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Through Tuesday, September 17, 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 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 282,599 contracts in the data reported through Tuesday September 17th. This was a weekly rise of 12,874 net contracts from the previous week which had a total of 269,725 net contracts.
The week’s net position was the result of the gross bullish position (longs) going up by 7,397 contracts (to a weekly total of 341,511 contracts) while the gross bearish position (shorts) declined by -5,477 contracts for the week (to a total of 58,912 contracts).
Gold speculators boosted their bullish bets this week following a sharp selloff in positions last week (-30,822 contracts). Two weeks ago, bullish bets had risen to over +300,000 net contracts for the first time in approximately three years, dating back to September of 2016. This week’s gain doesn’t quite bring the position back to that level but keeps the net position above the +250,000 net contract threshold for a ninth consecutive week.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -318,399 contracts on the week. This was a weekly fall of -12,788 contracts from the total net of -305,611 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 $1513.40 which was a rise of $14.20 from the previous close of $1499.20, according to unofficial market data.
Silver specs lowered their bullish bets for 2nd week
Silver Non-Commercial Speculator Positions:
Large precious metals speculators trimmed their net positions in the Silver 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 Silver futures, traded by large speculators and hedge funds, totaled a net position of 55,978 contracts in the data reported through Tuesday September 17th. This was a weekly lowering of -4,253 net contracts from the previous week which had a total of 60,231 net contracts.
The week’s net position was the result of the gross bullish position (longs) falling by -5,788 contracts (to a weekly total of 94,625 contracts) while the gross bearish position (shorts) also declined but by a smaller amount of -1,535 contracts for the week (to a total of 38,647 contracts).
Silver speculators slightly reduced their bullish bets for a second week following three straight weeks of increases previously. The current speculator position remains highly bullish and above the +50,000 net contract level for a fourth consecutive week.
Silver Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -77,547 contracts on the week. This was a weekly uptick of 7,221 contracts from the total net of -84,768 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 $1814.00 which was a decline of $-4.60 from the previous close of $1818.60, according to unofficial market data.
US Dollar Index specs raise bullish bets to highest since April 2017
US Dollar Index Speculator Positions
Large currency speculators sharply increased their net bullish positions in the US Dollar Index futures markets again this week while New Zealand dollar traders pushed bets to a record bearish level, 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 41,774 contracts in the data reported through Tuesday September 17th. This was a weekly gain of 9,742 contracts from the previous week which had a total of 32,032 net contracts.
This week’s net position was the result of the gross bullish position (longs) rising by just 143 contracts (to a weekly total of 49,626 contracts) while the gross bearish position (shorts) dropped sharply by -9,599 contracts on the week (to a total of 7,852 contracts).
The US Dollar Index speculators boosted net positions by the largest one-week amount since June 19th of 2018, which is a span of sixty-five weeks. Dollar bets have now gained for ten out of the past twelve weeks and this week’s jump puts the current dollar standing at the most bullish level since April 25th of 2017.
Source: USA gold
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