Deep Store

Net long-minus-short positioning of non-commercial traders in COMEX gold futures. The classic "gold speculator sentiment" gauge.

Why it matters: Gold speculator positioning is a well-known contrarian indicator at extremes. When specs are maxed out long, rallies tend to stall; when they're capitulated short, bottoms tend to form. Also useful as a "risk-off" regime indicator — rising gold spec longs often accompany equity stress or dollar weakness.

How to read it: Look at the level relative to its own 1-3 year range. Record net longs usually mean crowded trade; record net shorts usually mean opportunity. Combine with gold price — disagreement between positioning and price (e.g. price rising while specs capitulate) is often meaningful.

Caveats: Standard weekly lag. COMEX contracts are the reference but London OTC gold trading dwarfs futures by volume; COT data misses the bulk of the gold market.