Managed Money net positioning declined across all four principal precious-metals futures markets in the week to 20 October. Silver experienced an acceleration in short selling, gold continued to lose long exposure despite some short covering, and palladium's gross short positions reached 70% of total futures open interest. All four markets expanded in open interest, even as speculative net positioning weakened.
TL;DR
Gold: Managed Money net length fell 2,883 contracts to 104,206, with 3,777 longs liquidated and 894 shorts covered.
Silver: Net length declined 2,114 contracts to 3,505 as funds added 2,492 shorts, almost twice the previous week's short additions.
Platinum: Net length fell 454 contracts to 6,589, with gross longs virtually unchanged and 457 new shorts.
Palladium: The net short widened to 11,994 contracts. Gross shorts reached 17,434 contracts, equivalent to 70.0% of open interest.
Open interest: Outstanding futures contracts increased across all four metals, with palladium recording the largest proportional expansion at approximately 7.5%.
Net Positioning Declines Across All Four Metals
The Commodity Futures Trading Commission's Disaggregated Commitments of Traders report, released on Friday 23 October, showed a further reduction in Managed Money net positioning across gold, silver, platinum and palladium during the week ended Tuesday 20 October 2026.
The common direction conceals important differences in the underlying transactions. Gold's net long declined as funds continued liquidating existing bullish exposure, although the reduction was partly offset by short covering. Silver experienced the opposite combination: gross longs increased modestly, but new short selling overwhelmed that addition. Platinum's net reduction was almost entirely attributable to new shorts, while palladium saw both books expand, with bearish positions growing substantially faster.
The contrast with the preceding report is instructive. In the week to 13 October, gold and silver both experienced long liquidation alongside short accumulation. Platinum's reduction came principally from long liquidation, while palladium continued building shorts. The latest figures show a change in the composition of speculative exposure, particularly in gold and platinum, without a change in the overall direction of net positioning.
All four markets also recorded increases in total open interest. The decline in Managed Money net exposure therefore occurred alongside an expansion of the wider futures market rather than a general contraction in outstanding contracts.
Managed Money Positions
Metal
Gross longs
Gross shorts
Net position
Previous net
Weekly change
Gold
120,970
16,764
+104,206
+107,089
−2,883
Silver
16,180
12,675
+3,505
+5,619
−2,114
Platinum
17,969
11,380
+6,589
+7,043
−454
Palladium
5,440
17,434
−11,994
−10,699
−1,295
Source: CFTC Disaggregated Commitments of Traders, Futures Only. Positions as at 20 October 2026, compared with 13 October. Figures are futures contracts.
Gold remains substantially net long in absolute contract terms, while silver and platinum retain smaller positive net positions. Palladium remains the only net-short market among the four.
The relative scale of those positions differs considerably. Gold's Managed Money net long represents 25.9% of its total futures open interest, compared with 9.3% for platinum and just 3.1% for silver. Palladium's net short is equivalent to 48.1% of its open interest. These within-market percentages provide a more meaningful comparison than absolute contract counts across metals with different contract sizes and market structures.
Weekly Changes and Open Interest
Metal
Δ Longs
Δ Shorts
Δ OI
Long % OI
Short % OI
Net % OI
Gold
−3,777
−894
+5,934
30.1%
4.2%
+25.9%
Silver
+378
+2,492
+5,559
14.2%
11.1%
+3.1%
Platinum
+3
+457
+2,645
25.5%
16.1%
+9.3%
Palladium
+136
+1,431
+1,743
21.8%
70.0%
−48.1%
Source: CFTC. Weekly changes refer to Managed Money outright long and short positions. Open-interest percentages use each market's total futures open interest.
Palladium recorded the largest proportional expansion in open interest at approximately 7.5%, followed by silver at 5.1%, platinum at 3.9% and gold at 1.5%. In absolute terms the ranking is almost exactly reversed: gold added the most contracts at 5,934, ahead of silver's 5,559, platinum's 2,645 and palladium's 1,743. That inversion reflects the relative size of the four markets rather than any disparity in activity, since palladium's total open interest of 24,916 contracts is a small fraction of gold's 402,279.
The distinction between open interest and Managed Money positioning remains important. Open interest covers all participant categories, including commercial hedgers, swap dealers and other reportable and non-reportable traders. Changes in the Managed Money books cannot by themselves explain the entire movement in outstanding futures contracts.
Gold: Long Liquidation Continues as Shorts Retreat
Gold's Managed Money net long declined from 107,089 to 104,206 contracts, a reduction of 2,883 contracts, or approximately 2.7% of the previous week's position.
