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Speculators raise gold, silver net long positions

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Hedge funds and money managers raised their net long positions in gold and silverfutures and options for the first time in three weeks in the week to Dec. 30, U.S. government data showed.

Speculators also raised their bearish bets in copper for the first time in four weeks, adding to their net short by 286 contracts to 4,455, the Commodity Futures Trading Commission said on Monday.

The gold net long rose by 5,292 contracts to 98,391, while silver bullish bets increased by 2,139 contracts to 17,051.

Precious metals received a boost on Friday, Dec. 26 on news that China, the world’s top consumer of gold, was considering loosening liquidity requirements at the country’s banks.

This would allow banks to have more money available for lending and investment, prompting a 2.1 percent rise in spot gold and a 2.7 percent jump in spot silver as investors covered short positions.

The two precious metals jumped sharply again the following Tuesday, Dec. 30 on a drop in the U.S. dollar and weaker stock markets.

Gold is usually seen as a hedge against oil-led inflation.

Selected categories from the CFTC weekly Commitment of Traders report:

FUTURES + OPTS Managed Swaps Producer

Net Chg Net Chg Net Chg

Gold 98,391 5,292 -75,108 -5230 -52,873 -4,142
Silver 17,051 2,139 -9,300 -3755 -26,776 -744
Copper -4,455 -286 53,913 -413 -7,440 2,818

Other NonReport Open
Net Chg Net Chg Interest Chg
Gold 32,752 653 -3,162 3,427 569,339 -1,199
Silver 9,624 1,380 9,400 980 194,574 -424
Copper -30,621 -2,577 -11,398 457 159,515 6,289
=====================================================================
FUTURES ONLY Managed Swaps Producer
Net Chg Net Chg Net Chg
Gold 87,050 4,853 -58,934 -4,332 -54,200 -3,577
Silver 19,326 2,056 -11,816 -4,072 -26,820 -832
Copper -4,508 -278 53,913 -413 -7,428 2,818

Other NonReport Open
Net Chg Net Chg Interest Chg
Gold 28,787 74 -2,703 2982 373,982 -1,230
Silver 10,696 1,653 8,614 1195 149,594 445
Copper -30,545 -2,576 -11,432 449 159,107 6,291

Source: Reuters

Zhejiang Yaang Pipe Industry Co., Limited

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