Gold futures net longs at all-time highs

• COMEX net longs moved to all-time highs of long 1,124 tonnes, driven by Money Manager net longs, also at all-time highs*

COMEX Net Longs

Source: CFTC, Bloomberg

• Gold finished the month up 7% and is higher 19% this year, outperforming all major indices (including oil), except the Nasdaq on the year

Gold-backed ETF flows:

• $1.6bn worth of inflows globally last week,
• $6bn of inflows in August spread across the regions. See our August ETF report on Thursday, 9/5 at 8am EST.
• Year-to-date flows surpassed $14bn or 10.4% holdings’ growth in August

Liquidity

• Trading volumes well above short- and long-term averages at $220bn a day this month; 93% above the 2018 average.
• Shanghai Futures Exchange volume continues to increase significantly, with daily volumes at $19bn, well above the ytd average of $8bn
• Futures open interest closed above $111bn in August, driven mostly by COMEX, and is 50% above the 2018 average.

*Net longs represent Money Manager and Other Net long positioning in the COMEX futures market.