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Gold Speculators bullish positions rise for 2ndd week to highest level since August

Sunday, January 11, 2015 9:49
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(Before It's News)

By CountingPips.com | Weekly CFTC Net Speculator Gold Report

gold

Gold positions up five out of the last six weeks

GOLD: Large futures traders and gold speculators continued to increase their overall bullish bets in gold for the fifth time out of the last six weeks last 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +122,178 contracts in the data reported through January 6th. This was a weekly change of +6,341 contracts from the previous week’s total of +115,837 net contracts that was registered on December 30th.

The rise in the net speculator positions (+6,341 contracts) was due to a gain in the weekly bullish positions by +4,808 contracts combined with a decrease in the gold bearish positions by -1,533 contracts.

Gold speculative positions are now at their highest level since August 19th when positions equaled +137,976 contracts.

Over the weekly reporting time-frame, from Tuesday December 30th to Tuesday January 6th, the gold price rose from approximately $1,200.40 to $1,219.40 per ounce, according to gold futures price data from investing.com.

Last 6 Weeks of Large Trader Non-Commercial Gold Positions

Date Open Interest Long Specs Short Specs Net Non-Commercials Weekly Change Gold Price
12/02/2014 368121 170635 81305 89330 13123 1199.40
12/09/2014 375323 186861 71999 114862 25532 1232.00
12/16/2014 371743 182147 63739 118408 3546 1194.30
12/23/2014 375212 180980 70070 110910 -7498 1178.00
12/30/2014 373982 182897 67060 115837 4927 1200.40
01/06/2015 394021 187705 65527 122178 6341 1219.40

*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators). Find CFTC criteria here: (http://www.cftc.gov/MarketReports/CommitmentsofTraders/ExplanatoryNotes/index.htm).

Article by CountingPips.comForex Trading Apps



Source: http://countingpips.com/2015/01/gold-speculators-bullish-positions-rise-for-2ndd-week-to-highest-level-since-august/

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