THE DIRECT ANSWER
Concentration is a market-structure screen, not proof of control
In the latest local CFTC report, the largest four or fewer gross long traders represent 20.3% of open interest and the largest four or fewer gross short traders represent 38.9%. These market-level ratios show position concentration; they do not reveal identities, intent, profitability or manipulation.
Source: U.S. Commodity Futures Trading Commission, Disaggregated Futures Only, COMEX Gold code 088691. Snapshot cftc-gold-futures-only.json, schema v2, generated 2026-08-25T10:34:05.3993692Z; 1,054 observations through 2026-08-18. GoldObserve preserves 14 exact raw ZIP versions; evidence SHA-256 dc70a2d4a91f1674… and the full snapshot hashes are carried in CSV. The first successful retrieval containing a report is local availability evidence, not an official CFTC publication timestamp. History before regular Disaggregated publication in September 2009 is CFTC backcast history whose classification accuracy diminishes farther back. CFTC reuse policy. Values and percentile ranks are weekly positions and GoldObserve calculations, not prices or forecasts.
WHAT THE RATIO MEANS
Gross long and gross short concentration must stay separate
The analogous short ratio uses the largest four or fewer gross short traders. The two groups need not contain the same entities.
Full-history rank 31.3%
Full-history rank 64.3%
2007-06-19
2007-12-31
THREE NON-EQUIVALENCES
Do not turn one ratio into three unsupported claims
01Concentrated is not manipulated. The ratio does not establish intent, coordination, control or unlawful conduct.
02Gross is not net. A trader with large balanced long and short positions can rank on both gross sides while having a much smaller net position.
03Market-level is not category-level. These fields do not isolate managed money, producers or swap dealers.
DUE-DILIGENCE WORKFLOW
Use concentration as the start of a question
Confirm the exact reportCOMEX Gold, Disaggregated Futures Only, long-format concentration fields.
Compare both gross sidesLong and short concentration can move differently.
Check open interestA stable position can become a larger share when total open interest contracts.
Compare a disclosed historyUse actual percentile ranks, not adjectives such as unprecedented without proof.
Seek separate conduct evidenceDo not use a concentration ratio as a substitute for enforcement or surveillance evidence.
SOURCE, UPDATE AND LIMITS
The source reports market-level gross concentration on each side
This page uses the largest-four-or-fewer gross long and gross short percentages. The fields do not identify traders, isolate a COT category, calculate net control or establish manipulation.
dc70a2d4a91f1674…Normal page requests use the local baseline, not a live CFTC callThe baseline was generated 2026-08-25. A weekly change can reflect trading, classification or reportability changes. GoldObserve's first successful retrieval time is a delivery observation—not an official release timestamp.
COT RESEARCH CLUSTER
Move between four different market-structure questions
FAQ
Concentration-screen and evidence questions
What does four-or-fewer gross concentration mean?
It is the share of market open interest represented by the gross long or gross short positions of the largest four or fewer reportable traders on that side.
Are the largest long traders the same as the largest short traders?
Not necessarily. A trader with large balanced positions can appear on both gross sides, while the sets can otherwise differ.
Does high concentration prove manipulation?
No. Concentration is a screening measure of market structure. It does not identify traders, intent, control, misconduct or causation.
Is concentration category-specific?
The fields used here are market-level gross concentration measures from the long-format report, not managed-money or producer-only concentration.