Speculators cut gold net longs by 7,681 contracts as metals sentiment sours

Speculators reduced net long positions across precious and industrial metals in the week ending June 9, with COMEX gold net longs falling 7,681 contracts to 103,660, CFTC data show.

Silver net longs dropped to 9,794 contracts, a seven-week low, while copper net longs declined to 71,127 contracts, a five-week low, according to the Commodity Futures Trading Commission's weekly Commitments of Traders report.

Platinum net longs fell to 8,377 contracts, the lowest in three months. Palladium net shorts expanded to 4,520 contracts, the largest bearish bet against the metal in eight months, reflecting sustained pessimism toward the auto-catalyst metal as the global auto industry shifts away from internal combustion engines.

The broad reduction in speculative positioning suggests waning institutional demand expectations for metals, potentially tied to expectations of tighter monetary policy or a stronger US dollar. Silver at $66.86 per ounce has fallen 22.74% over the past month, while gold at $4,202.57 is down 2.61% year to date, according to Forbes Advisor.

Gold Net Long at 103,660 as Silver Positioning Hits Seven-Week Low

Gold's net long of 103,660 contracts marks a decline from the prior week's 111,341, though it remains above the 12-month average. The metal's spot price slipped 0.2% to $4,202.57, with year-to-date returns turning negative at minus 2.61%.

Silver positioning deteriorated more sharply. The 9,794-contract net long is the lowest in seven weeks, coinciding with a 0.72% daily decline to $66.86 per ounce. Silver has swung between an intraday high of $121.58 and a low of $35.41 over the past 52 weeks, according to Forbes Advisor. The gold-to-silver ratio stood at roughly 63 on June 12, up from levels below 50 during silver's January peak, indicating silver has underperformed gold during the recent pullback.

Platinum net longs at 8,377 contracts represent a three-month low. The metal's spot price of $1,713.38 is down 16.6% year to date, the steepest decline among major precious metals.

Palladium Net Short Hits Eight-Month Record

Palladium net shorts of 4,520 contracts mark the most bearish positioning since October 2025. The metal, used primarily in catalytic converters for gasoline engines, has seen its spot price fall 20.13% year to date to $1,288.32, the worst performer among the four major precious metals tracked by the CFTC.

The persistent short buildup reflects structural demand concerns as the global auto industry shifts toward electric vehicles, which require no catalytic converters, and as substitution of palladium for cheaper platinum in gasoline engines continues.

This article is for informational purposes only and does not constitute investment advice.