Gold specs continue to push bullish bets higher this week

Through Tuesday, June 18, 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 continue to push bullish bets higher this week

Gold Non-Commercial Speculator Positions:

Large precious metals speculators once again boosted 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 204,323 contracts in the data reported through Tuesday June 18th. This was a weekly rise of 20,085 net contracts from the previous week which had a total of 184,238 net contracts.

The week’s net position was the result of the gross bullish position (longs) growing by 24,519 contracts (to a weekly total of 274,633 contracts) while the gross bearish position (shorts) increased by 4,434 contracts for the week (to a total of 70,310 contracts).

The large speculator position has surged higher for a third straight week and by a total of 117,635 contracts over just that period. The gold speculative position was recently as low as +37,395 contracts on April 23rd before sentiment turned and has taken off. A record weekly rise on June 4th has helped push bullish bets sharply higher and the current speculator standing now sits at the best level since January 30th of 2018.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -223,855 contracts on the week. This was a weekly drop of -21,828 contracts from the total net of -202,027 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 $1350.70 which was a rise of $19.50 from the previous close of $1331.20, according to unofficial market data.


Silver speculators further boosted their bullish bets for a 3rd week

Silver Non-Commercial Speculator Positions:

Large precious metals speculators raised 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 14,516 contracts in the data reported through Tuesday June 18th. This was a weekly gain of 11,856 net contracts from the previous week which had a total of 2,660 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 8,050 contracts (to a weekly total of 93,275 contracts) while the gross bearish position (shorts) dropped by -3,806 contracts for the week (to a total of 78,759 contracts).

This week marked the third straight week of gaining bullish positions and has pulled the overall net position level from -8,443 contracts on June 4th to a bullish level of 14,516 contracts this week.

Previously, the large speculator position had deteriorated from a strong bullish level in February (a peak of +58,313 contracts on Feb. 26th). Bullish bets declined throughout April and dropped into an overall short position on May 7th. The sentiment continued lower throughout May and culminated at a low of -22,409 contracts on May 28th.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -34,487 contracts on the week. This was a weekly drop of -9,296 contracts from the total net of -25,191 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 $1499.30 which was a rise of $25.30 from the previous close of $1474.00, according to unofficial market data.


US Dollar Index speculators raised bullish bets

US Dollar Index Speculator Positions

Large currency speculators raised their bullish net positions in the US Dollar Index futures markets this week while also sharply cutting back on bearish bets in the Japanese yen and the euro, 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 28,549 contracts in the data reported through Tuesday June 18th. This was a weekly advance of 4,560 contracts from the previous week which had a total of 23,989 net contracts.

This week’s net position was the result of the gross bullish position growing by 3,434 contracts (to a weekly total of 40,319 contracts) while the gross bearish position fell by -1,126 contracts for the week (to a weekly total of 11,770 contracts).

The large speculators added to their bullish bets for the dollar after decreasing their positions in the previous two weeks. The gain brought the overall long position to the highest level in seven weeks and above +28,000 contracts.


*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).
––––––––––––––––––––––––––––––––––––––__________–––––_______–
This entry was posted in COT Reports. Bookmark the permalink.