CFTC: COMEX Gold Speculative Net Longs Cut to 131,334 Contracts

The split between metals is the story here: gold longs were trimmed while copper positioning jumped by a far larger amount, suggesting speculative capital rotated toward industrial exposure rather than the precious-metal trade. That divergence matters for anyone tracking the inflation-hedge versus growth-demand narratives, since the two are usually read together. Whether copper's build continues while gold cools — and whether silver's modest gain holds — is the open question in the weeks ahead.