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Who is crowded into gold?

Every week the futures regulator reports how three groups of traders are positioned. The COT Report tool turns that into one question: how crowded is this market, compared with its own history? Here is one frozen report so you can see how it reads.

Frozen example: gold futures, report of May 12, 2026

Net position as a share of all open contracts, past 52 weeks

What gold did next Gold closed at $4,687 on May 12. Four weeks later it was $4,286 (-8.5%), and eight weeks later $4,157 (-11.3%).

One example is not a pattern. Crowded positioning can stay crowded for months, and the same reading has also come before rallies. That is why the member tool shows how often each reading was followed by a move, not just one case.

Members see this week's report for every major futures market, how often each crowded reading came before a move, and which groups are at an extreme right now.

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Members get the COT Report for every major futures market, updated each week, with the history of what followed each extreme.

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Educational sample only, not financial advice. The example is frozen on the date shown and is not updated.