By CountingPips.com | Weekly Large Trader COT Report: Gold
Gold speculative positions at lowest since August 11th
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply reduced their gold bullish positions last week for a third consecutive week and brought bullish positions to the lowest standing since August, 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 +34,399 contracts in the data reported through November 17th. This was a weekly change of -33,990 contracts from the previous week’s total of +68,389 net contracts that was registered on November 10th.
The drop in the weekly net speculator positions (-33,990 net contracts) was due to a dip in the weekly bullish positions by -1,166 contracts that combined with a large gain in the weekly bearish positions by 32,824 contracts.
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Gold bullish positions are now at the lowest level since August 11th when net positions equaled +32,442 contracts and have fallen by at least -30,000 contracts each of the last three weeks.
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) cut back on their overall bearish positions for a third week to a net total position of -28,473 contracts through November 17th. This was a weekly change of +43,421 contracts from the total net position of -71,894 contracts on November 10th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday November 10th to Tuesday November 17th, the price of the (GLD) Gold ETF , which tracks the gold spot price, declined from approximately $104.18 to $102.34, 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 |
| 20151013 | 435928 | 5700 | -118494 | -30025 | 117159 | 30340 |
| 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 |
*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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