Gold Non-Commercial Positions:
Large speculators and traders increased their bullish net positions in the gold futures markets last week following two weeks of sharp 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 116,252 contracts in the data reported through March 21st. This was a weekly rise of 10,214 contracts from the previous week which had a total of 106,038 net contracts.
Gold speculative positions have remained in a rather tight range mostly between the +100,000 and the +130,000 contract levels since the beginning of the year (a jump to +163,000 contracts on Feb 28th being the exception).
Gold Commercial Positions:
Free Reports:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -128,997 contracts last week. This is a weekly change of -5,710 contracts from the total net of -123,287 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $118.54 which was a gain of $4.42 from the previous close of $114.12, according to ETF financial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the previous Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures 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
