CFTC data: Speculators increase exposure to gold

CFTC data: Speculators increase exposure to gold

26 May 2015, 13:25
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Last week speculators increased their exposure to gold last week, says the data from the Commodity Futures Trading Commission (CFTC).

The disaggregated Commitment of Traders Report (COTR) showed money-managed speculative long positions of Comex gold futures rose by 28,099 contracts to 132,306 for the week finished on May 19.

Meanwhile, shorts fell by 22,799 contracts to 53,689. Gold’s net length now stands at 78,617 contracts.

Barclays analysts said in a report released Monday that “Net fund length climbed by 28k lots, driven by the establishment of fresh longs (22.9 lots) and the reduction in net shorts (-22.3k lots) during the week ended 19 May.”

“This is the strongest increase in net longs since January and gross highest high since February 23. Elevated net positioning implies scope for long liquidation if US data are better than expected in coming sessions,” they added.

Exchange-traded products dropped by 8.6 tonnes for the week and 18.3 tonnes for the month-to-date, said analysts noting that last week's strong price environment likely induced sales of ETPs to capture the temporary high.

The disaggregated COTR signaled money-managed speculative gross long positions of Comex silver futures rose by 8,554 contracts to 54,860, while short positions fell by 19,680 to 11,920 contracts.

Silver’s net length now stands at 42,940 contracts.

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