Both letters allowed the firms, which did not qualify for hedging exemptions, to exceed speculative position limits without reprisal from the CFTC.

这两封信函允许这些无套保豁免资格的公司超过投机头寸限制，而不受CFTC的处罚。

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For both reports, this is the highest the speculative position has reached since Oct. 23.

FORBES: Focus: Speculators Continue To Favor PGM Futures, Options; Modest Interest In Gold -- CFTC

Barclays Capital said the rise in the speculative position comes on a combination of new longs and short covering activity.

FORBES: FOCUS: Speculators Mostly Return As Buyers To Metals -- CFTC Data

If worries about Cyprus increase, this could give gold a serious boost, especially given the speculative position in the futures market, Teves said.

FORBES: FOCUS: European Gold Demand Firm, But Hasn't Seen A Sharp Rise On Cyprus Worries