Silver specs strongly boost bullish bets to 16-week high

Through Tuesday, June 22, 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 raise bullish bets sharply for 4th week

Gold Non-Commercial Speculator Positions:

Large precious metals speculators raised their bullish net positions higher 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 236,554 contracts in the data reported through Tuesday June 25th. This was a weekly boost of 32,231 net contracts from the previous week which had a total of 204,323 net contracts.

The week’s net position was the result of the gross bullish position (longs) gaining by 23,475 contracts (to a weekly total of 298,108 contracts) and combined with the gross bearish position (shorts) that fell by -8,756 contracts for the week (to a total of 61,554 contracts).

Spec Sentiment Strengthens

The gold large speculator position rose sharply for a fourth straight week and has risen by a total of just about +150,000 net contracts in these last four weeks. The gold speculator position had recently been as low as +37,395 contracts on April 23rd (just 10 weeks ago) before seeing a bullish surge in sentiment and shooting to higher levels over these past 10 weeks.

Gold bets are above the +200,000 contract level for a second straight week and are now at the highest level since September 9th of 2017.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -260,150 contracts on the week. This was a weekly fall of -36,295 contracts from the total net of -223,855 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 $1418.70 which was an increase of $68.00 from the previous close of $1350.70, according to unofficial market data.


Silver specs strongly boost bullish bets to 16-week high

Silver Non-Commercial Speculator Positions:

Large precious metals speculators continued to bet in favor of Silver in the futures markets again 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 30,565 contracts in the data reported through Tuesday June 25th. This was a weekly gain of 16,049 net contracts from the previous week which had a total of 14,516 net contracts.

The week’s net position was the result of the gross bullish position (longs) rising by 4,298 contracts (to a weekly total of 97,573 contracts) that combined with the gross bearish position (shorts) that dropped by -11,751 contracts for the week (to a total of 67,008 contracts).

Silver had recently fallen into bearish territory in late April and through the month of May with positions marking a low of -22,409 contracts on May 28th. Since then sentiment has turned around sharply in the past month.

Silver large speculator positions continued to jump higher this week and the net position increased by over +10,000 contracts for a fourth consecutive week. This week’s rise by more than +16,000 contracts is the largest one-week gain since December 31st.

The rising speculator sentiment has pushed the current standing for the Silver bullish position to the highest level since March 5th when bets totaled +32,521 contracts.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -53,552 contracts on the week. This was a weekly shortfall of -19,065 contracts from the total net of -34,487 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 $1530.00 which was a rise of $30.70 from the previous close of $1499.30, according to unofficial market data.


US Dollar Index Speculators trim bullish bets

US Dollar Index Speculator Positions

Large currency speculators lowered 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 22,366 contracts in the data reported through Tuesday June 25th. This was a weekly decline of -6,183 contracts from the previous week which had a total of 28,549 net contracts.

This week’s net position was the result of the gross bullish position decreasing by -5,992 contracts (to a weekly total of 34,327 contracts) in addition to the gross bearish position which saw rose by 191 contracts for the week (to a total of 11,961 contracts).

Large currency speculators cut their bets of the US Dollar Index for the third time in the past four weeks and by the largest one-week decline since March. The overall trend for speculator bets has been steadily lower in recent months since reaching a high of +40,513 contracts on January 13th.


*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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