Video

Kim Cramer Larsson
Areas covered in this webinar by Saxo Bank technical analyst Kim Cramer Larsson include EURUSD, USDJPY, GBPUSD, EURGBP, gold, silver, S&P 500, the Nasdaq, the Dax, the FTSE and the Dow Jones.
Article / 20 May 2013 at 8:43 GMT

CFTC: Hedge funds hold record short in gold

Head of Commodity Strategy / Saxo Bank
Denmark

Hedge funds increased their overall exposure to rising commodity prices by just 8,000 contracts during the week ending May 14. But behind this number, some larger changes took place as all sectors apart from grains and livestock were net sold, especially gold, in which the net-long position fell by one-fifth and the number of naked short sellers rose to a record. Of the 24 commodities tracked in this report, nine were net sold, especially gold, sugar and natural gas, while the buying benefited soybeans, corn and cotton the most. 

Weekly positioning change in commodities

Taking a close look at gold, we can see on the chart below that both the short and net position, which is the sum of those holding longs minus those holding longs, are at record lows. This continued selling has also been seen through the reduction of Exchange Traded Products and has so far been in sharp contrast to the pick-up in physical demand that has been witnessed during the past month. So far, however, financial investors hold the upper hand, resulting in hedge funds now holding the biggest ever bet on falling prices.

Speculative positioning in Gold

The full update is attached.

Download document

Commodity CFTC_052013.pdf

5y
Kristiann Kristiann
Is these charts and dataset only for employees at Saxo Bank or can I find them somewhere myself?
5y
Ole Hansen Ole Hansen
Hi Kristiann, the data is being made available by the CFTC on Friday evenings following the close. We pull in the data and create the charts and tables that you see in the report.
Take a look at: http://www.cftc.gov/MarketReports/CommitmentsofTraders/HistoricalViewable/index.htm

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