Commodities2 November 2026 · 2,675 words · 12 min read
CFTC Precious Metals Positioning Intelligence — Platinum Shorts Surge as Net Length Collapses 73%
cftcgoldsilverplatinumpalladiumnovember-2026
Managed Money added 4,195 platinum shorts in the week to 27 October, reducing net length by 73.2% to 1,765 contracts as total futures open interest expanded 18% — a sharp acceleration from the preceding week. Palladium's bearish positioning deepened, gold interrupted its liquidation sequence, and silver stayed marginally net long as both sides of its book expanded.
TL;DR
Platinum: Managed Money net length fell 4,824 contracts to 1,765, a 73.2% reduction, as gross shorts increased 36.9% in one week.
Palladium: The net short widened to 13,297 contracts, equivalent to 49.1% of open interest, while gross shorts reached 18,953 contracts.
Gold: Net length increased 1,356 contracts to 105,562, with 1,538 new gross longs interrupting the recent liquidation sequence.
Silver: Net length declined modestly to 3,321 contracts as 868 additional shorts exceeded 684 new longs.
Open interest: Platinum recorded the largest proportional increase, rising 18.0% to 83,229 contracts, while gold open interest contracted 1.4%.
Divergence: Platinum's shift towards short exposure contrasts with gold's rebuilding and silver's increasingly balanced books.
Platinum Breaks From the Previous Week's Pattern
The Commodity Futures Trading Commission's Disaggregated Commitments of Traders report, released on Friday 30 October, records a substantial change in speculative positioning across the four principal US precious-metals futures markets. The figures cover positions held at the close of Tuesday 27 October and exclude subsequent trading.
The most consequential development is platinum. In the preceding report, Managed Money net length declined only 454 contracts, almost entirely because of 457 additional gross shorts. The latest release shows that short additions accelerated to 4,195 contracts, more than nine times the previous week's increase. Gross longs also declined, producing a 4,824-contract reduction in net exposure. What had been a relatively gradual deterioration became a substantial reconfiguration of the outright book.
The other metals moved differently. Palladium continued accumulating bearish exposure, though its gross-short share of open interest held near 70% because total outstanding contracts also increased. Gold reversed its recent weekly net-position declines through renewed long additions, and silver deteriorated only modestly after the preceding week's sharp short-selling increase, while its gross short book kept expanding.
Managed Money Positions
Metal
Gross longs
Gross shorts
Net position
Previous net
Weekly change
Gold
122,508
16,946
+105,562
+104,206
+1,356
Silver
16,864
13,543
+3,321
+3,505
−184
Platinum
17,340
15,575
+1,765
+6,589
−4,824
Palladium
5,656
18,953
−13,297
−11,994
−1,303
Source: CFTC Disaggregated Commitments of Traders, Futures Only. Positions as at 27 October 2026, compared with 20 October. Figures are futures contracts.
Gold remains the largest net-long market in absolute contract terms, although contract counts are not comparable across metals with different specifications. Palladium is the only market in which Managed Money holds a net-short position.
The relative measures show a different distribution. Gold's net long represents 26.6% of total futures open interest against 2.9% for silver, 2.1% for platinum and a net short equivalent to 49.1% for palladium. Platinum's move towards neutrality matters because it came through an expansion of gross short exposure rather than a withdrawal from both sides of the book.
Weekly Changes and Open Interest
Metal
Δ Longs
Δ Shorts
Open interest
Δ OI
Long % OI
Short % OI
Net % OI
Gold
+1,538
+182
396,810
−5,469
30.9%
4.3%
+26.6%
Silver
+684
+868
116,226
+2,234
14.5%
11.7%
+2.9%
Platinum
−629
+4,195
83,229
+12,718
20.8%
18.7%
+2.1%
Palladium
+216
+1,519
27,075
+2,159
20.9%
70.0%
−49.1%
Source: CFTC. Weekly changes refer to Managed Money outright long and short positions. Open-interest percentages use total futures open interest for each market, rather than Managed Money positions alone.
Platinum's 12,718-contract increase in open interest was the largest both absolutely and proportionally, representing an 18.0% expansion from the previous week's 70,511 contracts. Palladium open interest increased 8.7%, silver 2.0%, while gold contracted 1.4%.
The distinction between open interest and speculative positioning matters. Total open interest spans commercial hedgers, swap dealers, other reportable traders and non-reportable participants, so a change in Managed Money gross shorts does not account for an equivalent change in outstanding contracts.
Platinum: Short Selling Accelerates Ninefold
Platinum's Managed Money net long declined from 6,589 to 1,765 contracts, a reduction of 4,824 contracts or approximately 73.2%. Gross longs fell by 629 to 17,340, while gross shorts increased by 4,195 to 15,575. The expansion of the short book accounted for approximately 87% of the net-position decline, making additional bearish exposure the dominant mechanism.
