The latest CFTC Commitment of Traders report for the week ending August 20, 2025, reveals that managed money net long positions in COMEX gold futures reached 235,448 contracts, the highest level since March 2022. This represents a 22% increase from the prior week.
Managed money gross longs increased by 28,300 contracts while gross shorts contracted by 14,200 — indicating new long entry rather than short covering, a more bullish signal. Commercial hedger net short as a percentage of open interest stands at 38%, below the 45% threshold that historically signals overextended positioning.
Silver COT data is equally notable. Managed money net long positions surged to 58,200 contracts, more than doubling from 28,100 eight weeks ago. The gold/silver ratio breakdown below 77 is attracting momentum traders who see the silver catch-up trade as the next leg of the precious metals rally.
