COT Reports / US Treasuries

US Treasuries
The COT Report for US Treasuries shows the positioning of major market participants (banks, funds, producers). Extreme positioning can indicate potential market trend reversals.

Understand how big banks, hedge funds, and commercials are positioning themselves in US Treasuries. Analyze institutional money flows to identify historical extremes and gain a deeper understanding of underlying market dynamics.

How to Read Treasury Data

The Inverse Relationship: It is crucial to remember that Treasury bond prices move inversely to yields! A massively bullish (net-long) positioning in bond futures implies that the market is expecting interest rates to fall.

The True "Smart Money": In the US Treasury market, large asset managers ("Commercials") often reflect long-term macroeconomic investment convictions, while leveraged funds ("Non-Commercials") are more likely to execute shorter-term arbitrage or speculative trades.

10-Year T-Note (ZN)

ZN

The 10-Year Treasury Note is the primary benchmark for global interest rates and mortgage pricing.

2-Year T-Note (ZT)

ZT

The 2-Year Treasury Note is highly sensitive to Federal Reserve rate decisions and near-term monetary policy expectations.

30-Year T-Bond (ZB)

ZB

The 30-Year T-Bond is the longest-duration standard Treasury, making it the most sensitive to inflation expectations and long-term interest rates.

5-Year T-Note (ZF)

ZF

The 5-Year Treasury Note sits at the yield curve's midpoint, balancing Fed policy sensitivity with longer-term economic growth expectations.

Ultra 10-Year T-Note (TN)

TN

The Ultra 10-Year is an amplified version of the standard 10-Year (ZN) – same maturity point on the yield curve, but with higher duration, meaning price swings are larger for the same interest rate move.

Ultra T-Bond (UD)

UD

The Ultra T-Bond is an amplified version of the standard 30-Year (ZB) – it has the longest duration of all Treasury futures, so even small rate changes cause outsized price reactions. Used by institutions for aggressive rate bets.

Latest Treasury & Bond News

Jul 12, 2026 Neutral

Warren Buffett Is Piling Up Cash as the Stock Market Wobbles. Here's What That Tells Investors.

Berkshire ended the first quarter with a record $397 billion in cash and Treasury bills. The company has been a net seller of stocks for more than three years straight.

Jul 10, 2026 Neutral

JEFFERIES FINANCIAL GROUP, INC. INVESTOR ALERT: Kirby McInerney LLP Announces Investigation Into Potential Securities Fraud

NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP is investigating potential claims against Jefferies Financial Group, Inc. (“Jefferies” or the “Company”) (NYSE:JEF). The investigation...

Gold Mini (GM) Jul 10, 2026 Negative

Gold holds above $4,100 as Hormuz tension, yields pressure silver - Kitco PM Report

Spot gold and silver prices are lower in late-afternoon U.S. trading Friday, as rising Treasury yields and firm Fed-rate expectations offset a softer U.S. dollar and renewed geopolitical risk tied ...

Silver (SI) Jul 10, 2026 Negative

Gold holds above $4,100 as Hormuz tension, yields pressure silver - Kitco PM Report

Spot gold and silver prices are lower in late-afternoon U.S. trading Friday, as rising Treasury yields and firm Fed-rate expectations offset a softer U.S. dollar and renewed geopolitical risk tied ...

Gold Mini (GM) Jul 10, 2026 Negative

Gold struggles around $4,100 as markets await CPI and Warsh's Capitol Hill debut

While the precious metal appears to be carving out a bottom following last month's sharp losses, analysts warn investors that gold's critical support could be tested next week as the Federal Reserv...

Gold Mini (GM) Jul 10, 2026 Negative

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Traders Focus On Rising Treasury Yields

Silver markets have also moved lower in today's trading session.

Platinum (PL) Jul 10, 2026 Negative

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Traders Focus On Rising Treasury Yields

Silver markets have also moved lower in today's trading session.

Silver (SI) Jul 10, 2026 Negative

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Pulls Back As Traders Focus On Rising Treasury Yields

Silver markets have also moved lower in today's trading session.

Coffee (KC) Jul 10, 2026 Neutral

BRCB EQUITY ACTION REMINDER: Faruqi & Faruqi, LLP Reminds Black Rock Coffee (BRCB) Investors of Securities Class Action Lawsuit Deadline on August 17, 2026

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Black Rock Coffee To Contact Him Directly To Discuss Their Options If you purchase...

