Gold Speculators Continue To Boost Net Bullish Positions Higher

Weekly Large Trader COT Report:

Gold SPDR Gold Trust ETF

Gold speculative positions jumped last week to +117,360 contracts

GOLD Non-Commercial Positions:

Gold speculator and large futures traders sharply added to their gold bullish positions higher last week for a fourth consecutive week and brought bullish positions to the highest level since October, 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 +117,360 contracts in the data reported through February 16th. This was a weekly change of +18,932 contracts from the previous week’s total of +98,428 net contracts that was registered on February 9th.

The gain in the weekly net speculator positions (+18,932 net contracts) was due to a rise in the weekly bullish positions by 7,347 contracts that combined with a fall in the weekly bearish positions by -11,585 contracts.

The latest level of speculator positions is the highest standing for gold since October 27th 2015 when positions equaled +157,434 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 fourth week to a net total position of -131,984 contracts through February 16th. This was a weekly change of -27,061 contracts from the total net position of -104,923 contracts on February 9th.

GLD ETF:

Over the weekly reporting time-frame, from Tuesday February 9th to Tuesday February 16th, the price of the (N:GLD) Gold ETF, which tracks the gold spot price, increased from approximately $113.58 to $114.77, according to ETF price data of the SPDR Gold Trust ETF (GLD).

COT Gold Chart

Last 6 Weeks of Large Trader Positions

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). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm ).

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