Weekly Large Trader COT Report: Gold
Gold speculative positions declined last week
GOLD Non-Commercial Positions:
Gold speculator and large futures traders slightly edged their gold bullish positions lower last week, as speculator gold positions have fallen for three straight weeks, 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 +47,824 contracts in the data reported through July 14th. This was a weekly change of -2,624 contracts from the previous week’s total of +50,448 net contracts that was registered on July 7th.
The decline in the weekly net speculator positions (-2,624 net contracts) was due to a fall in the weekly bullish positions by -2,762 contracts that overtook a small decrease in the weekly bearish positions by -138 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) trimmed their overall bearish positions for a third week to a net total position of -48,469 contracts through July 14th. This was a weekly change of +4,120 contracts from the total net position of -52,589 contracts on July 7th.
GLD ETF rises:
Over the weekly reporting time-frame, from Tuesday July 7th to Tuesday July 14th, the price of the Gold ETF (ARCA:GLD), which tracks the gold spot price, edged lower from approximately $110.76 to $110.74, according to ETF price data of SPDR Gold Trust ETF (GLD).
*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).