Gold specs sharply increase bullish bets again, up 9 out of 10 weeks

Through Tuesday, August 6, 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 sharply increase bullish bets, up 9 out of 10 weeks

Gold Non-Commercial Speculator Positions:

Large precious metals speculators continued to raise 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 292,545 contracts in the data reported through Tuesday August 6th. This was a weekly gain of 38,157 net contracts from the previous week which had a total of 254,388 net contracts.

The week’s net position was the result of the gross bullish position (longs) going up by 38,344 contracts (to a weekly total of 350,558 contracts) while the gross bearish position (shorts) edged up by just 187 contracts on the week (to a total of 58,013 contracts).

Gold speculators added to their bullish sentiment for a fourth straight week and for the ninth time out of the past ten weeks. The gold position has now risen by a total of +205,857 net contracts in just the past ten weeks.

The bullish level is currently at the highest standing since September 6th of 2016 when the net position had a total of +307,860 contracts.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -324,325 contracts on the week. This was a weekly fall of -36,358 contracts from the total net of -287,967 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 $1484.20 which was an uptick of $54.50 from the previous close of $1429.70, according to unofficial market data.


Silver specs pull back bullish bets this week

Silver Non-Commercial Speculator Positions:

Large precious metals speculators reduced their bullish net positions in the Silver futures markets this week following three weeks of surging bullish sentiment, 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 49,832 contracts in the data reported through Tuesday August 6th. This was a weekly lowering of -14,465 net contracts from the previous week which had a total of 64,297 net contracts.

The week’s net position was the result of the gross bullish position (longs) falling by -5,248 contracts (to a weekly total of 106,034 contracts) while the gross bearish position (shorts) rose by 9,217 contracts for the week (to a total of 56,202 contracts).

The large speculator position cooled off after a strong run in the past three weeks that saw bullish positions add +39,146 contracts to the bullish position. Silver positions have risen in seven out of the past ten weeks and previously reached the highest bullish level since November 21st of 2017 before this week’s retreat.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -75,266 contracts on the week. This was a weekly rise of 8,650 contracts from the total net of -83,916 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 $1,644.50 which was a fall of $-11.30 from the previous close of $1655.80, according to unofficial market data.


US Dollar Index Speculator Positions

Large currency speculators continued to increase their bullish positions in the US Dollar Index futures markets this week while Japanese yen bets popped into an overall bullish position, 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 31,329 contracts in the data reported through Tuesday August 6th. This was a weekly lift of 1,046 contracts from the previous week which had a total of 30,283 net contracts.

This week’s net position was the result of the gross bullish position (longs) going up by just 26 contracts (to a weekly total of 49,331 contracts) but was helped out by the gross bearish position (shorts) which decreased by -1,020 contracts on the week (to a total of 18,002 contracts).

Speculators boosted their bullish bets for the sixth straight week and for the ninth time out of the past twelve weeks. The current standing for USD Index speculators is above the +30,000 net contract threshold for a second straight week and is at the most bullish 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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