Gold Speculators Decrease Net Bullish Positions For First Time In 8 Weeks

Weekly Large Trader COT Report

Gold COT Chart

Gold speculative positions edged down last week to +169,512 contracts

GOLD Non-Commercial Positions:

Gold speculator and large futures traders reduced their gold bullish positions last week following seven straight weeks of gains, 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 +169,512 contracts in the data reported through March 15th. This was a weekly change of -5,298 contracts from the previous week’s total of +174,810 net contracts that was registered on March 8th.

The decline in the weekly net speculator positions (-5,298 contracts) was due to a fall in the weekly bullish positions by -5,236 contracts that combined with the gain in the weekly bearish positions of just +62 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 -185,531 contracts through March 15th. This was a weekly change of +9,841 contracts from the total net position of -195,372 contracts on March 8th.

GLD ETF

Over the weekly reporting time-frame, from Tuesday March 8th to Tuesday March 15th, the price of the (GLD) Gold ETF (NYSE:GLD), which tracks the gold spot price, declined from approximately $120.58 to $117.96, according to ETF price data of the SPDR Gold Trust ETF (GLD).

COT Gold Chart

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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