Gold speculative positions jumped up last week to +307,860 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply increased gold bullish positions last week and pushed their gold bets to the highest level in nine 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 +307,860 contracts in the data reported through September 6th. This was a weekly change of +31,519 contracts from the previous week’s total of +276,341 net contracts that was registered on August 30th.
The jump in the weekly speculative positions put the net bullish position in gold at over +300,000 contracts for the first time since July 5th when total net positions equaled +315,963 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) raised their overall bearish positions to a net total position of -329,973 contracts through September 6th. This was a weekly change of -28,760 contracts from the total net position of -301,213 contracts on August 30th.
Over the weekly reporting time-frame, from Tuesday August 30th to Tuesday September 6th, the price of the (GLD) Gold ETF, which tracks the gold spot price, rose from approximately $125.03 to $128.71, 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