Silver speculators were boosting their bullish bets into the new year

Through Tuesday, January 8, 2018
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.

Important notice from the CFTC on post-shutdown reporting schedule:The last COT report was published on December 21, 2018. Reports going forward from that date will be published in chronological order beginning with the report previously scheduled for release on Friday, December 28, 2018 (based on data from Monday, December 24, 2018). The CFTC expects to publish this report on Friday, February 1, 2019. After this, the CFTC expects to publish one report on Tuesday and another on Friday of each week until the reports are current as per the normal schedule.”


Gold speculators reduced their bullish bets for 1st time in 6 weeks

Gold Non-Commercial Speculator Positions:

Large precious metals speculators lowered their bullish net positions in the Gold futures markets in the first data release for January, 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 99,216 contracts in the data reported through Tuesday January 8th. This was a weekly lowering of -24,556 net contracts from the previous week which had a total of 123,772 net contracts.

The week’s net position was the result of the gross bullish position (longs) lowering by -10,581 contracts to a weekly total of 199,560 contracts while the gross bearish position (shorts) saw a gain by 13,975 contracts for the week to a total of 100,344 contracts.

The net speculative position had risen for five straight weeks before the January pull back. The overall net standing dipped under the +100,000 net contract level for the first time since December 18th.

Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -121,187 contracts on the week. This was a weekly advance of 23,427 contracts from the total net of -144,614 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 $1285.90 which was an advance of $4.60 from the previous close of $1281.30, according to unofficial market data.


Silver speculators were boosting their bullish bets into the new year

Silver Non-Commercial Speculator Positions:

Large precious metals speculators continued to lift their bullish net positions in the Silver futures markets into January, 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 54,023 contracts in the data reported through Tuesday January 8th. This was a weekly gain of 9,064 net contracts from the previous week which had a total of 44,959 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 3,764 contracts to a weekly total of 86,786 contracts in combination with the gross bearish position (shorts) which saw a lowering by -5,300 contracts for the week to a total of 32,763 contracts.

The speculative silver position rose for sixth straight week through January 8th and by a total of 64,989 contracts over that time frame. The January 8th standing marked the highest level for silver bets since November of 2017.

Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -68,791 contracts on the week. This was a weekly decrease of -10,937 contracts from the total net of -57,854 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 $1571.30 which was a boost of $17.30 from the previous close of $1554.00, according to unofficial market data.


US Dollar Index speculators trimmed bets in December

US Dollar Index Speculator Positions

Large currency speculators slightly raised their bullish net positions in the US Dollar Index futures markets in early January, 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 33,201 contracts in the data reported through Tuesday January 8th. This was a weekly gain of 818 contracts from the previous week which had a total of 32,383 net contracts.

The week’s net position was the result of the gross bullish position (longs) gaining by 7,343 contracts to a weekly total of 49,072 contracts that overcame the gross bearish position (shorts) which saw an increase by 6,525 contracts for the week to a  total of 15,871 contracts.

The speculative net position had fallen for seven straight weeks before the slight turnaround on January 8th.


*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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