Gold long positions at a new record high - TDS

Research Team at TDS, lists down the CFTC commitment of traders report for the week ending July 5th, 2016.

Key Quotes

“Gold specs saw another eye popping gain of 23.1K lots of long positions to new record highs, as the total number of negative yielding bonds keeps piling up around the world, and the carry trade boost for gold continues to capture the attention of investors. With central bankers looking for ways to add additional liquidity (or keep quiet on rate hikes) this should continue, and not even a strong headline on payrolls today was able to dent the upward trend. With gold looking toward $1400/oz as the next target, it is likely higher highs will be witnessed in long positioning.

In the last two weeks PGMs specs have quickly reversed all the short bets that they accumulated heading into and throughout June—taking net long positioning another 10% higher. With technical support holding for the metals at levels very deep down into the cost curves (in an environment of market deficits), and the delayed upside reaction to recent precious metals strength (and investor demand), PGMs investors appear to have quickly joined in on the precious metals bull run.”