Barclays Capital assigned the reduction in net-long gold positions to new short positions.
This is the third week in a row of a reduction in net-long for all the precious metals in the legacy report.
FORBES: FOCUS: Speculators Continue To Cut Metals Positions Across The Board -- CFTC
Commerzbank said the significant reduction in net-long positions by speculators shows the slump in gold prices seen during that timeframe was brought on money managers selling.
FORBES: Funds Shed Gold Positions, Bolster PGM Futures, Options - CFTC
The reduction in the net-long position came from speculators adding 2, 946 gross shorts, which more than offset the new 680 gross longs.
FORBES: FOCUS: Speculators Pick Up Gold, Shed Other Precious Metals In CFTC Data
In the disaggregated report, managed-money accounts are now net-long 33, 871 contracts in platinum, a reduction from the previous report as they cut gross longs and added shorts.
FORBES: FOCUS: Speculators Continue To Trim Bullish Exposure To Metals-CFTC
The results show that the 40-year bond produces a reduction in the Net Present Value of the payments of 43% (an early version of this post had reported this as 37% but commenter Nene pointed out an error in the spreadsheet thanks for the input Nene).
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Net tax alpha is defined as the tax reduction from short-term and long-term capital losses, less commissions, over the period beginning balance.
The speculator category in the legacy report showed a decrease in gross longs of 1, 330 contracts and reduction in gross shorts of 52 contracts, meaning the net-long for silver fell to 26, 538 contracts.
FORBES: FOCUS: Speculators Continue To Trim Gold, Silver, Platinum Bullish Exposure -CFTC
Other positives included a solid reduction in headcount of 9, 000, improving net interest margins and better-than-expected improvements in credit quality.
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Democrats led by Obama want to preserve the social safety net of entitlements and insist on including more tax revenue --especially from the wealthiest Americans -- in any deficit reduction package.
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