Gold spec bullish bets rebound this week

Through Tuesday, April 9, 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 spec bullish bets rebounded this week

Gold Non-Commercial Speculator Positions:

Large precious metals speculators advanced 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 105,364 contracts in the data reported through Tuesday April 9th. This was a weekly boost of 10,808 net contracts from the previous week which had a total of 94,556 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 5,723 contracts to a weekly total of 199,507 contracts that combined with a decline in the gross bearish position (shorts) by -5,085 contracts for the week to a total of 94,143 contracts.

The net speculative position rebounded this week after a sharp decline last week by -25,382 contracts. The spec position has now risen for three out of the past four weeks. The current spec standing is back above the +100,000 net contract level after falling below this threshold last week. This is second time gold bets have ascended above +100,000 net contracts in the past six weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -132,809 contracts on the week. This was a weekly drop of -14,579 contracts from the total net of -118,230 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 $1303.50 which was an uptick of $13.50 from the previous close of $1290.00, according to unofficial market data.


Silver specs slightly cut back bullish bets again this week

Silver Non-Commercial Speculator Positions:

Large precious metals speculators decreased 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 16,418 contracts in the data reported through Tuesday April 9th. This was a weekly decrease of -365 net contracts from the previous week which had a total of 16,783 net contracts.

The week’s net position was the result of the gross bullish position (longs) dropping by -2,583 contracts to a weekly total of 76,410 contracts that more than offset the gross bearish position (shorts) which also saw a decrease by -2,218 contracts for the week to a total of 59,992 contracts.

The net speculative position fell for a second straight week and was lower for the fifth time out of the past six weeks. The current standing in the silver spec positions has now declined to the lowest level of the past seventeen weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -37,762 contracts on the week. This was a weekly decrease of -3,404 contracts from the total net of -34,358 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 $15.16 which was a boost of $0.15 from the previous close of $15.01, according to unofficial market data.


US Dollar speculators raise bullish bets

US Dollar Index Speculator Positions

Large currency speculators lifted their bullish net positions in the US Dollar Index futures markets this week while pushing euro bets to over a two-year low, 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 29,446 contracts in the data reported through Tuesday April 9th. This was a weekly gain of 598 contracts from the previous week which had a total of 28,848 net contracts.

This week’s net position was the result of the gross bullish position (longs) dropping by -205 contracts to a weekly total of 44,569 contracts but being overcome by the decline in the gross bearish position (shorts) by -803 contracts for the week to a total of 15,123 contracts.

The net speculative position advanced for a second straight week this week after falling in the previous two weeks. The current spec standing is at the highest bullish position of the past four weeks but remains under the +30,000 net contract level for a fourth straight week as well. Previously, bullish bets had remained above the +30,000 net contract level for thirty-two straight weeks through March 12th.


*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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