Gross longs fell by 3,777 contracts to 120,970, while gross shorts declined by 894 to 16,764. Long liquidation therefore more than accounted for the net reduction, with short covering offsetting part of the decline. This represents a change in composition from the preceding two reports, when reductions in net length were accompanied by additional short selling. Funds are still reducing bullish exposure, but the latest report does not show a simultaneous expansion in outright bearish positions.
The decline also extends a broader reduction from mid-September. Managed Money net length stood at 133,116 contracts on 15 September, leaving the 20 October position 28,910 contracts lower, a reduction of approximately 21.7% over five reporting weeks.
Total futures open interest increased by 5,934 contracts to 402,279. Managed Money gross longs now represent 30.1% of outstanding futures contracts, compared with 4.2% for shorts, leaving the net-long share at 25.9%, down from 27.0% a week earlier.
Gold consequently remains the most substantially net-long market among the four when measured relative to total open interest. The relevant development is the continued withdrawal of speculative long exposure rather than any imminent transition into net-short territory.
Silver: Short Selling Accelerates
Silver recorded the clearest deterioration in the composition of speculative positioning.
Managed Money net length fell from 5,619 to 3,505 contracts, a reduction of 2,114. Gross longs increased by 378 contracts to 16,180, but gross shorts rose by 2,492 to 12,675. New short positions therefore more than accounted for the decline in net exposure.
The acceleration is substantial. Funds added 1,254 shorts in the preceding week, meaning the latest increase was approximately 99% larger. Gross short exposure rose by 24.5% in a single reporting period, from 10,183 to 12,675 contracts. This is materially different from a market in which funds are simply taking profits on existing long positions: silver's net reduction occurred despite a modest increase in gross longs, indicating that the change came from the expansion of the short book.
The trend is also visible in the relationship between net positioning and total open interest. Silver's Managed Money net-long share has declined from 7.2% on 6 October to 5.2% on 13 October and 3.1% on 20 October.
Total open interest increased by 5,559 contracts to 113,992, a weekly expansion of approximately 5.1%. Gross Managed Money longs represented 14.2% of open interest, against 11.1% for shorts, leaving only a narrow positive balance between the two.
Silver remains net long, but the margin is substantially smaller than it was two weeks earlier. The defining development is the pace at which bearish exposure is being added, not a collapse in the gross long book.
Platinum: New Shorts Replace Long Liquidation
Platinum's Managed Money net long declined from 7,043 to 6,589 contracts, a reduction of 454 contracts, or approximately 6.4%.
The composition reversed the previous week's pattern. Gross longs increased by just three contracts to 17,969, while gross shorts rose by 457 to 11,380. Almost the entire reduction in net length therefore reflected additional short exposure rather than the liquidation of existing longs.
In the preceding report, platinum's net position fell by 1,432 contracts, driven principally by the closure of 1,525 longs, with modest short covering providing a partial offset. The latest figures show that the long liquidation did not continue at the same pace, but that bearish exposure expanded instead.
Total futures open interest increased by 2,645 contracts to 70,511. Managed Money gross longs represented 25.5% of open interest, against 16.1% for shorts, leaving the net-long share at 9.3%, down from 10.4% the previous week.
The market remains net long, and the latest weekly reduction is considerably smaller than the preceding one. Nevertheless, the switch from liquidation-led deterioration to new short selling is analytically relevant. The same net direction can represent different behaviour by participants, and platinum's latest figures show that the balance of those behaviours has changed. The next report will establish whether the increase in shorts develops into a sustained pattern or remains a single-week adjustment.
Palladium: Gross Shorts Reach 70% of Open Interest
Palladium's Managed Money net short widened from 10,699 to 11,994 contracts, an increase of 1,295 contracts in the magnitude of the bearish position.
Gross shorts rose by 1,431 contracts to 17,434, while gross longs increased by 136 to 5,440. Both sides expanded, but new shorts outnumbered new longs by more than ten to one.
Total futures open interest increased by 1,743 contracts to 24,916. Managed Money gross shorts consequently represented 70.0% of total open interest, compared with 69.1% in the preceding report. Gross longs accounted for 21.8%, leaving a net short equivalent to 48.1% of outstanding futures contracts.
The scale of the position becomes clearer over a longer period. Palladium's net short stood at 4,339 contracts on 8 September. By 20 October it had increased to 11,994, a rise of 7,655 contracts and approximately 2.8 times its earlier magnitude.
