Managed Money net positioning deteriorated across all four precious metals in the week to 13 October. Gold and silver saw long liquidation alongside new short selling, platinum's net long declined, and palladium's gross shorts reached 16,003 contracts.
TL;DR
- Gold: Managed Money net length fell 3,898 contracts to 107,089, with 2,354 longs liquidated and 1,544 shorts added.
- Silver: Net length declined 1,909 contracts to 5,619, as gross longs fell and gross shorts increased.
- Platinum: Net length fell 1,432 contracts to 7,043, reversing the previous week's increase. The reduction came principally from long liquidation.
- Palladium: The net short widened by 1,314 contracts to 10,699. Gross shorts reached 16,003 contracts, equivalent to 69.1% of open interest.
- Open interest: Total outstanding contracts increased in all four markets, a change from the previous report.
Net Positioning Declines Across All Four Metals
The Commodity Futures Trading Commission's Disaggregated Commitments of Traders report, released on Friday 16 October, showed a reduction in Managed Money net positioning across all four principal precious-metals futures markets during the week ended 13 October 2026. Gold's net long fell for another reporting period, although the weekly reduction slowed from 9,331 to 3,898 contracts. Silver recorded a larger deterioration after its net position had barely changed in the preceding report, platinum reversed its modest improvement, and palladium extended an increasingly substantial net short.
The common direction conceals different changes in gross exposure. Gold and silver both experienced long liquidation alongside additional short selling, the combination that represents a more substantive shift in stance than profit-taking alone. Platinum's decline came almost entirely from the reduction of existing longs, with only a small amount of short covering. Palladium recorded additions to both books, but short positions expanded considerably faster than long positions. Four metals moved the same way on the net line and four different mechanisms produced it.
Managed Money Positions
| Metal | Gross longs | Gross shorts | Net position | Previous net | Weekly change |
|---|
| Gold | 124,747 | 17,658 | +107,089 | +110,987 | −3,898 |
| Silver | 15,802 | 10,183 | +5,619 | +7,528 | −1,909 |
| Platinum | 17,966 | 10,923 | +7,043 | +8,475 | −1,432 |
| Palladium | 5,304 | 16,003 | −10,699 | −9,385 | −1,314 |
Source: CFTC Disaggregated Commitments of Traders, futures only. Positions as at 13 October 2026, compared with 6 October. Figures in futures contracts.
Gold remains substantially net long in absolute terms, and silver and platinum also retain positive net positions despite the week's declines. Palladium remains the only net-short market among the four. Relative to total futures open interest, gold's net long represents approximately 27.0%, platinum's 10.4% and silver's 5.2%, while palladium's net short is equivalent to approximately 46.2%. These within-market measures provide a more meaningful comparison than contract counts across metals with different specifications.
Weekly Changes and Open Interest
| Metal | Δ Longs | Δ Shorts | Δ OI | Long % OI | Short % OI | Net % OI |
|---|
| Gold | −2,354 | +1,544 | +236 | 31.5% | 4.5% | +27.0% |
| Silver | −655 | +1,254 | +3,303 | 14.6% | 9.4% | +5.2% |
| Platinum | −1,525 | −93 | +1,998 | 26.5% | 16.1% | +10.4% |
| Palladium | +819 | +2,133 | +2,113 | 22.9% | 69.1% | −46.2% |
Source: CFTC. Percentages use each market's total futures open interest as the denominator. Weekly changes refer to Managed Money outright long and short positions.
All four markets recorded increases in total open interest, a change from the previous report when gold and silver both contracted. The distinction matters: a reduction in Managed Money net length does not necessarily indicate a contraction in the wider futures market. Open interest includes positions held by commercial participants, swap dealers, other reportable traders and non-reportable traders alongside Managed Money, so the speculative category became less directional while the markets themselves grew.
Gold: Net Length Falls for Another Week
Gold's Managed Money net long declined from 110,987 to 107,089 contracts, a reduction of 3,898 contracts, or 3.5% of the previous week's position. Gross longs fell by 2,354 contracts to 124,747, while gross shorts increased by 1,544 to 17,658. The reduction therefore reflected both the closure of existing bullish positions and additional outright short selling.
The latest decline was smaller than the preceding week's 9,331-contract fall, but extended the reduction in net length recorded since mid-September. Managed Money net positioning stood at 133,116 contracts on 15 September, leaving the latest reading 26,027 contracts below that level. Total futures open interest increased marginally by 236 contracts to 396,345, while Managed Money gross longs represented 31.5% of open interest against 4.5% for shorts.
