Gold Speculators reduced bullish bets for 3rd time out of last 4 weeks

May 19, 2018

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Gold Non-Commercial Speculator Positions:

Large metals speculators continued to decrease their bullish net positions in the Gold futures markets 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 92,443 contracts in the data reported through Tuesday May 15th. This was a weekly lowering of -14,997 contracts from the previous week which had a total of 107,440 net contracts.

Speculative bullish positions have declined for three out of the past four weeks and for five out of the last seven weeks as well. The overall net position has now fallen under the +100,000 contract level for the first time since July 25th of 2017 when net positions totaled +90,831 contracts.


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Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -118,089 contracts on the week. This was a weekly rise of 16,895 contracts from the total net of -134,984 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 $122.48 which was a drop of $-2.11 from the previous close of $124.59, 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).

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