Gold Speculators Sharply Decreased Net Bullish Positions After 2 Weeks
Zachary Storella | Mar 12, 2017 04:25AM ET
Large speculators decreased their net positions in the gold futures markets last week following two straight weeks of strong gains in speculator bullish bets, 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 133,685 contracts in the data reported through March 7th. This was a weekly fall by -30,113 contracts from the previous week which had a total of 163,798 net contracts.
Speculators had boosted their bullish bets the previous two weeks to a fourteen week high before last week’s pullback in positions.
h3 Gold Commercial Positions:/h3The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -152,648 contracts last week. This is a weekly change of 27,259 contracts from the total net of -179,907 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD (NYSE:GLD) ETF, which tracks the price of gold, closed at approximately $115.78 which was a decline of $-3.45 from the previous close of $119.23, according to ETF financial market data.
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