Gold Non-Commercial Positions:
Large speculators and traders decreased their net positions in the gold futures markets last week for a second week in a row and to the lowest level since March, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Monday (due to the Thanksgiving Day holiday).
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of 167,085 contracts in the data reported through November 22nd. This was a weekly change of -10,575 contracts from the previous week which had a total of 177,660 net contracts.
Gold speculative positions are now under the +200,000 bullish level for a second consecutive week and are at the lowest level since March 1st when total positions equaled 152,413 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 -192,172 contracts last week. This is a weekly change of 7,794 contracts from the total net of -199,966 contracts reported the previous week.
Gold ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SPDR Gold Shares (NYSE:GLD) ETF, which tracks the price of gold, closed at approximately $115.54 which was a change of $-1.58 from the previous close of $117.12, according to ETF market data fromYahoo Finance.
*COT Report: The COT data, released weekly to the public each Friday, is updated through the previous Tuesday (data is 3 days old) and shows a quick view of how large speculators or non-commercials (for-profit traders) as well as the commercial traders (hedgers and traders for business purposes) were positioned in the futures markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
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