Money managers added to their net long position in Gold futures and options in the week ended Sept. 6, for the 1st time in 5 weeks, according to data released Friday by the Commodity Futures Trading Commission.
Managed funds added 1,377 Long positions, or bets prices will rise, and cut 1,095 Short positions, or bets prices will fall.
This took their net position up 1.3% to 197,844 contracts, from 195,372 contracts last week. This is the 1st time in 5 weeks that traders in the category are adding to their net Long position. Changes in the net positions are seen as indications of shifts in player sentiment.
The managed fund net Long position represents around 19.8-M oz Gold. The increases came as Gold futures hit a record 1,923.70 oz on September 6.
In Comex Silver futures and options, tactical traders bought 1,125 Long contracts and shed 700 Short contracts. This increased their net Long position 6.9% to 28,256 contracts, from 26,431 last week. The net Silver position represents around 141.3-M oz.
Managed funds also added to their Platinum holdings with 1,549 new Long contracts and 200 Short contracts. This took their net holdings up to 22,540 contracts, from 21,192.
In Palladium, these funds cut 109 Long lots and shed 121 Short lots, taking their net position down to 10,874, from 10,862.
Paul A. Ebeling, Jnr
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.