Gold specs sharply pared bullish bets to lowest in 19 weeks

Through Tuesday, April 16, 2019
Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek

Note: Commitment of Traders reports are published Friday with data from the previous Tuesday.

Gold specs sharply pared bullish bets to lowest in 19 weeks

Gold Non-Commercial Speculator Positions:

Large precious metals speculators strongly decreased their bullish net positions 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 56,273 contracts in the data reported through Tuesday April 16th. This was a weekly decline of -49,091 net contracts from the previous week which had a total of 105,364 net contracts.

The week’s net position was the result of the gross bullish position (longs) falling by -16,294 contracts to a weekly total of 183,213 contracts which combined with the gross bearish position (shorts) rising by 32,797 contracts for the week to a total of 126,940 contracts.

The net speculative position had risen for three out of the past four weeks before this week’s sharp decline. The current standing is now at the lowest level of the past nineteen weeks as the net position fell by almost half this week (-46.6 percent). The gold position has remained in a positive or bullish position for twenty-two straight weeks since a dip into bearish territory in November.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -78,430 contracts on the week. This was a weekly boost of 54,379 contracts from the total net of -132,809 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1272.60 which was a loss of $-30.90 from the previous close of $1303.50, according to unofficial market data.


Silver specs sharply pulled back their bullish bets, down for 3rd week

Silver Non-Commercial Speculator Positions:

Large precious metals speculators continued to lower their bullish net positions in the Silver 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 Silver futures, traded by large speculators and hedge funds, totaled a net position of 5,885 contracts in the data reported through Tuesday April 16th. This was a weekly decrease of -10,533 net contracts from the previous week which had a total of 16,418 net contracts.

The week’s net position was the result of the gross bullish position (longs) dropping by -377 contracts to a weekly total of 76,033 contracts in addition to the gross bearish position (shorts) which saw a strong gain by 10,156 contracts for the week to a total of 70,148 contracts.

The net speculative position fell for a third straight week and for the sixth time out of the past seven weeks. This week’s decline was only the third time spec positions have dropped by over -10,000 net contracts in a week since the beginning of October.

Overall, the current standing remains in bullish territory but at the lowest level since December 4th when the net position was negative. The recent slide in speculator sentiment for silver has come fast and furious as net positions have fallen from a total of +58,313 contracts on February 26th to just +5,885 contracts this week.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -23,672 contracts on the week. This was a weekly increase of 14,090 contracts from the total net of -37,762 contracts reported the previous week.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $14.89 which was a loss of $-0.27 from the previous close of $15.16, according to unofficial market data.


US Dollar Index, Japanese Yen specs cut bets this week

US Dollar Index Speculator Positions

Large currency speculators reduced their bullish net positions in the US Dollar Index 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 US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 28,938 contracts in the data reported through Tuesday April 16th. This was a weekly decrease of -508 contracts from the previous week which had a total of 29,446 net contracts.

This week’s net position was the result of the gross bullish position declining by -1,443 contracts to a weekly total of 43,126 contracts that overtook the gross bearish position total of 14,188 contracts which also saw a decline by -935 contracts for the week.

The speculative net position had risen for two straight weeks before this week’s decline. The current standing overall has remained very steady in bullish territory and above the +25,000 net contract level for thirty-nine straight weeks. Despite the bullish positioning streak, we have seen a little bit of weakening recently in the dollar sentiment as net contracts have now been below +30,000 contracts for the past five weeks.


*COT Report: The COT data, released weekly to the public each Friday, is updated through the most recent Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers & traders for business purposes) were positioned in the futures 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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