Gold Non-Commercial Speculator Positions:
Large precious metal speculators continued to beef up 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 231,047 contracts in the data reported through Tuesday August 29th. This was a weekly gain of 22,609 contracts from the previous week which had a total of 208,438 net contracts.
The speculative bets have sharply gained for six straight weeks and by a total of +170,909 contracts over that time to the highest overall net position since October 4th of 2016 when net bullish bets totaled +245,508 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 -248,029 contracts on the week. This was a weekly decrease of -28,111 contracts from the total net of -219,918 contracts reported the previous week.
GLD (NYSE:GLD) ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $124.42 which was an increase of $2.21 from the previous close of $122.21, according to unofficial market data.
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