Gold Speculators Continued To Sharply Raise Bullish Positions This Week
Zachary Storella | Sep 10, 2017 04:47AM ET
Gold Non-Commercial Speculator Positions:
Large speculators continued to sharply raise 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 245,298 contracts in the data reported through Tuesday September 5th. This was a weekly jump of 14,251 contracts from the previous week which had a total of 231,047 net contracts.
Speculative positions are higher for a seventh straight week with net positions rising by at least +10,000 bullish contracts in each of those weeks. The bullish level is now at the highest threshold since October 4th 2016 when the net positions 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 -261,807 contracts on the week. This was a weekly decrease of -13,778 contracts from the total net of -248,029 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 $127.46 which was a rise of $3.04 from the previous close of $124.42, according to unofficial market data.
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