COT Gold, Silver & USDX Report - February 13, 2026
AI Analysis
The COT data suggests a cautious market environment with reduced speculative activity in gold and silver, indicating potential short-term consolidation before future price movements.
The latest Commitment of Traders (COT) report for gold and silver reveals a nuanced shift in market positioning as of February 10, 2026, signaling potential strategic realignments among institutional and speculative traders.
Large speculators in the gold futures market reduced their long positions by 1,700 contracts to 212,808, while commercials increased their short positions by 3,892 contracts, suggesting a cautious sentiment brewing in the precious metals complex.
In the silver market, the data reveals a similar pattern of contraction. Large speculators decreased long positions by 2,223 contracts to 36,660, with spreading activity declining by 6,737 contracts, indicating potential market consolidation.
The combined futures and options data provides additional context, showing total open interest declining for both gold and silver. For gold, the total open interest dropped to 726,156 contracts, while silver saw a reduction to 200,993 contracts, reflecting a potential de-risking trend among market participants.
For sophisticated investors, these COT metrics suggest a period of market recalibration. The reduction in speculative long positions, coupled with commercial traders' strategic positioning, could signal an impending volatility shift in precious metals markets.
Looking forward, investors should monitor how these positioning trends interact with broader macroeconomic factors, including monetary policy developments and industrial demand dynamics that could influence precious metals valuations.
Key Takeaways
- Gold speculative longs decreased by 1,700 contracts
- Silver large spec positions reduced by 2,223 contracts
- Total open interest declined in futures and options markets
- Potential market consolidation signal for precious metals investors