Gold specs edge bullish bets lower

Through Tuesday, August 13, 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 speculators edged bullish bets lower this week

Overlay chart of gold COT large trader positions and price of gold, August 13.2019Table of gold COT report for August 23, 2019

Gold Non-Commercial Speculator Positions:

Large precious metals speculators slightly lowered their bullish net positions in the Gold futures markets this week after a streak of strong gains, 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 290,090 contracts in the data reported through Tuesday August 13th. This was a weekly decrease of -2,455 net contracts from the previous week which had a total of 292,545 net contracts.

The week’s net position was the result of the gross bullish position (longs) sliding by -4,335 contracts (to a weekly total of 346,223 contracts) while the gross bearish position (shorts) declined by -1,880 contracts for the week (to a total of 56,133 contracts).

Gold Commercial Positions:

Gold speculators took their foot off the gas pedal this week after having risen for nine out of the previous ten weeks and by a total of +205,857 contracts over that period. Overall, the speculator bets continue to be in a very strong bullish position and just below the +300,000 net contract level which has not been reached since June of 2016.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1514.10 which was a rise of $29.9 from the previous close of $1484.20, according to unofficial market data.


Silver speculators reduced bullish bets for 2nd week

Overlay chart of silver COT large trader positions and price of silver, August 13.2019Table of silver COT report for August 23, 2019

Silver Non-Commercial Speculator Positions:

Large precious metals speculators cut back on their bullish net positions in the Silver 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 39,269 contracts in the data reported through Tuesday August 13th. This was a weekly lowering of -10,563 net contracts from the previous week which had a total of 49,832 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -8,514 contracts (to a weekly total of 97,520 contracts) while the gross bearish position (shorts) increased by 2,049 contracts for the week (to a total of 58,251 contracts).

Silver Commercial Positions:

Large speculator positions declined for a second straight week by over -10,000 net contracts. Silver bets had been on a strong run-up in the previous months as positions had risen for seven out of the previous nine weeks (a total gain of +86,706 net contracts) before the recent slide. Silver positions continue to have strong bullish sentiment and have now been in bullish territory for ten straight weeks.

Silver Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1698.50 which was a gain of $54.0 from the previous close of $1644.50, according to unofficial market data.


Speculators trim US Dollar Index bets

Overlay chart of US dollar index COT large trader positions, August 13.2019

Table of US dollar index COT report for August 23, 2019

US Dollar Index Speculator Positions

Large currency speculators cut back on their bullish bets 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 29,842 contracts in the data reported through Tuesday August 13th. This was a weekly lowering of -1,487 contracts from the previous week which had a total of 31,329 net contracts.

This week’s net position was the result of the gross bullish position (longs) falling by -1,457 contracts (to a weekly total of 47,874 contracts) compared to the gross bearish position (shorts) which rose by 30 contracts on the week (to a total of 18,032 contracts).

Large speculators cooled off on their bullish bets for the USD Index this week following six straight weeks of gains. The current speculative position remains strongly bullish but has fallen below the +30,000 net contract level for the first time in three 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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