By CountingPips.com | Weekly Large Trader COT Report: Gold
Gold speculative positions dropped last week to +16,302 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders cut their gold bullish positions last week for a fourth consecutive week and to the lowest level of the year, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday due to the Thanksgiving holiday schedule.
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +16,302 contracts in the data reported through November 24th. This was a weekly change of -18,097 contracts from the previous week’s total of +34,399 net contracts that was registered on November 17th.
The fall in the weekly net speculator positions (-18,097 net contracts) was due to a decline in the weekly bullish positions by -13,955 contracts that combined with a gain in the weekly bearish positions by 4,142 contracts.
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Gold Commercial Positions:
In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) reduced their overall bearish positions for a fourth straight week to a net total position of -11,983 contracts through November 24th. This was a weekly change of +16,490 contracts from the total net position of -28,473 contracts on November 17th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday November 17th to Tuesday November 24th, the price of the (GLD) Gold ETF , which tracks the gold spot price, edged a little higher from approximately $102.34 to $102.94, according to ETF price data of the SPDR Gold Trust ETF (GLD).
Last 6 Weeks of Large Trader Positions
| Date | Open Interest | Change OI | Net Commercial Positions | Weekly Com Changes | Net Large Specs Positions | Weekly Spec Changes |
| 20151020 | 467792 | 31864 | -163300 | -44806 | 151301 | 34142 |
| 20151027 | 466780 | -1012 | -165848 | -2548 | 157434 | 6133 |
| 20151103 | 443900 | -22880 | -124988 | 40860 | 116342 | -41092 |
| 20151110 | 436426 | -7474 | -71894 | 53094 | 68389 | -47953 |
| 20151117 | 435376 | -1050 | -28473 | 43421 | 34399 | -33990 |
| 20151124 | 397705 | -37671 | -11983 | 16490 | 16302 | -18097 |
*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
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