Gold specs raise bullish bets for 7th time in 8 weeks

Through Tuesday, July 23, 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 for 7th time in 8 weeks

 

Gold Non-Commercial Speculator Positions:

Large precious metals speculators continued to increase 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 251,250 contracts in the data reported through Tuesday July 23rd. This was a weekly advance of 5,749 net contracts from the previous week which had a total of 245,501 net contracts.

The week’s net position was the result of the gross bullish position (longs) gaining by 2,346 contracts (to a weekly total of 311,881 contracts) and the gross bearish position (shorts) falling by -3,403 contracts for the week (to a total of 60,631 contracts).

Speculators continue to bet on higher gold prices as their sentiment, as expressed by bullish bets, has increased for two straight weeks and for seven out of the past eight weeks. Speculators have added +164,562 net contracts to their total bullish position over just these past eight weeks.

The current standing of net positions is above the +200,000 net contract level for a sixth consecutive week after having spent the previous seventy-one weeks below this level.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -287,839 contracts on the week. This was a weekly fall of -10,431 contracts from the total net of -277,408 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 $1421.70 which was a gain of $10.50 from the previous close of $1411.20, according to unofficial market data.


Silver specs push bullish bets to 21-week high

 

Silver Non-Commercial Speculator Positions:

Large precious metals speculators sharply 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 54,761 contracts in the data reported through Tuesday July 23rd. This was a weekly jump of 17,336 net contracts from the previous week which had a total of 37,425 net contracts.

The week’s net position was the result of the gross bullish position (longs) gaining by 9,680 contracts (to a weekly total of 110,129 contracts) and the gross bearish position (shorts) lowering by -7,656 contracts for the week (to a total of 55,368 contracts).

The large speculators added to their existing bullish positions for a second straight week and by a total of +29,610 contracts over that period. Bullish bets have now risen by at least +10,000 contracts in six out of the past eight weeks and that positive sentiment has taken the net position from -8,443 contracts on June 4th to a total of +54,761 contracts this week.

The current bullish position is at the best level since February 26th when the total was +58,313 contracts.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -76,138 contracts on the week. This was a weekly drop of -16,781 contracts from the total net of -59,357 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 $1647.60 which was a boost of $79.80 from the previous close of $1567.80, according to unofficial market data.


Speculators add to US Dollar Index bullish bets

US Dollar Index Speculator Positions

Large currency speculators raised 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 29,128 contracts in the data reported through Tuesday July 23rd. This was a weekly gain of 1,796 contracts from the previous week which had a total of 27,332 net contracts.

This week’s net position was the result of the gross bullish position rising by 5,766 contracts (to a weekly total of 42,218 contracts) compared to the gross bearish position which saw a boost by just 3,970 contracts for the week (to a weekly total of 13,090 contracts).

Speculators have now pushed their bullish bets higher for a fourth straight week and for the seventh time out of the past ten weeks. The current standing for Dollar Index positions has risen to the most bullish level since April 9th, a span of fifteen weeks.


*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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