Gold Speculators Drop Bullish Bets For 2nd Week, 4 Out Of Last 5 Weeks
Zachary Storella | May 27, 2018 01:56AM ET
Gold Non-Commercial Speculator Positions:
Large precious metals speculators continued to decrease 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 90,957 contracts in the data reported through Tuesday May 22nd. This was a weekly fall of -1,486 contracts from the previous week which had a total of 92,443 net contracts.
Speculators have been paring their gold bets rather sharply over the past few months. Gold bets have now declined for four out of the past five weeks and for seven out of the past ten weeks. The total decline over the past ten weeks has been by -76,991 contracts and has brought spec positions to a new lowest level since July 25th 2017.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -115,575 contracts on the week. This was a weekly advance of 2,514 contracts from the total net of -118,089 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 $122.41 which was a shortfall of $-0.07 from the previous close of $122.48, according to unofficial market data.
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