GC · Metals / Cross-Asset Coherence Regime
Z1490 – GC CFTC Gold Net Z
Gold positioning extremes mark turning points or momentum continuations (diagnostic-dependent).
At a glance
IN-SEASON · ACTIVE
Current reading
-0.186
GC CFTC Gold Net Z composite, tanh-bounded
Signal state
Neutral Positioning
9 trading days in current state
Phase
NEUTRAL
Positive equals cftc net long elevated; negative equals cftc net short elevated
Sample
37 years
Live since 1989-11
As of Nov 06, 2026. Updated nightly.
SIGNAL OVERVIEW
Gold positioning extremes mark turning points or momentum continuations (diagnostic-dependent). The composite is bounded between minus one and plus one through. Across 37 years Phase +1 cftc net long elevated state has returned on average plus 0.63 percent forward 60-day gold return. Phase -1 cftc net short elevated state has returned on average plus 1.35 percent. Today the composite reads , in Neutral Positioning territory.
LIVE CHART
GC CFTC Gold Net Z: composite bounded minus one to plus one.
The dark line in the top panel is the composite bounded between minus one and plus one. The pale red band marks cftc net short elevated regime. The pale green band marks cftc net long elevated regime. The bronze line in the middle panel is the trailing 252-day rolling Spearman information coefficient. The lower panel is COMEX gold continuous back-adjusted price on the right axis in dollars per ounce.
COMPOSITE
-0.186 / tanh
STATE
(nightly)
PHASE
(nightly)
FWD 60d
(nightly, baseline +0.84 percent)
SAMPLE N
9,277 days
TODAY’S PLAYBOOK READING
STATE
Neutral Positioning
STATE AND HISTORY
Neutral Positioning. Sample N=9,277 days since 1989-11.
WHY THE SIGNAL IS HERE
Gold positioning extremes mark turning points or momentum continuations (diagnostic-dependent).
POSTURE FOR THE WEEKS AHEAD
The signal is a regime detector on a 60-day forward horizon. Pair with price momentum signals for conviction.
WHAT THE CHART SHOWS
Today the composite reads -0.186 placing the dot inside the Neutral Positioning band.
TOP INPUTS FIRING
- Silver returns Primary silver price momentum.
- 10-year TIPS-implied inflation breakeven Market-implied inflation expectation.
- Rolling coherence trend 5-year first-difference of coherence at 170-day cycles.
THE REGIME MAP
The three regime phases, forward 60-day gold returns and sample share
Baseline gold forward 60 day return (unconditional): mean plus 0.84 percent, median plus 0.16 percent, across 8,567 trading days.
| State | Phase | Share | Fwd 60d | HAC t | Edge vs baseline | Last firings |
|---|---|---|---|---|---|---|
| CFTC net long elevated | +1 | 24.3% (2093 d) | +0.63% | -0.22pp | Feb 2024, Sep 2023, Aug 2023 | |
| Normal TODAY | 0 | 14.2% (1224 d) | -0.99% | -1.83pp | Oct 2026, Jul 2026, Feb 2026 | |
| CFTC net short elevated | -1 | 61.6% (5310 d) | +1.35% | +0.51pp | Aug 2026, Jun 2026, Oct 2025 |
The historical pattern
How to use the signal today
THE TRACK RECORD
Every state change in the last 2 years
9 state transitions from 04/22/2025 to 11/06/2026. Full history (212 total transitions since 11/30/1989) is downloadable.
| State | Start | End | Duration | Fwd 60d SPY |
|---|---|---|---|---|
| Neutral | 04/22/2025 | 06/16/2025 | 39d | +19.03% |
| Defensive | 06/17/2025 | 10/20/2025 | 87d | +10.02% |
| Neutral | 10/21/2025 | 10/27/2025 | 5d | +3.03% |
| Defensive | 10/28/2025 | 02/02/2026 | 66d | +0.83% |
| Neutral | 02/03/2026 | 06/29/2026 | 101d | +4.22% |
| Defensive | 06/30/2026 | 07/13/2026 | 9d | +2.73% |
| Neutral | 07/14/2026 | 08/03/2026 | 15d | +3.38% |
| Defensive | 08/04/2026 | 10/26/2026 | 59d | +0.13% |
| Neutral LIVE | 10/27/2026 | current | 9d | ongoing |
Scroll inside the table for the full history. Forward 60-day SPY is measured from each run’s start date; a reader cannot trade off a start-date they only identify in hindsight, so this is a transparency log, not an alpha claim. Asterisked (*) returns are partial. The run is less than 60 trading days old. The full 60-day comparable fills in as more data arrives.
What this measures
Gold positioning extremes mark turning points or momentum continuations (diagnostic-dependent). The composite is z-scored against a and bounded through.
Why it matters
Gold positioning extremes mark turning points or momentum continuations (diagnostic-dependent).
The signal flags the current gold regime for the next 60 trading days on average. Pair with price-based signals for precise entry.
State-conditional spreads are empirical averages across 37 years. Individual regime windows can run longer or shorter than mean sample.
Signal consumers and siblings
Not investment advice · The analysis on this page is informational and educational. Signal readings, historical case figures, and empirical statistics are derived from publicly available data and are provided without warranty. Hypothetical performance results have inherent limitations, including the benefit of hindsight. Readers who intend to trade should consult a licensed investment professional and see the research brief for the full disclaimer.
Last refreshed Nov 07, 2026 03:32 PM ET