Gold: futures market professionals sell futures on a large scale

For example, in the week ending March 3, general interest in gold futures fell sharply and the number of open contracts decreased from 732,900 to 692,000 contracts (-5.6 percent). Both large forward speculators (non-commercials) and small forward speculators (non-reportables) became more skeptical in the reporting period. In the cumulative net long position (optimism prevails) of these two groups of market players, this was reflected in a decrease from 375,600 to 351,000 contracts (-6.6 percent).

This made their optimism decrease for the second time in a row.There were particularly violent faults, especially among large appointment speculators. They have reduced their long exposure by over 23,000 futures and at the same time reduced their short exposure by more than 7,000 contracts. As a result, their net long position weakened significantly from 335,900 to 319,700 futures (-4.8 percent). A similar development was also observed in the case of small futures speculators in the reporting period, which was reflected in a reduced net long position from 39,800 to 31,300 contracts (-21.4 percent). Since the troy ounce of gold temporarily cost less than $ 1,600 last Tuesday, the day the data was collected (March 3), market sentiment among speculative market players is likely to have brightened significantly again.

In recent weeks, the gold price (+5.4 percent), silver (-2.2 percent), platinum (-9.4 percent) and palladium (+3, 9 percent) caused their economically sensitive character to underperform compared to the well-tried crisis protection.