Gold Speculators lifted their bullish bets after last week’s sharp decline

October 12, 2019

October 12th – By CountingPips.comReceive our weekly COT Reports by Email

Gold Non-Commercial Speculator Positions:

Large precious metals speculators added to 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 275,563 contracts in the data reported through Tuesday October 8th. This was a weekly change of 6,570 net contracts from the previous week which had a total of 268,993 net contracts.

The week’s net position was the result of the gross bullish position (longs) going up by 11,583 contracts (to a weekly total of 334,383 contracts) while the gross bearish position (shorts) rose by a lesser amount of 5,013 contracts for the week (to a total of 58,820 contracts).


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Gold speculators advanced their bullish bets this week following a sharp selloff last week that decreased the bullish position by over -40,000 net contracts. The small rebound this week is the third time bets have gained in the past four weeks.

Overall, the gold position has now risen in fourteen out of the past nineteen weeks, going from a total of +86,688 contracts in late May to a total of +275,563 contracts this week.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -310,942 contracts on the week. This was a weekly decline of -7,254 contracts from the total net of -303,688 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 $1503.90 which was an increase of $14.90 from the previous close of $1489.00, 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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