June 7th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators sharply lifted 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 156,115 contracts in the data reported through Tuesday June 4th. This was a weekly boost of 69,427 net contracts from the previous week which had a total of 86,688 net contracts.
The week’s net position was the result of the gross bullish position (longs) gaining by 46,014 contracts (to a weekly total of 240,477 contracts) in addition to the gross bearish position (shorts) falling by -23,413 contracts for the week (to a total of 84,362 contracts).
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The net speculative position had fallen in the previous two weeks before this week’s jump in positions. This was the largest one-week net increase on record, according to out COT data dating back to 1986.
The current position is now back over the +100,000 net contract level and is at the most bullish level since April 17th of 2018 when the net position totaled 163,069 contracts.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -172,576 contracts on the week. This was a weekly decrease of -62,622 contracts from the total net of -109,954 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1328.70 which was a boost of $51.60 from the previous close of $1277.10, 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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