By CountingPips.com | Weekly Large Trader COT Report: Gold
Gold Speculators piled into bullish positions last week
GOLD Non-Commercial Positions:
Gold speculator and large futures traders continued to add to their gold bullish positions last week as positions rose sharply higher for a seventh 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +271,648 contracts in the data reported through May 3rd. This was a weekly change of +50,791 contracts from the previous week’s total of +220,857 net contracts that was registered on April 26th.
The rise in the weekly net speculator positions (+50,791 net contracts) was due to a huge gain in the weekly bullish positions by 50,303 contracts that combined with a fall in the weekly bearish positions by -488 contracts.
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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 -294,901 contracts through May 3rd. This was a weekly change of -54,793 contracts from the total net position of -240,108 contracts on April 26th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday April 26th to Tuesday May 3rd, the price of the (GLD) Gold ETF, which tracks the gold spot price, rose from approximately $118.70 to $122.96, 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 |
| 20160329 | -207964 | -7970 | 189806 | 10975 |
| 20160405 | -207245 | 719 | 190400 | 594 |
| 20160412 | -231787 | -24542 | 213807 | 23407 |
| 20160419 | -240121 | -8334 | 216837 | 3030 |
| 20160426 | -240108 | 13 | 220857 | 4020 |
| 20160503 | -294901 | -54793 | 271648 | 50791 |
*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
