Gold Speculators continued to raise net bullish bets for 6th straight week

(Before It's News)

By CountingPips.com | Weekly Large Trader COT Report: Gold

Gold speculative positions showed gain last week to +157,434 contracts

GOLD Non-Commercial Positions:

Gold speculator and large futures traders increased their gold bullish positions last week for a sixth straight 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 +157,434 contracts in the data reported through October 27th. This was a weekly change of +6,133 contracts from the previous week’s total of +151,301 net contracts that was registered on October 20th.

The rise in the weekly net speculator positions (+6,133 net contracts) was due to a decline in the weekly bullish positions by -7,242 contracts that was offset by a larger fall in the weekly bearish positions by -13,375 contracts.

Gold Commercial Positions:

In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) slightly increased their overall bearish positions to a net total position of -165,848 contracts through October 27th. This was a weekly change of -2,548 contracts from the total net position of -163,300 contracts on October 20th.

GLD ETF:

Over the weekly reporting time-frame, from Tuesday October 20th to Tuesday October 27th, the price of the (GLD) Gold ETF , which tracks the gold spot price, declined from approximately $112.73 to $111.68, according to ETF price data of the SPDR Gold Trust ETF (GLD).

Last 6 Weeks of Large Trader Positions

*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.com

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