Gold Speculators Cut Back On Their Bullish Bets For 3rd Week

August 5, 2018

Gold COT Futures Large Trader Positions

Gold Non-Commercial Speculator Positions:

Large precious metals speculators continued to reduce their bullish bets in the Gold futures markets this 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 Gold futures, traded by large speculators and hedge funds, totaled a net position of 35,337 contracts in the data reported through Tuesday July 31st. This was a weekly fall of -13,260 contracts from the previous week which had a total of 48,597 net contracts.

The speculative gold position has declined for three straights weeks and by a total of -46,097 contracts over that time-frame. The current net standing is now at the lowest bullish position since January 5th 2016 when bullish bets equaled 26,560 contracts (a span of 134 weeks).

Gold Commercial Positions

The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -47,918 contracts on the week. This was a weekly rise of 17,750 contracts from the total net of -65,668 contracts reported the previous week.

Gold COT Futures Large Trader Vs GLD ETF

SPDR Gold Shares (NYSE:GLD):

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $115.99 which was a decrease of $-0.05 from the previous close of $116.04, according to unofficial market data.

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The 1849 Gold Rush sped up California's admission to the Union as the 31st state in that year.

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