Open Interest

How to look at open interest in the COT report.

For example: this is bullish gold:

Large Speculators (“Smart Money”) hold an informational edge over other traders as far as fundamental supply-and-demand statistics are concerned. “Smart Money” is trend-leading. 

- Commercial Hedgers (“Dumb Money”) 

- Small Traders (“Dumb Money”) 

- Large Speculators (“Smart Money”)