Weekly Large Trader COT Report: Gold
Gold speculative positions rose last week to +44,718 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply added to their gold bullish positions last week to push gold bets higher for a second 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 +44,718 contracts in the data reported through January 12th. This was a weekly change of +18,158 contracts from the previous week’s total of +26,560 net contracts that was registered on January 5th.
The rise in the weekly net speculator positions (+18,158 net contracts) was due to a gain in the weekly bullish positions by 5,123 contracts that combined with a decline in the weekly bearish positions by -13,035 contracts.
Gold net bullish positions are now at their highest level since November 10th when net positions equaled +68,389 contracts.
Gold Commercial Positions:
In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) increased their overall bearish positions to a net total position of -43,585 contracts through January 12th. This was a weekly change of -24,310 contracts from the total net position of -19,275 contracts on January 5th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday January 5th to Tuesday January 12th, the price of the (GLD) Gold ETF , which tracks the gold spot price, rose from approximately $103.18 to $104.21, according to ETF price data of the SPDR Gold Trust ETF (N:GLD).
*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).
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