The acceleration is substantial relative to the preceding report. In the week to 20 October, platinum added 457 shorts while gross longs increased by three contracts. The latest increase of 4,195 shorts is approximately 9.2 times that earlier addition. Gross short exposure rose 36.9% in a single week, from 11,380 to 15,575 contracts.
Platinum's Managed Money net long stood at 8,475 contracts on 6 October, declined to 7,043 on 13 October and 6,589 on 20 October, before falling to 1,765 on 27 October. The latest weekly reduction of 4,824 contracts was therefore more than twice the 1,886-contract decline recorded across the whole of the preceding fortnight.
Total open interest increased from 70,511 to 83,229 contracts, an 18.0% expansion. Gross Managed Money shorts now represent 18.7% of open interest, compared with 16.1% a week earlier. Gross longs account for 20.8%, down from 25.5%, leaving only a narrow positive balance.
Managed Money spreading positions, which the CFTC reports separately in the same Futures Only release and which are excluded from the net calculation, increased 2,315 contracts to 6,676. That is a 53.1% expansion in one week, the largest proportional increase of the four metals, although spreading rose across all of them: gold added 1,868 contracts to 40,502, silver 2,308 to 13,075 and palladium 193 to 971. The growth establishes that the expansion in reported platinum fund activity was not confined to directional shorts. The report does not disclose the strategies underlying those spreads.
This differs from a market experiencing a simple liquidation of existing positions: net length contracted sharply while total outstanding contracts expanded, so the deterioration occurred within a growing futures market. The data do not establish how much of that expansion came from individual participant categories, but they confirm the Managed Money short book became materially larger. Platinum remains net long, albeit only marginally.
Palladium: Bearish Exposure Deepens Without a Higher Short Share
Palladium's Managed Money net short widened from 11,994 to 13,297 contracts, an increase of 1,303 contracts in the magnitude of the bearish position. Gross shorts increased by 1,519 to 18,953, while gross longs rose by 216 to 5,656. New short exposure therefore exceeded long additions by approximately seven to one.
The increase continues an established sequence. On 8 September, palladium's net short stood at 4,339 contracts. By 27 October it had reached 13,297, an increase of 8,958 contracts and more than three times its earlier magnitude. The progression reflects sustained additions to bearish positioning rather than a single reporting-week event.
Total futures open interest rose 2,159 contracts to 27,075, an increase of approximately 8.7%. Gross Managed Money shorts consequently represented 70.0% of outstanding contracts, effectively unchanged from the previous week's rounded percentage despite the addition of more than 1,500 short contracts. That distinction is important: palladium's bearish book continued expanding in absolute terms, but its share of open interest did not increase because the wider futures market grew alongside it. The net-short share nevertheless deteriorated from 48.1% to 49.1%, approaching half of total outstanding contracts.
Palladium remains the most heavily net-short of the four metals relative to open interest, and its comparatively small futures market makes that concentration relevant to liquidity analysis. Concentration alone does not establish the timing or likelihood of short covering.
Gold: Long Additions Interrupt the Liquidation Sequence
Gold's Managed Money net long increased from 104,206 to 105,562 contracts, a gain of 1,356 contracts or approximately 1.3%. Gross longs rose by 1,538 to 122,508, while gross shorts increased by 182 to 16,946. The improvement was therefore driven principally by additions to the long book, with the modest increase in shorts offsetting part of the gain.
This reverses the direction of the preceding week's movement, when net length declined 2,883 contracts as funds liquidated 3,777 longs and covered 894 shorts. The latest figures show renewed long accumulation, but the scale remains limited relative to the broader reduction recorded since September. Managed Money net length stood at 133,116 contracts on 15 September; the 27 October position of 105,562 remains 27,554 contracts lower, a reduction of approximately 20.7% over six reporting weeks.
Total futures open interest also declined, falling 5,469 contracts to 396,810, in contrast with the expansion recorded in platinum, palladium and silver. Gold's Managed Money net-long share nevertheless increased from 25.9% to 26.6%, reflecting a slightly larger net position in a smaller overall market. Gross longs represented 30.9% of open interest against 4.3% for shorts, so gold remains substantially net long even after the sustained decline from mid-September.
Silver: Short Additions Continue, but the Net Decline Slows
Silver's Managed Money net long declined from 3,505 to 3,321 contracts, a reduction of 184. Both gross books expanded: longs increased by 684 to 16,864, while shorts rose by 868 to 13,543. The additional short exposure exceeded long additions, leaving the net position slightly weaker.
The change is modest compared with the previous week's 2,114-contract decline, when gross shorts increased by 2,492. The pace of new short additions has therefore slowed substantially, although the direction remains unchanged. Gross shorts have risen from 8,929 contracts on 6 October to 13,543 on 27 October, an increase of 4,614 contracts over three reporting weeks.
Silver's net-long share of open interest has narrowed from 7.2% on 6 October to 5.2% on 13 October, 3.1% on 20 October and 2.9% on 27 October. The sequence shows a sustained reduction in positive speculative exposure, even though the latest weekly decline was small.
