By CountingPips.com | Weekly Large Trader COT Report: Gold
Gold speculative positions jumped last week to +279,862 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply raised their gold bullish positions higher last week for a second consecutive week and pushed gold bets to a new highest level of the year, 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 +279,862 contracts in the data reported through June 14th. This was a weekly change of +51,243 contracts from the previous week’s total of +228,619 net contracts that was registered on June 7th.
The net position of +279,862 contracts surpassed the previous yearly high level of +271,648 contracts that was recorded on May 3rd.
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The rise in the weekly net speculator positions (+51,243 net contracts) was due to a gain in the weekly bullish positions by +51,869 contracts that easily overtook the gain in the weekly bearish positions by just +626 contracts.
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) increased their overall bearish positions to a net total position of -298,077 contracts through June 14th. This was a weekly change of -54,385 contracts from the total net position of -243,692 contracts on June 7th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday June 7th to Tuesday June 14th, the price of the (GLD) Gold ETF, which tracks the gold spot price, rose from approximately $118.82 to $122.77, 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 |
| 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 |
| 20160614 | -298077 | -54385 | 279862 | 51243 |
*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
