By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metal speculators continued to increase their net positions in favor of Gold futures this 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 254,760 contracts in the data reported through Tuesday September 12th. This was a weekly increase of 9,462 contracts from the previous week which had a total of 245,298 net contracts.
Speculative gold bets have advanced higher for eight straight weeks and net positions are now above the +200,000 net contracts level for the fourth straight week. Overall, net bullish positions are at the highest standing since September 27th of 2016 when net positions totaled +291,904 contracts.
Gold Commercial Positions:
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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 -272,098 contracts on the week. This was a weekly fall of -10,291 contracts from the total net of -261,807 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 $126.56 which was a decline of $-0.90 from the previous close of $127.46, 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
