FOCUS: Speculators Slash Bullish #Gold, #Silver Futures, Options Positions – CFTC ▸ OnKit.co/qWF1L Speculators slashed their net-long positions in gold and silver futures and options traded on the Comex division of the New York Mercantile Exchange following a steep drop in prices, according to U.S. government data released late Friday. For the week ended Nov. 12, speculators in the Commodity Futures Trading Commission’s weekly commitments of traders report saw their net-long positions in gold and silver drop significantly in both the legacy and disaggregated reports. In copper, speculators turned net-short for both reports; however, activity by funds was mixed in the platinum group metals. Metals prices during the week covered by the report were lower. December Comex gold fell $36.90 an ounce to $1,271.20 as of Nov. 12, while December silver lost 85.8 cents to $20.778. Nymex January #platinum slid $10.40 to $1,439.60. December #palladium fell $7.95 to $742.35. Comex December #copper fell 2.45 cents to $3.2340 a pound. Managed-money accounts slashed exposure to gold futures and options, decreasing their net-long positions to 55,456 contracts, the lowest level since Aug. 6. This was the second week in a row that net-long position declined. Managed-money accounts cut 4,580 gross longs and added 27,653 gross shorts. That means not only are speculators getting out of bullish positions, they’re putting on bearish positions. Producers and swap dealers remain net-short, but they also sharply reduced those positions by cutting a significant number of gross shorts and adding gross longs... [continued]
Posted on: Mon, 18 Nov 2013 20:30:17 +0000
Trending Topics
Recently Viewed Topics
© 2015