Gold COT Speculator positions rose sharply, up for 3rd straight week

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Gold Non-Commercial Positions:

Large speculators boosted their bullish net positions in the gold futures markets last week for a third consecutive 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of 204,465 contracts in the data reported through June 6th. This was a weekly rise of 37,375 contracts from the previous week which had a total of 167,090 net contracts.

The strong gains (+77,741 contracts total) of the past three weeks has put the overall net position above the +200,000 level for the first time since April 25th when net positions totaled 200,677 contracts.

Gold Commercial Positions:


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The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -216,354 contracts last week. This was a drop of -33,135 contracts from the total net of -183,219 contracts reported the previous week.

Gold ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $123.10 which was a gain of $2.96 from the previous close of $120.14, according to ETF financial market data.

*COT Report: The COT data, released weekly to the public each Friday, is updated through the previous 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