New York (HedgeCo.net) – The latest commitment of traders reports were released on Friday and they show that the sentiment toward gold and silver seem to have made a turn toward the upside. For gold, the large speculator group was net long 32,442 contracts and that was up for the second straight week after hitting a low of 24,465 contracts two weeks ago.
For silver, the change has been more drastic. The number of contracts being held net long doubled this past week, jumping from 8,405 to 16,837. Since July 21, the contracts being held net long has almost quadrupled since hitting a low 4,245 contracts.

One-noted investor that has been becoming more bullish on gold is Stanley Druckenmiller and his Duquesne Capital fund. The latest 13F filing showed Duquesne held 2.88 million shares of the SPDR Gold Trust (NYSE: GLD) on June 30 and given the price at the end of the second quarter, that made the stake worth just over $300 million. In addition to the GLD holdings, Duquesne also opened a new position in copper and gold miner Freeport-McMoRan.

Rick Pendergraft
Research Analyst
HedgeCoVest