By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large metals speculators continued to cut back on 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 111,416 contracts in the data reported through Tuesday June 5th. This was a weekly reduction of -3,714 contracts from the previous week which had a total of 115,130 net contracts.
Speculative positions declined for the third time out of the past four weeks and for the seventh out of the past ten weeks. Despite this weeks fall, the overall net position remains above the +100,000 contract level for a second straight week.
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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 -134,347 contracts on the week. This was a weekly rise of 2,342 contracts from the total net of -136,689 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 $122.85 which was a decrease of $-0.34 from the previous close of $123.19, 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 – Receive our weekly COT Reports by Email