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Gold Speculators' Bullish Positions Continue Surge Higher

Published 02/29/2016, 01:00 AM
Updated 07/09/2023, 06:31 AM
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Weekly Large Trader COT Report: Gold

Gold: COT Sentiment vs GLD ETF Chart

Gold speculative positions rose up last week to +144,978 contracts

Gold Non-Commercial Positions:

Gold speculator and large futures traders pushed their gold bullish positions sharply higher last week for a fifth straight 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 +144,978 contracts in the data reported through February 23rd. This was a weekly change of +27,618 contracts from the previous week’s total of +117,360 net contracts that was registered on February 16th.

The rise in the weekly net speculator positions (+27,618 net contracts) was due to a gain in the weekly bullish positions by 18,280 contracts that combined with a decrease in the weekly bearish positions by -9,338 contracts.

Gold spec positions are now at the highest level since October 27th when positions equaled +157,434 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 for a fifth week to a net total position of -163,149 contracts through February 23rd. This was a weekly change of -31,165 contracts from the total net position of -131,984 contracts on February 16th.

GLD (N:GLD) ETF:

COT Gold: Large Speculators vs Commercials

Weeks of Large Trader Positions

*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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