Gold Speculators Cooled Off Their Bullish Bets For The Third Week

February 17, 2019

Gold COT Futures Large Trader Positions

Gold Non-Commercial Speculator Positions

Large precious metals speculators lowered their bullish net positions in the Gold futures markets in January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.

This latest COT data is from later in January due to the government shutdown which suspended the releases. The CFTC is releasing data on Tuesdays and Fridays going forward until the data is back up to date.

The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 74,504 contracts in the data reported through Tuesday, January 22nd. This was a weekly fall of -13,409 net contracts from the previous week which had a total of 87,913 net contracts.

The week’s net position was the result of the gross bullish position (longs) decreasing by -15,286 contracts to a weekly total of 186,510 contracts compared to the gross bearish position (shorts) which saw a decrease by -1,877 contracts for the week to a total of 112,006 contracts.

The net speculative position dropped for a third consecutive week through January 22nd and by a total of -49,268 contracts over that period. The gold standing remained in a bullish level for the tenth straight week and above the +70,000 net contract level for a sixth week in a row.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -92,077 contracts on the week. This was a weekly rise of 16,036 contracts from the total net of -108,113 contracts reported the previous week.

Gold COT Futures Large Trader Vs Gold Futures

Gold Futures

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1283.40 which was a loss of $-5.00 from the previous close of $1288.40, according to unofficial market data.

The purity of gold is measured in carat weight.