Total open interest increased by 2,234 contracts to 116,226, or approximately 2.0%. Gross Managed Money longs accounted for 14.5% of outstanding contracts against 11.7% for shorts, and both sides of the book grew, indicating continued participation rather than withdrawal.
What the Positioning Data Tell Us
The principal change from the previous edition is the divergence in both direction and mechanism. On 20 October, Managed Money net exposure declined in all four metals. On 27 October, gold increased its net long while the other three weakened, and platinum accounted for the largest outright adjustment. The resulting distribution is unusually uneven, and these percentages describe reported futures positioning within each market rather than physical supply, investment conviction or future price direction.
The CFTC's Tuesday observation also imposes a timing boundary: the report does not capture trading from 28 October onwards, so later price movements cannot be attributed to the positions recorded here without additional evidence.
The Bottom Line
Platinum recorded the defining positioning change in the CFTC's 30 October release. Managed Money added 4,195 gross shorts, more than nine times the preceding week's increase, reducing net length by 73.2% to 1,765 contracts. The move occurred alongside an 18.0% expansion in total futures open interest, distinguishing it from a simple reduction in outstanding participation.
Palladium's net short widened to 13,297 contracts, with gross shorts representing 70.0% of open interest. Gold recorded a modest rebuilding of net length after sustained liquidation, while silver remained close to neutral as both outright books expanded.
The divergence matters more than the aggregate direction. Platinum is now marginally net long following a substantial increase in bearish exposure; palladium remains heavily net short; gold retains a sizeable positive position despite its autumn reduction; and silver's net balance has narrowed progressively.
The next CFTC report is scheduled for Friday 6 November 2026, covering positions as at Tuesday 3 November. It will establish whether platinum's short-selling acceleration continued beyond the latest reporting cut-off and whether gold's renewed long additions developed into a broader rebuilding of speculative exposure.
FAQ
Why did platinum's net long collapse?
Managed Money added 4,195 gross shorts and liquidated 629 longs in the week to 27 October. The combined effect reduced net length by 4,824 contracts, from 6,589 to 1,765, a decline of 73.2%.
Does platinum's increase in open interest mean all the new contracts were speculative shorts?
No. Total open interest increased 12,718 contracts across all participant categories. Managed Money gross shorts increased 4,195 contracts, but the two measures cover different populations and cannot be treated as equivalent.
Is palladium becoming more heavily shorted?
In absolute terms, yes. Managed Money gross shorts increased from 17,434 to 18,953 contracts. Their share of total open interest remained approximately 70.0%, however, because the wider market also expanded.
Has gold's liquidation trend ended?
Not yet. The latest report shows an interruption, with net length increasing 1,356 contracts through renewed long additions, but net positioning remains approximately 20.7% below its 15 September level. One positive week is insufficient to establish a sustained reversal.
Is silver about to turn net short?
Not on the latest data. Silver held 16,864 gross longs against 13,543 gross shorts on 27 October, a positive balance of 3,321 contracts. The more informative question is whether short additions continue to exceed long accumulation, which they did in both the week to 20 October and the week to 27 October.
How does Managed Money differ from the CFTC's legacy non-commercial category?
Managed Money is the Disaggregated report's category for registered commodity trading advisors, commodity pool operators and unregistered funds trading on their own or clients' behalf. The legacy report's non-commercial classification is broader and includes participants the Disaggregated report assigns to other categories, so the two series are not interchangeable and should not be compared directly.
Why do these figures exclude options?
They are taken from the CFTC's Futures Only report, which excludes options but does report a separate spreading category alongside outright long and short positions. Net exposure here is calculated as outright longs minus outright shorts, with spreading excluded. The CFTC publishes a separate Futures-and-Options Combined report that additionally incorporates delta-adjusted options positions, and the two produce different position totals for the same date.
Can these positioning figures predict precious-metals prices?
Not independently. The reports describe the distribution and weekly changes of futures exposure within defined trader categories. They do not identify individual trading strategies, entry prices, physical-market balances or subsequent transactions.
Data and Source Note
Figures are from the US Commodity Futures Trading Commission's Disaggregated Commitments of Traders report, Futures Only, released Friday 30 October 2026. Positions are observed as at Tuesday 27 October and compared with Tuesday 20 October.
The analysis covers standard COMEX gold and silver futures and NYMEX platinum and palladium futures, using the Disaggregated Managed Money classification. Gross long and gross short figures refer to outright futures positions. Net positions equal gross longs minus gross shorts; spreading positions, which the CFTC reports separately, are excluded from that calculation.
Open interest represents all outstanding futures contracts across trader categories. Long, short and net percentages are calculated against each metal's total futures open interest. Weekly changes are reconciled to the reported gross positions, and percentage changes are calculated from unrounded contract counts. Positions recorded on 27 October do not reflect subsequent trading.
