Gold Speculators sharply pared their bullish bets after close to 3-year high

September 14, 2019

September 14th – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators sharply 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 269,725 contracts in the data reported through Tuesday September 10th. This was a weekly reduction of -30,822 net contracts from the previous week which had a total of 300,547 net contracts.

The week’s net position was the result of the gross bullish position (longs) dropping by -31,271 contracts (to a weekly total of 334,114 contracts) while the gross bearish position (shorts) fell by just -449 contracts for the week (to a total of 64,389 contracts).


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Gold bullish bets dropped this week by the largest amount in sixteen weeks after rising above the +300,000 net contract level last week. That was the first time bullish bets had been above that level since September 6th of 2016, almost exactly three years prior. Gold bullish bets have been on a remarkable run since this year’s low-point on April 23rd when the net position stood at just +37,395 contracts. Since that time, just twenty-one weeks ago, bullish positions have exploded higher by a total of +232,330 net contracts and have risen in fourteen out of the twenty weeks following the low.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -305,611 contracts on the week. This was a weekly rise of 32,130 contracts from the total net of -337,741 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 $1499.20 which was a decrease of $-56.70 from the previous close of $1555.90, 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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