COTS Report

Notice the Producers, Merchants and Processors are the biggest followed by the Swap dealers.
So going by this it is the Producers and those that want to buy low who are shorting the POG.
This could be China so they can buy lots of Gold for their new futures markets.
Could also be the producers themselves taking hedging positions through the banks like they did a couple of years ago
Also the banks figure significantly in these figures with  75,406 short contracts = 4,540,600 ounces short.

However you interpret this it is interesting.

Figures are in contracts.
Each contract is for 100 troy ounces of 99.999% purity.


COTS Report for 29 Nov 2016

Producer, Merchant, Processor, User:
long    short
45,512    133,012

Swap Dealers
long short
26,769 99,256

Managed Money
long   short
159,758 56,366

Other Reportables
  long short
63,266   23,951

Non Reportable
  long   short
49,962    32,681

Bank participation in Contracts
L=long, S=Short, the last column is total open interest.

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6	Column 7
0	U.S.	5	L 8,537	%1.6	S 75,406	%14.5	495,525
1	NON U.S.	28	18,951	3.6	83,178	15.9
2		33	27,488	5.3	158,584	30.4