Weekly Large Trader COT Report: Gold
Gold speculative positions fell last week to +297,463 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders decreased their gold bullish positions last week following five straight weeks of increasing positions, 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 +297,463 contracts in the data reported through July 12th. This was a weekly change of -18,500 contracts from the previous week’s total of +315,963 net contracts that was registered on July 5th.
The speculative gold positions had surged above the +300,000 net contracts threshold on June 28th and stayed there for two weeks before last week’s decline.
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) reduced their overall bearish positions to a net total position of -325,452 contracts through July 12th. This was a weekly change of +14,755 contracts from the total net position of -340,207 contracts on July 5th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday July 5th to Tuesday July 12th, the price of the (GLD) Gold ETF (NYSE:GLD), which tracks the gold spot price, declined from approximately $129.47 to $127.15, according to ETF price data of the SPDR Gold Trust ETF (GLD).
*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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