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Through Tuesday, September 3, 2019
Charts and commentary courtesy of CountingPips.com
Tables courtesy of GoldSeek
Note: Commitment of Traders reports are published Friday with data from the previous Tuesday.
Gold specs increase their bullish bets to highest since Sept. 2016
Gold Non-Commercial Speculator Positions:
Large precious metals speculators increased 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 300,547 contracts in the data reported through Tuesday September 3rd. This was a weekly rise of 3,709 net contracts from the previous week which had a total of 296,838 net contracts.
The week’s net position was the result of the gross bullish position (longs) growing by 2,776 contracts (to a weekly total of 365,385 contracts) while the gross bearish position (shorts) slid by -933 contracts for the week (to a total of 64,838 contracts).
Gold speculators continue to show their positive sentiment and pushed the net bullish position above the +300,000 net contract level for the first time since September 6th of 2016, almost exactly three years ago.
Gold speculative bullish positions have now gained for eleven weeks out of the past fourteen (from June 4th to present) which has added a total of +213,859 contracts to the overall bullish standing.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -337,741 contracts on the week. This was a weekly fall of -3,935 contracts from the total net of -333,806 contracts reported the previous week.
Gold Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1555.90 which was a gain of $4.10 from the previous close of $1551.80, according to unofficial market data
Silver specs push their bullish bets higher for a 3rd week
Silver Non-Commercial Speculator Positions:
Large precious metals speculators boosted their bullish net positions in the Silver futures markets again 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 Silver futures, traded by large speculators and hedge funds, totaled a net position of 62,125 contracts in the data reported through Tuesday September 3rd. This was a weekly rise of 2,273 net contracts from the previous week which had a total of 59,852 net contracts.
The week’s net position was the result of the gross bullish position (longs) advancing by 1,489 contracts (to a weekly total of 104,977 contracts) while the gross bearish position (shorts) declined by -784 contracts for the week (to a total of 42,852 contracts).
Silver speculators were back at adding to their bullish bets this week for a third straight week and after a few down weeks on August 6th and 13th. Spec positions have now risen by a total of over +22,000 net contracts in the past three weeks and the overall position sits at the highest bullish level since July 30th.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -84,678 contracts on the week. This was a weekly shortfall of -2,997 contracts from the total net of -81,681 contracts reported the previous week.
Silver Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Silver Futures (Front Month) closed at approximately $1923.70 which was a rise of $93.90 from the previous close of $1829.80, according to unofficial market data.
US Dollar Index speculators trimmed their net positions
US Dollar Index Speculator Positions
Large currency speculators increased their bullish net positions in the US Dollar Index 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 US Dollar Index futures, traded by large speculators and hedge funds, totaled a net position of 31,736 contracts in the data reported through Tuesday September 3rd. This was a weekly advance of 1,839 contracts from the previous week which had a total of 29,897 net contracts.
This week’s net position was the result of the gross bullish position (longs) going up by 6,308 contracts (to a weekly total of 54,410 contracts) compared to the gross bearish position (shorts) which saw a lesser gain of 4,469 contracts on the week (to a total of 22,674 contracts).
US Dollar Index speculative positions rose for a second straight week and for the eighth time out of the past ten weeks as dollar sentiment remains strong. This week’s bullishness bounced the dollar’s net bullish position back above the +30,000 net contract level for the first time since August 6th. Dollar bullish positions have now stayed above the +22,000 net position level for fifty-nine consecutive weeks.
Source: USA gold
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