Gold specs sharply boost bullish bets for 2nd week

Through Tuesday, June 11, 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 speculators sharply boosted their bullish bets for the 2nd week

 

Gold Non-Commercial Speculator Positions:

Large precious metals speculators once again sharply 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 184,238 contracts in the data reported through Tuesday June 11th. This was a weekly gain of 28,123 net contracts from the previous week which had a total of 156,115 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 9,637 contracts (to a weekly total of 250,114 contracts) while the gross bearish position (shorts) declined by -18,486 contracts for the week (to a total of 65,876 contracts).

The net speculator positions rose strongly for a second week after rising by a record weekly high last week (+69,427 contracts). This week was not as strongly bullish as last week because the net change saw twice as many short positions abandon their positions this week compared to the longs initiating bullish bets (it was the opposite last week).

Gold net positions have now jumped by 97,550 contracts in just the past two weeks and currently, the bullish level has moved up to the highest point since March 27th of 2018, a span of 64 weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -202,027 contracts on the week. This was a weekly drop of -29,451 contracts from the total net of -172,576 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 $1331.20 which was an increase of $2.50 from the previous close of $1328.70, according to unofficial market data.


Silver speculators boosted their bets this week into a small bullish level

Silver Non-Commercial Speculator Positions:

Large precious metals speculators raised their 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 2,660 contracts in the data reported through Tuesday June 11th. This was a weekly increase of 11,103 net contracts from the previous week which had a total of -8,443 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 8,572 contracts (to a weekly total of 85,225 contracts) while the gross bearish position (shorts) declined by -2,531 contracts for the week (to a total of 82,565 contracts).

The speculator trend reversed a little this week and saw positions improve for a second straight week after seeing rising bearish positions in the previous four weeks. The silver spec level has risen by 25,069 contracts over the past two weeks and this week’s cross back into a small positive position is the first bullish standing in six weeks.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -25,191 contracts on the week. This was a weekly drop of -12,902 contracts from the total net of -12,289 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 $1474.00 which was a fall of $-2.90 from the previous close of $1476.90, according to unofficial market data.


US Dollar Index speculators dropped bets for 2nd week

US Dollar Index Speculator Positions

Large currency speculators decreased 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 23,989 contracts in the data reported through Tuesday June 11th. This was a weekly reduction of -2,245 contracts from the previous week which had a total of 26,234 net contracts.

This week’s net position was the result of the gross bullish position lowering by -2,463 contracts (to a weekly total of 36,885 contracts) while the gross bearish position dipped by -218 contracts for the week (to a total of 12,896 contracts).

US Dollar Index speculative positions fell for a second straight week and brought the bullish standing to the lowest level since July 17th of 2018, a span of 48 weeks. The trend for speculator positions has continued to point downward after reaching a high of 40,513 contracts on January 13th. This week marks the thirteenth straight week of net positions under the +30,000 contract threshold.


*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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