Gold Speculators Added To Their Bets, Now Bearish For 6 Straight Weeks
Zachary Storella | Sep 23, 2018 02:16AM ET
Gold Non-Commercial Speculator Positions:
Large precious metals speculators raised their bearish 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 -10,844 contracts in the data reported through Tuesday September 18th. This was a weekly reduction of -3,254 contracts from the previous week which had a total of -7,590 net contracts.
The weekly speculative bearish position increased for the second time out of the past three weeks and also pushed the current standing past the -10,000 net contract mark for the second time out of the past three weeks. Overall, the gold speculator position remains in bearish territory for the sixth consecutive week.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 1,691 contracts on the week. This was a weekly rise of 1,678 contracts from the total net of 13 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 $1202.90 which was a boost of $0.70 from the previous close of $1202.20, according to unofficial market data.
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