According to the latest Commitments of Traders report by the US regulatory authority Commodity Futures Trading Commission, speculative market players are again as optimistic as in March, i.e. before the Corona crash.
The gold future rose again
The general interest in gold futures rose for the fourth time in a row, albeit at a slower pace. In the week ending July 7, the number of open contracts – the so-called open interest – increased from 561,600 to 572,800 futures (+2.0 percent). As a reminder, a value of 574,000 futures had been reported in mid-March. Within a week, both large and small appointment speculators have become a little more optimistic. As a result, the cumulative net long position (optimism prevails) of large and small futures speculators increased marginally from 301,500 to 302,600 contracts (+0.4 percent).
WGC reports record ETF inflows
The World Gold Council reported record capital inflows in gold ETFs two weeks ago. For the seventh month in a row there were net inflows for this market segment. In June alone, gold inventories rose by a total of 104 tons. This means that 734 tons of gold worth $ 39.5 billion flowed into this form of paper gold in the first half of the year alone. For comparison: From January to December 2009, the “year one after Lehman Brothers”, “only” gold quantities of 646 tons were reported.