Gold Speculators trim bullish bets following 3 weeks of rises

By CountingPips.com

Weekly CFTC Net Speculator Gold Report

gold

GOLD: Futures market traders and large speculators decreased their net bullish bets in the gold futures market last week after traders had raised their bullish positions for the previous three weeks, 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +91,634 contracts in the data reported through May 13th. This was a change of -6,322 contracts from the previous week’s total of +97,956 net contracts that was registered on May 6th.

The gold non-commercial net positions stood at the highest level since April 1st before last week’s decrease.

Over the weekly reporting time-frame, from Tuesday May 6th to Tuesday May 13th, the gold price declined from $1,307.60 to $1,295.20 per ounce, according to gold futures price data from investing.com.

 

Last 6 Weeks of Large Trader Non-Commercial Positions

Date Open Interest Long Specs Short Specs Net Non-Commercials Weekly Change Gold Price
04/08/2014 365400 149693 61094 88599 -11546 1310.10
04/15/2014 369577 147432 68140 79292 -9307 1302.90
04/22/2014 372593 146880 65047 81833 2541 1284.90
04/29/2014 378092 147769 62542 85227 3394 1296.20
05/06/2014 404700 160982 63026 97956 12729 1307.60
05/13/2014 397029 157176 65542 91634 -6322 1295.20

*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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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