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Speculators extend record gold short positions: CFTC

London — Net short positions in gold held by managed-money investors extended to a record high of 20,566 contracts in the week to December 1, weekly trade data released by the US Commodity Futures Trading Commission showed Monday.

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Net short positions increased from 16,664 gold contracts the previous week, with shorts at the highest level since records started in 2009, data showed.

Net long positions in silver were up 16% on the week, to 11,440 contracts.

Whilst platinum was fairly stable, up 0.4% to 4,873 contracts. And Palladium up 3% to 7,936 contracts.



Meanwhile holdings in exchange-traded products backed by gold also showed declines.

The world's largest gold ETP, SPDR Gold Shares, was down 16 mt on the week as of December 4 to 638.8 mt, the lowest level since 2008, company data showed.

According to Commerzbank, holdings in all gold-backed ETPs are down 21 mt since the beginning of December.

Commerzbank said in a note Monday that gold prices, which are up on the week about 2.5%, were benefiting from the record short covering.

The London Bullion Market Association Gold Price settled at $1,082.70/oz Monday morning, up $3.45/oz on the previous session.

--George King Cassell, george.king.cassell@platts.com
--Edited by Alisdair Bowles, alisdair.bowles@platts.com