Gold Speculators sharply pulled back on their bullish bets this week


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Gold Non-Commercial Speculator Positions:

Large precious metals speculators lowered 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 236,801 contracts in the data reported through Tuesday July 28th. This was a weekly drop of -29,635 net contracts from the previous week which had a total of 266,436 net contracts.


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The week’s net position was the result of the gross bullish position (longs) lowering by -21,649 contracts (to a weekly total of 312,588 contracts) while the gross bearish position (shorts) rose by 7,986 contracts for the week (to a total of 75,787 contracts).

Gold speculators cut back on their bullish net positions this week after bets had gained in five out of the previous six weeks. This week’s decline was the largest one-week reduction since February 4th, a span of twenty-five weeks. Gold speculators had been raising their bullish bets over the previous six weeks after positions fell to a 2020 low point on June 9th at +208,613 contracts. This week’s decrease cuts into the recent gains and brings the current level to a six-week low.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -278,377 contracts on the week. This was a weekly boost of 25,482 contracts from the total net of -303,859 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 $1944.60 which was a boost of $100.70 from the previous close of $1843.90, 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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