Palladium remains the only one of the four precious metals in which Managed Money holds an outright net-short position. It is also the smallest of the four markets by total open interest, which makes the size of its speculative short exposure particularly relevant to the assessment of positioning concentration.
That concentration should not be confused with a prediction of an imminent reversal. Large short positions can persist, and the CFTC report does not identify the price levels, risk limits or hedging arrangements of individual participants. The data establish the scale and direction of speculative exposure, not the circumstances under which it might be unwound. The more immediate observation is that bearish positioning continued to deepen even as the wider futures market expanded.
What the Positioning Data Tell Us
The most important development is not simply that Managed Money net exposure declined across all four markets. That was also true in the preceding report. What changed was the composition of those reductions.
Gold's net-long contraction remained driven by long liquidation, but short covering replaced the additional short selling recorded previously. Silver moved in the opposite direction, with short additions accelerating sharply even as gross longs increased modestly. Platinum also shifted towards new short selling after a liquidation-led reduction the previous week.
Palladium continued to exhibit the most pronounced outright bearish positioning. Both books expanded, but the short book grew considerably faster, taking gross short exposure to 70% of open interest.
The simultaneous increase in total open interest across all four metals reinforces the distinction between net speculative positioning and overall market participation. Managed Money became less positively positioned, or more negatively positioned in palladium's case, while outstanding futures contracts increased.
The percentages also highlight different degrees of concentration. Gold retains a substantial net long relative to its market, silver is approaching a neutral net balance, platinum remains moderately net long, and palladium carries a net short approaching half of total open interest.
These are measures of reported positioning rather than independent indicators of future prices. They describe where the Managed Money category stood at the Tuesday reporting cut-off, not why each participant held those positions or how subsequent trading unfolded.
FAQ
Which precious metal carries the largest speculative short position? Palladium, by a considerable margin relative to its market. Managed Money gross shorts reached 17,434 contracts, equivalent to 70.0% of total futures open interest, with the net short at 48.1%.
Is gold about to turn net short? Not on these figures. Gold's net long of 104,206 contracts represents 25.9% of open interest, and gross shorts fell 894 contracts during the week. The report shows the continued withdrawal of long exposure rather than any approach to neutral.
Why did silver's net long fall if gross longs rose? Because the short book grew faster. Gross longs increased 378 contracts while gross shorts rose 2,492, so new bearish positions more than accounted for the 2,114-contract reduction in net length.
Does a 70% gross short share mean a short squeeze is coming? No. Concentration indicates the scale of reported bearish exposure, not the conditions under which it might be unwound. The CFTC report does not identify participants' price levels, risk limits or offsetting hedges, and large short positions can persist.
Why did open interest rise while net positioning fell? Open interest covers all participant categories, including commercial hedgers, swap dealers and non-reportable traders. Managed Money is one category within that total, so its net exposure can decline while the wider market expands.
Is Managed Money the same as the non-commercial category? No. Managed Money is a classification within the Disaggregated report, while non-commercial appears in the legacy Commitments of Traders report. They cover different participant groupings and their net positions are not interchangeable.
The Bottom Line
Managed Money net positioning weakened across all four precious metals during the week to 20 October, but the latest CFTC report shows increasingly different mechanisms behind that common movement.
Gold continued losing speculative length, although short covering moderated the effect of long liquidation. Silver experienced the sharpest deterioration in the composition of exposure, with gross shorts increasing by almost a quarter in one week. Platinum's reduction was smaller but shifted towards new short selling.
Palladium extended its substantial net-short position to 11,994 contracts, with gross shorts reaching 70% of total futures open interest. The concentration is notable, but it does not independently establish that a reversal is imminent.
The two developments warranting closest attention are the acceleration of silver short additions and the continued expansion of palladium's bearish exposure. The next CFTC report is scheduled for Friday 30 October, covering positions as at Tuesday 27 October. It will establish whether these trends continued after the latest reporting cut-off.
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Sources and methodology: Primary source is the CFTC Disaggregated Commitments of Traders, Futures Only, Metals and Other. Positions are as at 20 October 2026, released on 23 October, with weekly changes measured against 13 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 classifications cover different participant groupings and their net positions are not interchangeable. Net positioning is calculated as gross long contracts minus gross short contracts; 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 standard COMEX gold and silver futures and NYMEX platinum and palladium futures. Contract sizes differ across metals, so absolute contract counts should not be interpreted as equivalent physical exposures.
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.
