By CountingPips.com | Weekly CFTC Net Speculator Gold Report
Speculator Positions see highest weekly rise since August
GOLD: Large traders and futures market speculators sharply raised their net gold bullish bets last week after three straight weeks of decline had pushed positions to the lowest level since January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +81,422 contracts in the data reported through November 18th. This was a weekly change of +25,379 contracts from the previous week’s total of +56,043 net contracts that was registered on November 11th.
The jump in the net speculator positions (+25,379 contracts) in the latest week was due to a rise in the bullish positions by 10,687 contracts while the weekly bearish positions declined by 14,692 contracts.
Last week’s gain in the net bullish positions was the best week for gold bets since August 12th and brings the speculator positions off of the lowest standing since January 21st when net positions totaled +46,583 contracts.
Over the weekly reporting time-frame, from Tuesday November 11th to Tuesday November 18th, the gold price traded sharply higher from approximately $1,163.00 to $1,197.10 per ounce, according to gold futures price data from investing.com.
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Last 6 Weeks of Large Trader Non-Commercial Gold Positions
| Date | Open Interest | Long Specs | Short Specs | Net Non-Commercials | Weekly Change | Gold Price |
| 10/14/2014 | 397855 | 193580 | 108165 | 85415 | 18968 | 1234.30 |
| 10/21/2014 | 411057 | 207129 | 99145 | 107984 | 22569 | 1251.70 |
| 10/28/2014 | 414410 | 195885 | 95146 | 100739 | -7245 | 1229.40 |
| 11/04/2014 | 417377 | 176899 | 113674 | 63225 | -37514 | 1167.70 |
| 11/11/2014 | 443422 | 177268 | 121225 | 56043 | -7182 | 1163.00 |
| 11/18/2014 | 459657 | 187955 | 106533 | 81422 | 25379 | 1197.10 |
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article by CountingPips.com – Forex Trading Apps
