Gold specs lift bullish bets to highest in 10 weeks

Through Tuesday, December 3, 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.


Overlay chart of Gold COT large trader positions, price of gold for 12-3-2019 Table of gold COT report for 12-3-2019

Gold Non-Commercial Speculator Positions:

Large precious metals speculators increased 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 290,705 contracts in the data reported through Tuesday December 3rd. This was a weekly gain of 19,071 net contracts from the previous week which had a total of 271,634 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 21,239 contracts (to a weekly total of 346,525 contracts) while the gross bearish position (shorts) rose by just 2,168 contracts for the week (to a total of 55,820 contracts).

Gold speculators boosted their bets to the highest level in ten weeks this week. The current bullish level is now at the highest standing standing since September 24th when the net position totaled +312,444 contracts. Overall, speculative positions have gained in six out of the past nine weeks to maintain an overall strong bullish level.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -322,787 contracts on the week. This was a weekly decrease of -17,320 contracts from the total net of -305,467 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 $1484.40 which was an uptick of $17.00 from the previous close of $1467.40, according to unofficial market data.


Silver speculators cut back bullish bets 1st time in 3 weeks

Overlay chart of silver COT large trader positions, price of gold for 12-3-2019 Table of Silver COT report for 12-3-2019

Silver Non-Commercial Speculator Positions:

Large precious metals speculators slightly pulled back on 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 50,227 contracts in the data reported through Tuesday December 3rd. This was a weekly dip of -2,283 net contracts from the previous week which had a total of 52,510 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -1,654 contracts (to a weekly total of 89,241 contracts) while the gross bearish position (shorts) rose by 629 contracts for the week (to a total of 39,014 contracts).

Silver speculators decreased their bullish bets this week following gains in the previous two straight weeks. Despite this week’s decline, the overall standing remains very bullish and above the +50,000 net contract level for a second consecutive week. This is first time silver bets have been higher than +50,000 net contracts for two straight weeks since September 17th and 24th.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -74,299 contracts on the week. This was a weekly drop of -426 contracts from the total net of -73,873 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 $1724.80 which was a rise of $6.00 from the previous close of $1718.80, according to unofficial market data.


Currency speculators trim US Dollar Index bets for 9th week

Overlay chart of US Dollar Index COT large trader positions, index value, 12-3-2019

Table of US Dollar COT report for 12-3-2019

US Dollar Index Speculator Positions

Large currency speculators continued to lower their bullish net positions in the US Dollar Index futures markets once 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 US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 23,877 contracts in the data reported through Tuesday December 3rd. This was a weekly lowering of -261 contracts from the previous week which had a total of 24,138 net contracts.

This week’s net position was the result of the gross bullish position (longs) gaining by 1,949 contracts (to a weekly total of 31,182 contracts) compared to the gross bearish position (shorts) which saw an advance by 2,210 contracts on the week (to a total of 7,305 contracts).

US Dollar Index bets continued their downfall this week as positions have declined for nine weeks in a row and by a total of -19,151 contracts over that time. The dollar index positioning, despite the recent declines, remains bullish and has continued to stayed above the +20,000 net contract level for seventy-seven consecutive 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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