Gold Speculators cut bets for 5th week, to lowest since Jan 2016

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Gold Non-Commercial Speculator Positions:

Large speculators sharply cut back on their bullish net positions in the Gold futures markets this week for a fifth 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 Gold futures, traded by large speculators and hedge funds, totaled a net position of 60,260 contracts in the data reported through Tuesday July 11th. This was a weekly reduction of -33,539 contracts from the previous week which had a total of 93,799 net contracts.

Gold speculators have now decreased their bullish net positions by a whopping -144,205 over the past five weeks. The current level is at the lowest point for net positions since January 26th of 2016 when the positions totaled +59,040 contracts.


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Gold Commercial Positions:

Meanwhile, 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 -73,916 contracts on the week. This was a weekly advance of 33,310 contracts from the total net of -107,226 contracts reported the previous week.

GLD ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $115.62 which was a loss of $-0.47 from the previous close of $116.09, 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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