Silver (SI) Jul 10, 2026 Negative

Gold, silver soften as Hormuz oil risk keeps yields firm - Kitco AM Report

Spot gold and silver prices are modestly lower ahead of the North American market open Friday, as traders balanced last week's weaker payrolls report against Wednesday's Fed minutes, steady Treasur...

Silver (SI) Jul 10, 2026 Positive

It's Time To Buy Gold And Silver

Geopolitical turmoil and rising rates have pressured gold and silver, but I see a reversal as likely with easing inflation and dollar weakness. I expect no Fed rate hike in September, contrary to c...

Silver (SI) Jul 10, 2026 Positive

Gold and Silver Price Forecast: Weaker Dollar Drives Rebound as Breakout Nears

Gold and silver rebound from key support as the US dollar and Treasury yields weaken, with gold targeting $4,500 and silver eyeing a breakout toward $72.

Platinum (PL) Jul 09, 2026 Neutral

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rebounds As Oil Markets Retreat

Falling Treasury yields and weaker dollar provided material support to gold markets.

Natural Gas (NG) Jul 09, 2026 Negative

VGK: Europe Has Fewer Than 100 Days To Figure Out Dismal Natural Gas Inventories Situation

VGK ETF remains a sell due to persistent structural natural gas shortages and looming energy crisis risks in Europe. European gas inventories have steadily declined versus the five-year average, wi...

High Grade Copper (HG) Jul 09, 2026 Positive

Gunnison Copper submits certification for $13.9M US tax credit at Johnson Camp

Gunnison Copper Corp (TSX:GCU, OTCQB:GCUMF, FRA:3XS0) submitted certification to the DOE confirming its Arizona mine met the requirements for a $13.9 million Section 48C tax credit, a federal progr...

Jul 08, 2026 Neutral

Jefferies Financial Group Inc. Announces Pricing of €850,000,000 4.500% Senior Notes Due 2033

NEW YORK--(BUSINESS WIRE)--Jefferies Financial Group Inc. (NYSE: JEF) (“JFG”, “we” or “our”) today announced the pricing of its public offering of €850,000,000 aggregate principal amount of 4.500% ...

Platinum (PL) Jul 08, 2026 Negative

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Retreats As Oil Prices Test New Highs

Precious metals are losing ground as traders worry that Fed would raise rates soon.

Aluminum Midwest Premium (MWP) Jul 08, 2026 Neutral

Constellium: Interesting, But Too Expensive For A Play In Aluminum

Constellium SE is rated Hold due to valuation concerns, forecast volatility, and lack of dividend yield. CSTM's fundamentals are overshadowed by cyclical end-market exposure, unreliable forecasts, ...

Jul 07, 2026 Positive

Berkshire Hathaway: Poised To Reclaim $540 Record High (Rating Upgrade)

Berkshire Hathaway Inc. is poised for an upward breakout after a multi-year consolidation, supported by recent technical and fundamental catalysts. Optimism about BRK.B stems from a strong 2026 P/C...

Platinum (PL) Jul 07, 2026 Negative

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Moves Lower As Treasury Yields Rise

The strong rally in the oil markets put pressure on gold and silver.

Soybean Meal (ZM) Jul 07, 2026 Neutral

Zoom: There's A Lot Of Value Here, But Risks Too

Zoom (ZM) earns a buy rating, offering strong fundamentals and cash generation despite competitive and AI-driven risks. ZM's balance sheet is robust, with $7.7B in cash and investments, plus a $1.3...

Jul 06, 2026 Positive

BlackRock Just Introduced a New Way to Invest in Bitcoin. But Is This New ETF a Buy?

BlackRock now offers two Bitcoin exchange-traded funds, with each providing unique exposure. Investors starved for yield will find that this product can perform well in sideways markets.

Gold Mini (GM) Jul 03, 2026 Positive

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rallies As Rebound Continues

Recent changes in Fed policy outlook provided strong support to gold markets.

Platinum (PL) Jul 03, 2026 Positive

Gold (XAUUSD), Silver, Platinum Forecasts – Gold Rallies As Rebound Continues

Recent changes in Fed policy outlook provided strong support to gold markets.