Gold Speculators Net Bullish Positions Surge Higher
Zachary Storella | Feb 14, 2016 03:17AM ET
Weekly Large Trader COT Report: Gold
Gold speculative positions jumped last week to +98,428 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply boosted their gold bullish positions higher last week for a third consecutive week and to a new highest level since November, 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +98,428 contracts in the data reported through February 9th. This was a weekly change of +25,606 contracts from the previous week’s total of +72,822 net contracts that was registered on February 2nd.
The rise in the weekly net speculator positions (+25,606 net contracts) was due to a gain in the weekly bullish positions by 24,786 contracts that combined with a small decline in the weekly bearish positions by -820 contracts.
Speculative positions are now leveled at the highest standing since November 3rd when net positions totaled +116,342 contracts.
Gold Commercial Positions:
In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) increased their overall bearish positions for a third week to a net total position of -104,923 contracts through February 9th. This was a weekly change of -27,568 contracts from the total net position of -77,355 contracts on February 2nd.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday February 2nd to Tuesday February 9th, the price of the (N:GLD) Gold ETF, which tracks the gold spot price, rose from approximately $108.09 to $113.58, according to ETF price data of the SPDR Gold Trust ETF (GLD).
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*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading 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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