October 1st: Commitment of Traders Report

Gold Net Positions Hit A 2010 High Net Long

CAD Net Position Short
 GDP numbers out of Canada, while negative, were in
100,000
line with expectations. The CAD is also enjoying
strength on positive DOE inventory data which was 80,000
enough to bring oil back into the $80’s. While Net
long positions decreased, short positions were down 60,000
1,962 for the week. 40,000
 The Euro remains strong against the USD on QE2.0
rumours, short speculators closed 11,896 positions 20,000
while longs increased positions by 18,338. Speculators
0
are now net long 35,330 positions. The highest in 2-
months. -20,000
 Speculators continue to bet on further monetary easing
by the Federal Reserve. Furthermore, the market is -40,000
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10
concerned with the expansion of the Federal Reserve
balance sheet, large and growing federal fiscal budget Contracts of 100,000CAD w/w change
deficits, socialist tax policies and further job losses.
Date Long Short Net Long Short Net
 As a result of direct US weakness, JPY net long September 28, 2010 43,078 15,208 27,870 -3,907 -1,962 -1,945
positions increased by 5,566. However, rumours of a September 21, 2010 46,985 17,170 29,815 17,928 5,808 12,120
monetary policy change to spur inflation may impact September 14, 2010 29,057 11,362 17,695 1,323 -15,920 17,243
long positions over the coming weeks September 7, 2010 27,734 27,282 452 777 -4,439 5,216
 The AUD remains strong, speculative positions
increased 5,209 for the week. Positions are now at a 2-
month high, sitting at 69,533. EUR Net Position Net Long Short
 The Swiss Franc is above parity with the US dollar. 200,000
Net positions increased slightly from 14,462 last week
to 19,993 this week. Talks of SNB intervention have 150,000
become non-existent.
100,000
 S&P had one of its better weeks on record, with net
positions positive for the second time this year. Shorts 50,000
declined by 396 while longs increased by 11,413. Net
long positions are up 11,413 to 16,783. 0
 Net gold positions hit a 2010 high, reaching 257,649. -50,000
Currency wars are having a direct impact on gold
prices. -100,000
 Added this week was the 10-year US Treasury. Net
-150,000
long positions decreased 18,220 to 35,115.
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Contracts of 125,000EUR w/w change

Date Long Short Net Long Short Net
September 28, 2010 70,638 35,308 35,330 18,338 11,895 30,233
September 21, 2010 52,300 47,203 5,097 -2,243 16,984 14,741
September 14, 2010 54,543 64,187 -9,644 1,387 12,668 14,055
September 7, 2010 53,156 76,855 -23,699 2,057 -187 1,870

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 Net Long Net Long
JPY Net Position Short
GBP Net Position Short
400000 100,000
350000 80,000
300000 60,000
250000 40,000
200000 20,000
150000 0
100000 -20,000
50000 -40,000
0 -60,000
-50000 -80,000
-100000 -100,000
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Contracts of 100,000JPY w/w change Contracts of 62,500GBP w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
September 28, 2010 45,136 16,470 28,666 5,188 -378 5,566 September 28, 2010 26,725 28,919 -2,194 8,867 2,072 6,795
September 21, 2010 39,948 16,848 23,100 -21,267 3,275 -24,542 September 21, 2010 17,858 26,847 -8,989 -3,250 -3,388 138
September 14, 2010 61,215 13,573 47,642 -4,225 316 -4,541 September 14, 2010 21,108 30,235 -9,127 -255 -7,196 6,941
September 7, 2010 65,440 13,257 52,183 4,221 1,942 2,279 September 7, 2010 21,363 37,431 -16,068 -1,689 -887 -802

Net Long Net Long

AUD Net Position Short
CHF Net Position Short
100,000 40,000

80,000 30,000

60,000 20,000

40,000 10,000

20,000 0

0 -10,000

-20,000 -20,000

-40,000 -30,000
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Contracts of 100,000AUD w/w change Contracts of 125,000CHF w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
September 28, 2010 81,419 11,886 69,533 3,475 -1,734 5,209 September 28, 2010 27,655 7,662 19,993 1,383 -4,148 5,531
September 21, 2010 77,944 13,620 64,324 3,868 -3,787 7,655 September 21, 2010 26,272 11,810 14,462 -1,528 -1,754 226
September 14, 2010 74,076 17,407 56,669 4,376 4,673 -297 September 14, 2010 27,800 13,564 14,236 2,336 4,727 -2,391
September 7, 2010 69,700 12,734 56,966 15,439 2,281 13,158 September 7, 2010 25,464 8,837 16,627 4,279 1,933 2,346

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 Net Long Net Long
S&P 500 Net Position Short
Crude Oil Net Position Short
150000 350,000
300,000
100000 250,000
200,000
50000
150,000
100,000
0
50,000
-50000 0
-50,000
-100000 -100,000
Feb-08 Aug-08 Feb-09 Aug-09 Feb-10 Aug-10 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10

Contracts of $250 w/w change Contracts of 1000 Barrels w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
September 28, 2010 38060 21277 16783 11017 -396 11413 September 28, 2010 293,470 231,974 61,496 6,442 -11,154 17,596
September 21, 2010 27043 21673 5370 10169 -36747 46916 September 21, 2010 287,028 243,128 43,900 66 4,503 -4,437
September 14, 2010 16874 58420 -41546 -3083 -8543 5460 September 14, 2010 286,962 238,625 48,337 16,399 -21,449 37,848
September 7, 2010 19957 66963 -47006 2450 -6686 9136 September 7, 2010 270,563 260,074 10,489 -3,677 -1,046 -2,631

Net Long Net Long

Gold Net Position Short
10-Year UST Note Short
350,000 700000
600000
300,000
500000
250,000 400000
200,000 300000
200000
150,000 100000
100,000 0
-100000Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10
50,000
-200000
0 -300000
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 -400000

Contracts of 100oz w/w change Contracts of USD100,000 w/w change

Date Long Short Net Long Short Net Date Long Short Net Long Short Net
September 28, 2010 297,272 39,623 257,649 10,704 -2,932 13,636 September 28, 2010 216519 181404 35115 -16,878 1,342 -18220
September 21, 2010 286,568 42,555 244,013 331 579 -248 September 21, 2010 233397 180062 53335 24,046 -3,401 27447
September 14, 2010 286,237 41,976 244,261 10,870 6,306 4,564 September 14, 2010 209351 183463 25888 4,425 317 4108
September 7, 2010 275,367 35,670 239,697 2,858 1,238 1,620 September 7, 2010 204926 183146 21780 -15,889 25,250 -41139

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