Gold Speculators sharply boost their bullish bets higher

June 27, 2020

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Gold Non-Commercial Speculator Positions:

Large precious metals speculators strongly raised 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 251,957 contracts in the data reported through Tuesday June 23rd. This was a weekly gain of 27,609 net contracts from the previous week which had a total of 224,348 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 31,064 contracts (to a weekly total of 308,459 contracts) while the gross bearish position (shorts) increased by 3,455 contracts for the week (to a total of 56,502 contracts).


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Gold speculators boosted their bullish bets higher for a second straight week and this week’s total (+27,609  contracts) marked the highest one-week gain of the past eighteen weeks. The speculative position had been very much on a downtrend since late February with declines in twelve out of sixteen weeks through June 9th with an overall drop of -145,036 contracts from the bullish position. However, the last two weeks have provided a rebound for the speculative position with a total rise of +43,344 contracts over that time-frame.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -287,292 contracts on the week. This was a weekly decline of -29,272 contracts from the total net of -258,020 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 $1772.10 which was an uptick of $42.50 from the previous close of $1729.60, 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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