Gold Speculators Sharply Increased Bullish Net Positions For 2nd Week
Zachary Storella | Aug 06, 2017 05:21AM ET
Gold Non-Commercial Speculator Positions:
Large speculators sharply advanced 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 129,672 contracts in the data reported through Tuesday August 1st. This was a weekly lift of 38,841 contracts from the previous week which had a total of 90,831 net contracts.
This week’s rise follows a gain of +30,693 contracts last week for a two week gain of +69,534 contracts. The gold speculative position is now at a five week high level.
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 -143,385 contracts on the week. This was a weekly drop of -40,042 contracts from the total net of -103,343 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 $120.65 which was a boost of $1.73 from the previous close of $118.92, according to unofficial market data.
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