According to the CFTC’s current Commitments of Traders report, large and small futures speculators are parting with gold futures on a grand scale.
by Joerg Bernhard
In the week ending August 22, the number of open contracts (open interest) only went down slightly, falling from 433,600 to 430,200 futures (-0.8 percent). Both large and small futures speculators have ramped up their short exposure massively. For large speculators (non-commercials), this has led to a sharp slump in the net long position (optimistic market expectations) from 121,100 to 101,950 contracts (-15.8 percent) on a weekly basis, causing the lowest value in five months. Among small speculators (non-reportables) there was a decline from 20,800 to 19,100 futures (-8.2 percent). Falling inflation rates and the prospect of persistently high interest rates were the main reasons for the waning appeal of the tried-and-tested crisis protection in recent weeks.
On Monday morning, the gold price presented itself with held quotations. By 7:15 a.m. (CEST), the most actively traded gold future (December) was up 3.20 to $1,943.10 per troy ounce.
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Crude Oil: Stable start to the week
Although Fed Chair Jerome Powell expressed his views on the future USmonetary policy expressed “more hawkishly” than expected on Friday, the fossil fuel starts the new trading week with relatively stable prices. The clouded economic prospects in China continue to depress the mood of market players. On Thursday and Friday, important purchasing manager indices are due to be announced in the country of the world’s largest oil importer. According to a survey of analysts published by Trading Economics, the NBS manufacturing purchasing managers’ index announced for Thursday is expected to be below 50 points for the fifth consecutive day at 49.4 points, signaling a phase of economic weakness.
The oil price was stable on Monday morning. As of around 7:15 a.m. ET, the next-dated WTI future is up 0.06 to $79.89, while its Brent counterpart is down 0.05 to $83.90.
Editorial office finanzen.net