Gold COT Speculator Positions Rose Sharply, Up For 3rd Straight Week
Zachary Storella | Jun 11, 2017 05:11
Gold Non-Commercial Positions:
Large speculators boosted their bullish net positions in the gold futures markets last week for a third consecutive 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of 204,465 contracts in the data reported through June 6th. This was a weekly rise of 37,375 contracts from the previous week which had a total of 167,090 net contracts.
The strong gains (+77,741 contracts total) of the past three weeks has put the overall net position above the +200,000 level for the first time since April 25th when net positions totaled 200,677 contracts.
Gold Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -216,354 contracts last week. This was a drop of -33,135 contracts from the total net of -183,219 contracts reported the previous week.
Gold ETF (NYSE:GLD):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $123.10 which was a gain of $2.96 from the previous close of $120.14, according to ETF financial market data.
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