Gold consequently remains substantially net long. The development worth monitoring is the continued reduction in that exposure, rather than any transition towards an outright net-short position.
Silver: Short Selling Drives a Larger Net Reduction
Silver's Managed Money net long fell from 7,528 to 5,619 contracts, a reduction of 1,909 contracts. Gross longs declined by 655 contracts to 15,802, while gross shorts increased by 1,254 to 10,183. Short additions therefore accounted for the larger part of the deterioration, which contrasts with the previous report when silver's net long fell by just 86 contracts as both gross books contracted.
Total futures open interest increased by 3,303 contracts to 108,433, the largest proportional increase among the four markets. Managed Money gross longs represented 14.6% of open interest against 9.4% for gross shorts, leaving the net long at 5.2% compared with 7.2% in the preceding report.
Silver remains net long, but the balance between bullish and bearish Managed Money positions has narrowed materially, and the latest data show a clearer directional shift than the previous week's offsetting contractions.
Platinum: Long Liquidation Reverses the Previous Week's Improvement
Platinum's Managed Money net long declined from 8,475 to 7,043 contracts, a reduction of 1,432 contracts. Gross longs fell by 1,525 contracts to 17,966, while gross shorts also declined, but by only 93 contracts to 10,923. The small amount of short covering partially offset the effect of long liquidation, leaving platinum the only market among the four where both gross books contracted.
The composition differs from gold and silver, where gross short positions increased. Platinum's decline was principally a reduction in existing bullish exposure rather than an expansion of outright bearish positions. Total futures open interest increased by 1,998 contracts to 67,866, with Managed Money gross longs representing 26.5% of open interest against 16.1% for gross shorts, leaving a net-long share of 10.4%.
The latest report reverses the previous week's 219-contract increase in net length, taking the position below the 8,256 contracts recorded on 29 September. The market remains net long, but there is no evidence that the previous week's modest improvement developed into sustained rebuilding.
Palladium: Gross Shorts Reach 69% of Open Interest
Palladium's Managed Money net short widened from 9,385 to 10,699 contracts, an increase of 1,314 contracts in the magnitude of the position. Gross shorts increased by 2,133 contracts to 16,003, while gross longs rose by 819 to 5,304. Both sides expanded, making palladium the only market among the four where Managed Money added exposure on both books, but short additions were approximately 2.6 times larger than long additions.
Total futures open interest increased by 2,113 contracts to 23,173. Managed Money gross shorts consequently represented 69.1% of open interest, up from 65.9% in the preceding report, while gross longs represented 22.9%, leaving a net short equivalent to 46.2% of outstanding futures contracts.
The net short has more than doubled since 8 September, when it stood at 4,339 contracts, so the latest report extends a sustained increase in bearish positioning. Palladium also remains the smallest of the four markets by open interest, which makes the scale and composition of speculative exposure particularly relevant to monitoring, although a large short position does not by itself establish that a reversal or short-covering rally is imminent.
What the Positioning Data Tell Us
The most important development is that all four metals recorded negative changes in Managed Money net positioning despite differing gross-position mechanics. Gold and silver saw outright shorts added while longs were reduced. Platinum experienced predominantly long liquidation with marginal short covering. Palladium saw both books expand, with short additions outweighing new longs. These distinctions matter because net changes alone cannot identify whether funds are closing bullish positions, establishing bearish exposure, or doing both.
Open interest also increased in every market, so the reductions in net Managed Money positioning occurred alongside an expansion in outstanding contracts across the wider futures markets rather than during a general withdrawal of participation. The reporting dates remain important: positions were measured at the close of Tuesday 13 October and published on Friday 16 October, so they do not capture trading after the reporting cut-off and should not be used to explain subsequent price movements without additional evidence.
The Bottom Line
Managed Money net positioning deteriorated across all four precious metals in the week to 13 October, although the underlying changes in gross exposure differed. Gold's reduction slowed but extended the decline in net length since mid-September. Silver saw a larger deterioration as funds added shorts, while platinum's previous improvement reversed primarily through long liquidation, leaving it the only market where both gross books contracted.
Palladium was the only market where both books expanded. Short additions outweighed new longs, widening the net short to 10,699 contracts, with gross shorts now representing 69.1% of total futures open interest. The next CFTC release, scheduled for 23 October, will establish whether these changes continued during the reporting week to 20 October.
Sources and methodology: Primary source is the CFTC Disaggregated Commitments of Traders, Futures Only, Metals and Other. Positions are as at 13 October 2026, released 16 October, with weekly changes measured against 6 October 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 each market's 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.
