December 7th – By CountingPips.com – Receive our weekly COT Reports by Email
Gold Non-Commercial Speculator Positions:
Large precious metals speculators increased 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 290,705 contracts in the data reported through Tuesday December 3rd. This was a weekly gain of 19,071 net contracts from the previous week which had a total of 271,634 net contracts.
The week’s net position was the result of the gross bullish position (longs) increasing by 21,239 contracts (to a weekly total of 346,525 contracts) while the gross bearish position (shorts) rose by just 2,168 contracts for the week (to a total of 55,820 contracts).
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Gold speculators boosted their bets to the highest level in ten weeks this week. The current bullish level is now at the highest standing standing since September 24th when the net position totaled +312,444 contracts. Overall, speculative positions have gained in six out of the past nine weeks to maintain an overall strong bullish level.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -322,787 contracts on the week. This was a weekly decrease of -17,320 contracts from the total net of -305,467 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1484.40 which was an uptick of $17.00 from the previous close of $1467.40, 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