Speculators Return to Buying Gold, Silver

"Speculators increased gross longs and cut gross shorts."

Speculators have returned to buying gold and silver futures and options, according to government data released late Friday.

In both legacy and disaggregated weekly commitment of traders reports issued by the Commodity Futures Trading Commission the speculative non-commercial and managed-money accounts halted slides in net-long positions witnessed earlier in November. The most recent data is for the trade date ended Nov. 30. The data encompasses both the futures and options activity at the Comex division of the New York Mercantile Exchange.

A rise in prices for gold and silver encouraged funds to add to net-longs. During the timeframe measured, Nov. 24 to Nov. 30, most-active February gold rose $11.10 an ounce and settled at $1,386.10 on Nov. 30. Silver gained $0.609 an ounce and settled at $28.212 on Nov. 30.

The fund net-length could increase again when the CFTC releases its data Friday as both markets saw prices advance from the Tuesday settlements.

Concerns about the solvency of certain European states helped lift precious metals during the time, analysts said.

Managed-money accounts returned to adding to their net-long gold positions, which stand at 182,716. They added 1,544 gross longs and cut 3,903 gross shorts. CFTC data show these speculative accounts are nearly completely long, as the total gross short position is 9,998 contracts.

The producer category again saw trimmed positions in gold on both sides, and it remained net-short. Swap dealers cut longs and added to shorts, increasing their net-short position.

In the legacy report, speculators, known as non-commercials, increased gross longs and cut gross shorts, pushing up their net-long position to 244,799 contracts. Commercial traders cut gross longs and increased gross shorts, leaving them with a bigger net-short position.

Novavax Shares Shoot 65% Higher on Phase 3 COVID-19 Vaccine Trial's 89.3% Effectiveness
Source: Streetwise Reports (01/29/2021)

Novavax Inc. shares established a new 52-week high after the firm's COVID-19 vaccine demonstrated an 89.3% efficacy rate in a Phase 3 trial in the U.K. and also showed efficacy against the South African variant in a Phase 2b trial.

Abiomed Shares Gain 8% After Firm Announces Record Q3 Revenue of $232 Million
Source: Streetwise Reports (01/28/2021)

Shares of cardiac medical device maker Abiomed Inc. traded higher after the company reported record revenue for Q3/21 despite the impact from COVID-19.

Sorrento Shares Rise 35% After Firm Posts Positive Data from Phase 1b ICU COVID-19 Trial
Source: Streetwise Reports (01/27/2021)

Shares of Sorrento Therapeutics traded higher after the company released positive preliminary results from it of Phase 1b COVI-MSC™ Study for treatment of hospitalized ICU COVID-19 patients.

Junior Mining Sector 'the Best Value in the Space'
Source: Streetwise Reports (01/27/2021)

The StreetSmart Live! Broadcast on Jan. 26, 2021, focused on metals and why now is a good time for investors to be looking at them and the mining space. John Newell, independent analyst and portfolio manager, and John Feneck, mining sector expert and president of Feneck Consulting, addressed the status of the current metals market. CEOs of the three metals-focused companies comprising the Metallic Group of Companies—Group Ten Metals, Metallic Minerals and Granite Creek Copper—discussed their projects.

Vir Shares Climb 48% on Initial Phase 1 Chronic Hepatitis B Trial Data
Source: Streetwise Reports (01/26/2021)

Vir Biotechnology shares traded higher after the company reported data from its Phase 1 Chronic Hepatitis B Study that showed VIR-3434 significantly and rapidly reduced hepatitis B surface antigen.

Aurinia Pharma Shares Open at 52-Week High as FDA Approves Adult Lupus Nephritis Drug
Source: Streetwise Reports (01/25/2021)

Shares of Aurinia Pharmaceuticals traded 30% higher after the company reported that the U.S. Food and Drug Administration approved its LUPKYNIS™ (voclosporin) for use in treating adults with active lupus nephritis.

AzurRx Doses First Two People in Expanded Phase 2b Trial of Cystic Fibrosis Patients
Source: Streetwise Reports (01/22/2021)

AzurRx BioPharma shares traded 45% higher after the firm advised it had dosed the first two patients in its Phase 2b OPTION 2 Extension Study of MS1819 for treatment of exocrine pancreatic insufficiency in patients with cystic fibrosis.

NGL Energy Shares Rise 21% as It Seeks to Raise $2.05 Billion from Senior Secured Note Offering
Source: Streetwise Reports (01/21/2021)

Shares of NGL Energy Partners LP traded higher after the firm made a series of announcements over the past three days regarding an update on financial operations, a settlement with a customer in bankruptcy, a quarterly Class D unit distribution and a $2.05 billion senior secured debt offering.

Explorer Discovers New Gold Mineralization at Abitibi Gold Belt Property
Source: Streetwise Reports (01/21/2021)

iMetal Resources is setting out to see if the multi-million ounce gold resource next door continues onto its Gowganda West property in Ontario.

Gritstone Oncology Licenses LNP Platform from Genevant Sciences to Develop COVID-19 Vaccine
Source: Streetwise Reports (01/20/2021)

Shares of Gritstone Oncology reached a new 52-week high price after the company advised it entered into a non-exclusive licensing agreement with Genevant Sciences to develop and commercialize self-amplifying RNA vaccines for use against SARS-CoV-2.