Speculators Build Gold, Silver Positions

Source: Kitco, Debbie Carlson (6/27/11)

"Traders built up their gold and silver net-long positions."

Kitco, Debbie Carlson

Speculators added to their bullish gold and silver U.S. futures and options positions but cut exposure to the platinum group metals and copper.

In the weekly Commodity Futures Trading Commission's commitment of traders data released late Friday, fund-type traders built up their gold and silver net-long positions as noted in both the disaggregated and legacy reports.

Managed-money traders in the disaggregated report for gold significantly increased their gross long positions, raising them by 21,709 contracts and cut their gross shorts by 972 contracts. Producers increased gross longs and gross shorts but added many more shorts. Swap dealers reduced gross longs and added to gross shorts. In the legacy report, non-commercials added 21,315 gross long contracts and added 4,379 contracts. Commercials added gross longs and gross shorts.

Managed-money accounts in silver increased their gross longs by 2,848 contracts and cut their gross shorts by 1,207 contracts. The producers trimmed gross longs and hiked gross shorts. Swap dealers cut both gross longs and shorts. In the legacy report, funds raised gross longs by 1,621 contracts and erased 1,289 gross short contracts. Commercials cut exposure on both sides, lifting their net-short position.

Speculators sliced net-long positions in the platinum group metals as they cut gross longs and added to gross shorts. Managed-money accounts are net-long 17,122 contracts in platinum and net-long 11,183 contracts in palladium. Non-commercials cut their gross long position and increased their gross short position. Non-commercials are net-long 20,127 contracts in platinum and net-long 12,648 contracts in palladium.

Copper saw a decrease in the net-long for the managed-money accounts, too. Their net-long now stands at 7,481 contracts. In the legacy report, however, the non-commercials' net-long fell to 9,778 contracts. Commercials lowered their net-shorts by adding more gross long positions than gross short positions.

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