Gold specs cut bullish net positions this week

Through Tuesday, December 10, 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 showing COT large speculator positions and gold for 12-10-2019 Table showing COT gold speculator positions for 12-10-2019

Gold Non-Commercial Speculator Positions:

Large precious metals speculators cut back on 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 270,920 contracts in the data reported through Tuesday December 10th. This was a weekly fall of -19,785 net contracts from the previous week which had a total of 290,705 net contracts.

The week’s net position was the result of the gross bullish position (longs) declining by -17,356 contracts (to a weekly total of 329,169 contracts) while the gross bearish position (shorts) rose by 2,429 contracts for the week (to a total of 58,249 contracts).

Gold bullish bets dropped for the third time in the past five weeks this week. The decline this week marked the largest shortfall in the past eight weeks. Despite the recent pullbacks, the gold position has remained in a strong bullish position as the speculative position has been above the +250,000 net contract level for the past twenty-one weeks and above the +200,000 net contract level for the past twenty-six weeks.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -302,283 contracts on the week. This was a weekly increase of 20,504 contracts from the total net of -322,787 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 $1468.10 which was a drop of $-16.30 from the previous close of $1484.40, according to unofficial market data.


Silver speculators lowered their bullish bets for 2nd week

Overlay chart showing COT silver large speculator postions for 12-10-2019 Table showing COT silver large trader positions for 12-10-2019

Silver Non-Commercial Speculator Positions:

Large precious metals speculators cut 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 40,742 contracts in the data reported through Tuesday December 10th. This was a weekly decline of -9,485 net contracts from the previous week which had a total of 50,227 net contracts.

The week’s net position was the result of the gross bullish position (longs) tumbling by -3,624 contracts (to a weekly total of 85,617 contracts) while the gross bearish position (shorts) gained by 5,861 contracts for the week (to a total of 44,875 contracts).

Silver speculators decreased their bullish bets for a second straight week and by a total of -11,768 contracts over the two-week period. Silver bets are now at the lowest level in the past four weeks but remain strongly in a bullish position. Overall, silver positions have been in bullish territory for twenty-seven straight weeks, dating back to June.

Silver Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -63,147 contracts on the week. This was a weekly change of 11,152 contracts from the total net of -74,299 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 $1670.20 which was a loss of $-54.60 from the previous close of $1724.80, according to unofficial market data.


Currency speculators cut US Dollar Index bullish bets for 10th straight week

Overlay chart showing US Dollar Index large trader positions for 12-10-2019

Table showing silver COT speculator positions for 12-10-2019

US Dollar Index Speculator Positions

Large currency speculators once again decreased their 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 22,261 contracts in the data reported through Tuesday December 10th. This was a weekly lowering of -1,616 contracts from the previous week which had a total of 23,877 net contracts.

This week’s net position was the result of the gross bullish position (longs) lowering by -428 contracts (to a weekly total of 30,754 contracts) compared to the gross bearish position (shorts) which saw a rise by 1,188 contracts on the week (to a total of 8,493 contracts).

Speculators continued to pare their bullish positions in the US Dollar Index for a tenth straight week and by a total of -20,767 contracts in that period. The current standing of bullish positions is now at the lowest level in seventy-three weeks, dating back to July of 2018. Despite the recent declines, the USD Index position has now remained in bullish territory for eighty-three consecutive weeks starting in May of 2018.


*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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