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May 22, 2017

#Gold & #Silver Commitments of Futures Traders

Commitments of Futures Gold Traders show that large speculators (hedge funds and money managers) have further reduced their long positions. Net commercial gold dealers reduced their short positions. Neither side wants to be currently exposed heavily to gold (attachment 1).

 

The KITCO Gold Survey reveals that both, Wall Street and Retail investors (Main Street) are bullish for this week (attachment 2).

 

Gold Barometers indicate that the overbought situation in gold stocks has diminished. Physical gold and silver have been in neutral territory for weeks (attachment 3).

 

Commitments of Futures Silver Traders show that large speculators have further reduced their long exposure. The current position is the lowest of the last 12 months. Also net commercial silver dealers reduced their short positions and also here we witness the smallest positions of the last 12 months (attachment 4).

 

The hourly gold chart (attachment 5) shows gold had a good week. As per close on Friday, New York time 4:00 p.m., gold closed at US$ 1,255 per ounce for a gain on the week of US$ 27. The ARCA Gold Bugs Index (HUI) (attachment 6) made no headway last week and closed at 197.11 (almost unchanged on the week).

 

The chart of gold futures continuous contracts (attachment 7) indicates that the 50-day moving average is trying to break through the 200-day moving average.

 

Attachment 8 is the HUI (Arca Gold Bugs Index) chart. It fell lately out of a triangle formation and is currently fighting its way back into it. It looks we are in a shake-out period. The components of HUI are visible in attachment 9.

 

 

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