COMEX Data Guide: Reading Open Interest, Basis and COT Reports

The COMEX dashboard on GoldKurs.ch provides the core data that professional gold traders monitor daily. This tutorial explains what each data point means and how to use it.

Open Interest

Open interest is the total number of outstanding COMEX GC (gold) contracts that have not been closed or delivered. Currently approximately 490,000 contracts (each = 100 oz). Rising open interest with rising prices confirms a healthy bull trend; falling open interest with rising prices suggests a less sustainable move driven by short covering.

COT Report: Commitments of Traders

Published every Friday by the CFTC, the COT report breaks down COMEX positioning into three categories: Commercials (miners, bullion banks — typically net short as a hedge), Managed Money (hedge funds, CTAs — the "speculators") and Other Reportables. The key metric is the Managed Money net long position. At the January 2026 gold ATH of 5,595 USD, this reached approximately 330,000 contracts — a historically elevated reading that later contributed to the correction.

Spot/Futures Basis and Backwardation

Normally, gold futures trade above spot (contango) — reflecting storage and financing costs. When futures trade below spot (backwardation), it signals acute physical demand exceeding spot supply. This briefly occurred in January 2026 at the ATH and is a rare but powerful bullish signal.