By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large speculators slightly trimmed their bullish net positions in the Gold futures markets this week and pushed speculative bets lower for a sixth straight week, 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 Gold futures, traded by large speculators and hedge funds, totaled a net position of 60,138 contracts in the data reported through Tuesday July 18th. This was a weekly decline of -122 contracts from the previous week which had a total of 60,260 net contracts.
The gold speculative position has dropped by -144,327 net contracts in just the past six weeks alone but this week’s very small change may turn out to be a pause (and welcome sign for gold bulls) in the rate of decline of speculator sentiment.
Gold Commercial Positions:
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Meanwhile, 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 -73,635 contracts on the week. This was a weekly rise of 281 contracts from the total net of -73,916 contracts reported the previous week.
GLD ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $118.11 which was an increase of $2.49 from the previous close of $115.62, according to unofficial market data.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent 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 – Weekly COT Report
