Gold And Silver Traders Reduce Long Positions Again

Category: Experts Speak | Gold Trading | Goldcore March 11, 2013 | Comments Off Share
Gold And Silver Traders Reduce Long Positions Again

Gold And Silver Traders Reduce Long Positions Again

Today’s AM fix was USD 1,577.50, EUR 1,213.28 and GBP 1,058.37 per ounce.
Friday’s AM fix was USD 1,577.00, EUR 1,049.10 and GBP 1,204.18 per ounce.

Silver is trading at $28.91/oz, €22.32/oz and £19.50/oz. Platinum is trading at $1,600.75/oz, palladium at $772.00/oz and rhodium at $1,200/oz.

Gold was up $0.40 or 0.03% and closed Friday at $1,578.10/oz. Silver hit a high of $29.25 and finished +0.31%. For the week gold was up 0.16% and silver 1.33%.


Cross Currency Table – (Bloomberg)

Hedge-fund managers and other large speculators decreased their net-long position in New York gold and silver futures last week (week ended March 5), according to U.S. Commodity Futures Trading Commission (CFTC) data.


Gold, 5 Years – (Bloomberg)

Speculative long gold positions, or bets prices will rise, outnumbered short positions by 107,587 contracts on the Comex division of the New York Mercantile Exchange, the CFTC said. Net-long positions fell by 9,012 contracts, or 8%, from a week earlier.

Gold futures rose last week, gaining 0.3%to $1,576.90 a troy ounce at Friday’s close.

Miners, producers, jewelers and other commercial users were net-short 133,798 contracts, down 3,822 contracts, or 3%, from the previous week.


Silver, 5 Years – (Bloomberg)

Speculative long silver positions, or bets prices will rise, outnumbered short positions by 18,603 contracts on the Comex division of the New York Mercantile Exchange, the CFTC reported. Net-long positions fell by 3,134 contracts, or 14%, from a week earlier.

Silver futures rose last week, gaining 1.6% to $28.95 a troy ounce at Friday’s close.

Miners, producers, jewelers and other commercial users were net-short 29,183 contracts, down 1,703 contracts, or 6%, from the previous week.

The poor sentiment in the gold and silver market and the continuing decline in net long positions on the COMEX is bullish from a contrarian perspective.

Courtesy: Goldcore


Disclaimer

The views and opinions expressed herein are the author’s own, and do not necessarily reflect those of Commoditytrademantra.com or Moneyline.co.in.

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