Gold spec bets surge to highest level in a year

Through Tuesday, June 4, 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 bets surge to highest level in a year

 

Gold Non-Commercial Speculator Positions:

Large precious metals speculators sharply lifted 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 156,115 contracts in the data reported through Tuesday June 4th. This was a weekly boost of 69,427 net contracts from the previous week which had a total of 86,688 net contracts.

The week’s net position was the result of the gross bullish position (longs) gaining by 46,014 contracts (to a weekly total of 240,477 contracts) in addition to the gross bearish position (shorts) falling by -23,413 contracts for the week (to a total of 84,362 contracts).

The net speculative position had fallen in the previous two weeks before this week’s jump in positions. This was the largest one-week net increase on record, according to out COT data dating back to 1986.

The current position is now back over the +100,000 net contract level and is at the most bullish level since April 17th of 2018 when the net position totaled 163,069 contracts.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -172,576 contracts on the week. This was a weekly decrease of -62,622 contracts from the total net of -109,954 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 $1328.70 which was a boost of $51.60 from the previous close of $1277.10, according to unofficial market data.


Silver speculators lowered their bullish bets for 2nd week in January

 

Silver Non-Commercial Speculator Positions:

Large precious metals speculators reduced their bearish 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 -8,443 contracts in the data reported through Tuesday June 4th. This was a weekly gain of 13,966 net contracts from the previous week which had a total of -22,409 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 2,990 contracts (to a weekly total of 76,653 contracts) that combined with the gross bearish position (shorts) that dropped by -10,976 contracts for the week (to a total of 85,096 contracts).

The net speculative position had fallen for four straight weeks and for eight out of the previous nine weeks before this week’s turnaround. The gain of +13,966 contracts on the week was the highest gain since December 31st when speculators were strongly bullish and had pushed their net position to over +40,000 contracts.

Despite this week’s advance, the current standing remains in a bearish position for a fifth consecutive week.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -12,289 contracts on the week. This was a weekly decline of -13,404 contracts from the total net of 1,115 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 $1476.90 which was a boost of $44.90 from the previous close of $1432.00, according to unofficial market data.


US Dollar Index bets fell this week

US Dollar Index Speculator Positions

Large currency speculators cut back on 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 26,234 contracts in the data reported through Tuesday June 4th. This was a weekly decrease of -864 contracts from the previous week which had a total of 27,098 net contracts.

This week’s net position was the result of the gross bullish position lowering by -2,571 contracts (to a weekly total of 39,348 contracts) while the gross bearish position declined by -1,707 contracts for the week (to a total of 13,114 contracts).

The net speculative position dipped this week after a couple of small gains in the previous two weeks. The dollar index speculator positions have continued to be on a slow and steady downtrend over the past several months after reaching a high-point of 40,513 contracts on January 13th. This week’s level marked the least bullish position since the end of March.


*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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