Gold Non-Commercial Speculator Positions:
Large speculators cut back on their bearish 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 -3,063 contracts in the data reported through Tuesday August 28th. This was a weekly advance of 5,647 contracts from the previous week which had a total of -8,710 net contracts.
Speculative bets saw a small rebound this week after six weeks of rising bearish bets. Gold spec positions have now been in an overall bearish standing for three consecutive weeks after dropping into bearish territory on August 14th (which marked the first bearish net position since August 13th of 2002).
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -8,262 contracts on the week. This was a weekly decrease of -6,577 contracts from the total net of -1,685 contracts reported the previous week.
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 $113.68 which was an increase of $0.66 from the previous close of $113.02, according to unofficial market data.
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