Silver specs boost bullish bets to highest since 2017

Through Tuesday, July 30, 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 push bullish bets higher for 8th time in 9 weeks

Table of gold COT, July 30, 2019

Gold Non-Commercial Speculator Positions:

Large precious metals speculators once again 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 254,388 contracts in the data reported through Tuesday July 30th. This was a weekly boost of 3,138 net contracts from the previous week which had a total of 251,250 net contracts.

The week’s net position was the result of the gross bullish position (longs) advancing by 333 contracts (to a weekly total of 312,214 contracts) while the gross bearish position (shorts) fell by -2,805 contracts for the week (to a total of 57,826 contracts).

Large speculators have now raised their bullish bets for three straight weeks and for the eighth time out of the past nine weeks. This streak of bullishness has taken the gold speculator level from a total of +86,688 contracts on May 28th to a total of +254,388 contracts this week.

The current standing is now at the most bullish level since September 12th of 2017 and has been above the +200,000 net contract level for seven straight weeks 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 -287,967 contracts on the week. This was a weekly fall of -128 contracts from the total net of -287,839 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 $1429.70 which was an advance of $8.00 from the previous close of $1421.70, according to unofficial market data.


Silver specs boost bullish bets to highest since 2017

Table of silver COT, July 30, 2019

Silver Non-Commercial Speculator Positions:

Large precious metals speculators once again increased 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 64,297 contracts in the data reported through Tuesday July 30th. This was a weekly gain of 9,536 net contracts from the previous week which had a total of 54,761 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 1,153 contracts (to a weekly total of 111,282 contracts) while the gross bearish position (shorts) dropped by -8,383 contracts for the week (to a total of 46,985 contracts).

Large speculators added to their rising bullish positions for a third straight week and for the seventh time out of the past nine weeks. The sentiment turnaround has been fast and furious for Silver as net positions have gone from a total of -22,409 net contracts on May 28th to a total of +64,297 net contracts this week.

The current level is now the most bullish standing for Silver bets since November 21st of 2017 when net positions totaled +67,641 contracts (a span of 88 weeks).

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -83,916 contracts on the week. This was a weekly decline of -7,778 contracts from the total net of -76,138 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 $1655.80 which was an increase of $8.20 from the previous close of $1647.60, according to unofficial market data.


Speculators raise US Dollar Index bullish bets

Table of US dollar index COT, July 30, 2019

US Dollar Index Speculator Positions

Large currency speculators continued to add to 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 30,283 contracts in the data reported through Tuesday July 30th. This was a weekly advance of 1,155 contracts from the previous week which had a total of 29,128 net contracts.

This week’s net position was the result of the gross bullish position ascending by 7,087 contracts (to a weekly total of 49,305 contracts) and overshadowed the gross bearish position which saw a lift by 5,932 contracts for the week (to a total of 19,022 contracts).

Speculators raised their bullish bets for a fifth consecutive week and for the eighth time in the past eleven weeks. The current standing for USD Index speculators is back above the +30,000 net contract threshold and at the highest level since March 12th.


*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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