Platinum Near $2,100 as Gold and Silver Face Speculative Exodus
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Markets of precious metals also recorded a sharp position change with the unwinding of the speculative exposure over the futures markets. The platinum prices stabilized around major levels as gold and silver were highly liquidated. Data in the market indicated a reset following excessive volatility. COT Data Reflects Stinging Speculative Position Declines A significant turnaround positioning in managed money across commodity futures was highlighted by analyst Ole S. Hansen in a recent X post. For the week ending February 3, records of Commitment Traders were 25 major commodities. The most aggressive adjustments experienced in the period were precious metals. In the past week, the gold prices fell by 3.6% and the silver by 21.4%. Platinum declined 12.9% in the same reporting period. Such price actions were accompanied by increased volatility, increased margin, and fund risk limits. Managed-money data indicate platinum longs reduced by 42% in a week as gold and silver also experienced drastic liquidations in speculation as volatility rose. Source: Ole S. Hansen via X, Feb 2026 Analysts found that directional bias was not shifted but reduced by speculative traders. Platinum longs managed in money dropped by 42% in a week. According to the chart, net long positioning declined towards the close of the range by about 1,083 contracts, which was very close to the neutral position. In the platinum positioning chart, there was contraction in the long and the short exposure. This implied preemptive de-risking as opposed to a new bearish belief. The net positioning line became flattened, indicating less involvement after the sell-off. Additionally, the same was found with gold and silver, but to a varying extent. The net long of gold dropped by 23% to 93,438 contracts. Silver positioning failed more violently; the net longs dropped 88% to 4,491 contracts, the lowest in 23 months. Platinum…
Filed under: News - @ February 8, 2026 10:15 pm