Gold Speculators pushed their bets more bearish this week

September 8, 2018

Sept. 8th 2018 – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators continued to raise their bearish 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 -13,497 contracts in the data reported through Tuesday September 4th. This was a weekly lowering of -10,434 contracts from the previous week which had a total of -3,063 net contracts.

The speculative gold position fell for the third time out of the past four weeks and further into bearish territory to above the -10,000 contract level. The current position is now at the most bearish level since December 11th 2001 when the position totaled -21,717 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 6,525 contracts on the week. This was a weekly boost of 14,787 contracts from the total net of -8,262 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1199.1 which was a shortfall of $-15.3 from the previous close of $1214.4, 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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