Gold speculative positions rose last week to +291,904 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply increased their gold bullish positions higher last week following declines in positions the previous two weeks, 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 +291,904 contracts in the data reported through September 27th. This was a weekly change of +35,725 contracts from the previous week’s total of +256,179 net contracts that was registered on September 20th.
Last week’s rise brought the gold speculative level to its highest standing of the past three weeks although bullish net positions have remained under the +300,000 level since September 6th.
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) added to their overall bearish positions for a fourth week to a net total position of -314,594 contracts through September 27th. This was a weekly change of -23,979 contracts from the total net position of -290,615 contracts on September 20th.
Over the weekly reporting time-frame, from Tuesday September 20th to Tuesday September 27th, the price of the (GLD) Gold ETF, which tracks the gold spot price, rose from approximately $125.44 to $126.62, according to ETF price data of the SPDR Gold Trust ETF (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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).
Article by CountingPips.com