measure subsequent changes during the remainder of that week or the days since.
The Bottom Line
Gold's 9,331-contract reduction in Managed Money net length and palladium's widening 9,385-contract net short are the two defining developments in the latest CFTC precious-metals positioning report.
Gold remains substantially net long, but the decline reflects both the liquidation of bullish positions and an increase in outright shorts, and it extends a sequence running back to mid-September. Palladium's bearish positioning has become more pronounced, with gross shorts now representing 65.9% of open interest in the smallest of the four markets.
Silver showed little net directional change and platinum recorded a modest improvement, neither of which establishes a trend on a single observation. The next CFTC report, scheduled for Friday, 16 October, will cover positions as at Tuesday, 13 October and provide the next reading in these series.
Sources and methodology: Primary source is the CFTC Disaggregated Commitments of Traders, Futures Only, Metals and Other, with historical comparisons drawn from the CFTC's historical compressed reports. Positions are as at 6 October 2026, released 9 October 2026, compared with positions as at 29 September 2026. This analysis uses the CFTC's Disaggregated Managed Money classification, not the non-commercial category in the legacy Commitments of Traders report; the two cover different participant groupings and their net positions are not interchangeable. Net positioning is calculated as gross long contracts minus gross short contracts, and spreading positions are excluded from this outright net calculation. Percentage-of-open-interest figures use total futures open interest as the denominator. The analysis covers the standard COMEX gold and silver futures contracts and NYMEX platinum and palladium futures contracts; contract sizes differ across metals, so absolute contract counts should not be interpreted as equivalent physical exposures.
Sources
This document is published by Bloodstone Research for informational and institutional research purposes only. It does not constitute investment advice, an investment recommendation, an offer or solicitation to buy or sell any financial instrument, commodity or security, or a forecast of future performance. Market conditions and data may change without notice. Readers should conduct their own analysis and, where appropriate, seek independent professional advice before making investment decisions. For institutional enquiries contact research@bloodstonecapital.co.uk.
