By CountingPips.com | Weekly Large Trader COT Report: Gold
Gold speculative positions up last week to +228,619 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply raised their gold bullish positions higher last week following two weeks of declines, 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 +228,619 contracts in the data reported through June 7th. This was a weekly change of +31,484 contracts from the previous week’s total of +197,135 net contracts that was registered on May 31st.
The rise in the weekly net speculator positions (+31,484 net contracts) was due to a gain in the weekly bullish positions by 21,099 contracts that combined with a decline in the weekly bearish positions by -10,385 contracts.
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Net speculator positions are back over the +200,000 level after falling below that level for the first time in eight weeks on May 31st.
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) added to their overall bearish positions to a net total position of -243,692 contracts through June 7th. This was a weekly change of -29,654 contracts from the total net position of -214,038 contracts on May 31st.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday May 31st to Tuesday June 7th, the price of the (GLD) Gold ETF, which tracks the gold spot price, rose from approximately $116.06 to $118.82, according to ETF price data of the SPDR Gold Trust ETF (GLD)
Last 6 Weeks of Large Trader Positions
| Date | Net Commercial Positions | Weekly Com Changes | Net Large Specs Positions | Weekly Spec Changes |
| 20160503 | -294901 | -54793 | 271648 | 50791 |
| 20160510 | -284996 | 9905 | 264898 | -6750 |
| 20160517 | -290243 | -5247 | 266288 | 1390 |
| 20160524 | -225213 | 65030 | 206632 | -59656 |
| 20160531 | -214038 | 11175 | 197135 | -9497 |
| 20160607 | -243692 | -29654 | 228619 | 31484 |
*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
