Weekly Large Trader COT Report: Gold
Gold speculative positions rose last week to +72,822 contracts
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply increased their gold bullish positions higher last week for a second consecutive week and to the highest level since November, 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 +72,822 contracts in the data reported through February 2nd. This was a weekly change of +13,782 contracts from the previous week’s total of +59,040 net contracts that was registered on January 26th.
The gain in the weekly net speculator positions (+13,782 net contracts) was due to a rise in the weekly bullish positions by 6,497 contracts that combined with a decline in the weekly bearish positions by -7,285 contracts.
The overall speculator bullish positions are now at the highest level since November 3rd when positions equaled +116,342 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) added to their overall bearish positions to a net total position of -77,355 contracts through February 2nd. This was a weekly change of -17,522 contracts from the total net position of -59,833 contracts on January 26th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday January 26th to Tuesday February 2nd, the price of the (GLD) Gold ETF , which tracks the gold spot price, increased from approximately $107.43 to $108.18, according to ETF price data of the SPDR Gold Trust ETF (N:GLD).
Last week, the Specs raised their bullish positions while commercials increased short positions amid declining open interest.
*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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