Gold Speculators sharply boosted their bullish bets this week

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Gold Non-Commercial Speculator Positions:

Large metals speculators advanced 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 224,417 contracts in the data reported through Tuesday November 28th. This was a weekly advance of 22,590 contracts from the previous week which had a total of 201,827 net contracts.

Speculative positions rose for a second straight week and the recent gains have kept the overall standing above the +200,000 contract level for a second week. The bullish net position is now at the highest level since September 19th when bets totaledĀ +236,089 net contracts.

Gold Commercial Positions:


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The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -246,541 contracts on the week. This was a weekly shortfall of -21,485 contracts from the total net of -225,056 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 $122.81 which was an advance of $1.30 from the previous close of $121.51, 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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