1. Non-commercial positions: Generally speaking, non-commercial positions are fund positions and are the core content of COMEX position reports. As the most important hedging tool, the gold fund has a strong grasp of the trend of the gold market and is good at using various themes for speculation. Moreover, their operation methods are fierce and decisive, and the funds invested by funds in gold futures change more frequently, which can often obviously aggravate market volatility.
Fund positions are divided into multiple orders, empty orders and arbitrage. Multiple orders and empty orders refer to net positions. For example, if a fund holds more than 20,000 lots and 1000 lots at the same time, its net long position of 1000 lots will be classified as "multiple orders" and its two-way position of 1000 lots will be classified as "arbitrage". The so-called "net long" and "net short" refer to the difference between the odd number and the empty odd number in the fund position. The change of "net long position" or "net short position" has a great influence on the price of gold, which is the key factor to analyze the trend of gold price. Generally speaking, the "net long" quantity can change in the same direction as the market, and the "net long" quantity can change in the analysis of the gold bull market; The number of "headroom" is opposite to the change direction of the market, and the change of "headroom" is analyzed in the gold bear market.
2. Commercial positions: It is generally believed that commercial positions are related to spot dealers and gold mines, and tend to hedge, and the quantity is relatively stable. Since 2003, in this round of commodity bull market, funds related to commodity indexes have established long positions on a large scale and need to be sold in the futures market to preserve their value. Therefore, the number of empty orders in commercial positions is generally more than three times that of multiple orders.
3. Total position quantity: The total position quantity is divided into multiple orders and empty orders. Total position multiple orders = non-commercial multiple orders+non-commercial arbitrage+commercial multiple orders; Short = non-commercial short+non-commercial arbitrage+commercial short. The total position reflects the change of institutional investors' long and short strength in the whole market and the amount of funds invested by institutional investors in the gold futures market.
4. Unreported positions: Unreported positions refer to positions that are not worth reporting, that is, scattered small-scale speculators. The number of multiple orders for unreported positions is equal to the number of open contracts minus the number of multiple orders for reportable positions, and the number of empty orders is equal to the number of open contracts minus the number of empty orders for reportable positions. Unreported positions reflect the views of small and medium speculators on market conditions.