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Gold Speculators Sharply Drop Bullish Bets To Lowest In Over 2 Years

By Zachary StorellaCommoditiesJul 22, 2018 01:09AM ET
www.investing.com/analysis/gold-speculators-sharply-drop-bullish-bets-to-lowest-in-over-2-years-200332263
Gold Speculators Sharply Drop Bullish Bets To Lowest In Over 2 Years
By Zachary Storella   |  Jul 22, 2018 01:09AM ET
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Gold COT Futures Large Trader Positions
Gold COT Futures Large Trader Positions

Gold Non-Commercial Speculator Positions:

Large precious metals speculators strongly lowered their bullish net positions in the Gold futures markets this 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 57,841 contracts in the data reported through Tuesday July 17th. This was a weekly reduction of -23,593 contracts from the previous week which had a total of 81,434 net contracts.

The sharp decline in spec positions this week brings the overall sentiment to the lowest standing since January 19th of 2016 when the net positions totaled +43,694 contracts.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -73,635 contracts on the week. This was a weekly boost of 26,759 contracts from the total net of -100,394 contracts reported the previous week.

Gold COT Futures Large Trader Vs GLD ETF
Gold COT Futures Large Trader 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 $116.28 which was a decrease of $-2.65 from the previous close of $118.93, according to unofficial market data.

Gold Speculators Sharply Drop Bullish Bets To Lowest In Over 2 Years
 

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Gold Speculators Sharply Drop Bullish Bets To Lowest In Over 2 Years

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