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Gold COT (CFTC - Commitment of Traders) for Period 7/27-7/3/2012

Commercials sold off -803 longs and stocked up on a massive 21,674 shorts to end the week with 56.05% of all open interest, an increase of about 1% from the previous week, and now stand as a group at -16,663,700 ounces net short, a mighty increase of almost 2,300,000 ounces net short from the previous week.

Large speculators grabbed up 12,674 longs while covering -1,922 shorts for a net long position of 13,721,500 ounces, a increase in their net long position of almost 1,400,000 ounces from the prior week.

The small speculators grabbed 1,314 longs but were forced out of -6,567 shorts for a net long position of 2,942,200 ounces an increase of almost 800,000 ounces in their net long positions from the prior week.

This was my statement on the small speculator shorts last week:

"What we see now is the small speculators are determined to play the short game despite all odds being against them."

It is clear the commercials do not want any speculators playing their short game. Price was allowed to rise high enough to force their shorts to cover. I think the major thrust of tripping the smalls out of their shorts was done on Wednesday June 27 of the COT week when price suddenly yanked upwards from $26.74 to about $27.25

But then this could all just be mere coincidence, right?

As always, for your convenience, if you would like to contact the CFTC and express your views to them, I have provided you their phone numbers and I hope earnestly that you fill up their phone lines: http://www.cftc.gov/Contact/index.htm and email addresses as well:
ggensler@cftc.gov Chairman Gensler
bchilton@cftc.gov Commissioner Chilton
jsommers@cftc.gov Commissioner Sommers
Somalia@cftc.gov Commissioner O'Malia
mwetjen@cftc.gov Commissioner Wetjen
dmeister@cftc.gov Director Meister

Gold COT

See you next week!

 

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