Speculation Reaches Fever Pitch in Aussie Dollar, Natural Gas, and Precious Metals

The Commercial COT Index recently showed extreme positions in several key markets, including the Australian dollar, natural gas, and precious metals. The Aussie dollar reached a 97% reading, with large speculators holding a net short position of -44,455 contracts after a weekly shift of -296. This comes despite a price fall of just 0.10%. Natural gas also hit a 94% COT Index, with specs net short by nearly 198,000 contracts, even as the price rose 2.97%.

On the other hand, gold and silver both registered a 0% COT Index, but in different ways. Specs were net long gold at +243,334 contracts, adding to their position after a price decline of 3.38%. Silver's specs also showed a net long position, at +25,261 contracts, with a price drop of 2.78%.

The Dollar Index rose 0.89%, with speculators holding a net long position of +18,682 contracts and commercial traders net short by -19,838. Open interest remained steady at 47,953, and the COT Index came in at 16%. Sterling and the Swiss franc showed 0% and 3% readings respectively.