Gold Speculators Trim Net Bullish Positions For 2nd Week
Zachary Storella | Jul 13, 2015 12:59AM ET
Weekly Large Trader COT Report: Gold
Gold speculative positions fell for 2nd week
GOLD Non-Commercial Positions:
Gold speculator and large futures traders cut their gold bullish positions for a second straight week last 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +50,448 contracts in the data reported through July 7th. This was a weekly change of -16,707 contracts from the previous week’s total of +67,155 net contracts that was registered on June 30th.
The decline in the weekly net speculator positions (-16,707 net contracts) was due to a gain in the weekly bearish positions by 16,007 contracts, which overtook a small decline in the weekly bullish positions by -700 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) reduced their overall bearish positions to a net total position of -52,589 contracts through July 7th. This was a weekly change of +22,180 contracts from the total net position of -74,769 contracts on June 30th.
GLD ETF rises:
Over the weekly reporting time-frame, from Tuesday June 30th to Tuesday July 7th, the price of the SPDR Gold Trust ETF (ARCA:GLD), which tracks the gold spot price, declined from approximately $112.37 to $110.76, according to ETF price data of the SPDR Gold Trust ETF.
*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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