Gold Speculators Raise Net Bullish Positions For 1st Time In 6 Weeks

Weekly Large Trader COT Report: Gold

Gold Speculators Chart

Gold net speculative positions totaled +19,623 contracts

GOLD Non-Commercial Positions

Gold speculator and large futures traders increased their gold bullish positions last week after five straight weeks of declining 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 +19,623 contracts in the data reported through December 8th. This was a weekly change of +9,873 contracts from the previous week’s total of +9,750 net contracts that was registered on December 1st.

The rise in the weekly net speculator positions (+9,873 net contracts) was due to a gain in the weekly bullish positions by 3,972 contracts that combined with a decrease in the weekly bearish positions by -5,901 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) raised their overall bearish positions to a net total position of -13,997 contracts through December 8th. This was a weekly change of -11,086 contracts from the total net position of -2,911 contracts on December 1st.

GLD ETF

Over the weekly reporting time-frame, from Tuesday December 1st to Tuesday December 8th, the price of the (N:GLD) Gold ETF, which tracks the gold spot price, edged higher from approximately $102.28 to $102.84, according to ETF price data of the SPDR Gold Trust ETF (GLD).

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 non-reportable traders (usually small traders/speculators).

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