gold, page-45133

Gold

Specs added 19k new net shorts and are now net short 72k, the most so far. This is all large specs. Small specs remain long, though they are cutting that back on that long position and are down to a net long position of only 11k, the least in 1 year. Large specs (hedge funds, futures funds, etc) are short 83k, the most since January 2016. Producers are short 2.36:1 and were net buyers again. They have been net buyers for a year. Swap dealers are long 1.4:1 and were net buyers as well. That was the largest long:short ratio of the swap dealers since August 2017. Total open interest increased by 17.3k to 477k. This is the highest open interest in 3 weeks, but it’s still 4% below the 6-month average. This entire decline since March has been characterized by falling open interest, a sign that money has been leaving this market, not following prices lower. Think of it as the movie losing financing the entire way down.

Silver

Specs flipped their position to short from long last week. They added 11k new shorts and are now net short 7k contracts. This is the first time they are short since the week ending May 8th. Like gold, however, it’s all large specs that are short. Small specs are still long silver by 15k contracts. Producers are short 2.3:1 and we're net buyers. Swap dealers are long 1.35:1 and we're net buyers as well. That’s the largest long:short ratio of the swap dealers since the week ending May 1st. Total open interest increased by 4.6 K contracts to 240k contracts. That’s the highest open interest since May 2017. Total open interest is now 13% above the 6-month average. This is a crowded trade at the moment and when it unwinds it is likely that we could see a significant rally and silver prices.

Euro

Speculators added 19k new net shorts bringing their short position to 86k, the most in 16 months, however, it’s all large specs. They’re short 98lk contracts. That’s the most since March 2017. Small specs are on the opposite side. They are long the euro. They have a net long position of 12k contracts. Dealers are short 2.2:1 and were net buyers. That is their smallest short:long ratio since August 2017. In April they were short 8:1. Asset managers are long 2.1:1 and were net sellers. That’s their smallest long:short ratio since Oct 2017. Total open interest increased by 19k to 527k, the most in 2 months. Total open interest is 1% above the 6-month average.

Aussie dollar

Speculators got even more short the Aussie dollar in the latest week. They added 3.5k new shorts and are now short 56k contracts. This is the most short since Jan 2016. Dealers are long 23:1 and were net buyers. That’s the most long the dealers have been since the week ending July 3. Asset managers are short 6.3:1 and were small net sellers. The asset manager short:long ratio was the smallest since the week ending April 17. Total open interest rose 8k to 149k, the most since the week ending May 29. Total open interest is now 14.7% above the 6-month average. This is pretty high and suggests a crowded trade with speculators short.