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Gold Speculators Continued To Sharply Lower Their Bets For 4th Week

By Zachary StorellaCommoditiesJul 09, 2017 04:23AM ET
www.investing.com/analysis/gold-speculators-continued-to-sharply-lower-their-bets-for-4th-week-200199867
Gold Speculators Continued To Sharply Lower Their Bets For 4th Week
By Zachary Storella   |  Jul 09, 2017 04:23AM ET
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Gold COT Futures Large Traders Positions
Gold COT Futures Large Traders Positions

Gold Non-Commercial Speculator Positions:

Large speculators once again cut back on their net positions in the gold futures markets this week for a fourth consecutive week, 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 gold futures, traded by large speculators and hedge funds, totaled a net position of 93,799 contracts in the data reported through Tuesday July 3rd. This was a weekly decrease of -37,873 contracts from the previous week which had a total of 131,672 net contracts.

The sharp drop in speculative gold bets brings the decline over the past four weeks to a total of -110,666 net contracts. Gold net positions have also now fallen below the +100,000 contract threshold for the first time since January 3rd of this year.

Gold Commercial Positions:

The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -107,226 contracts on the week. This was a weekly gain of 42,637 contracts from the total net of -149,863 contracts reported the previous week.

Gold COT Futures Large Traders Vs GLD ETF
Gold COT Futures Large Traders Vs GLD ETF

GLD (NYSE:GLD) ETF

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $116.09 which was a decrease of $-2.72 from the previous close of $118.81, according to unofficial market data.

Gold Speculators Continued To Sharply Lower Their Bets For 4th Week
 

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Gold Speculators Continued To Sharply Lower Their Bets For 4th Week

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