CFTC: For the week ended Aug. 4, speculative net long positions on COMEX rose across base and precious metals — gold net longs increased 12,070 contracts to 132,398; silver net longs rose 2,679 contracts to 11,067; copper net longs rose 11,307 contracts to 77,796.

The U.S. Treasury said in the latest biweekly reporting period investment funds bought $54.391 bln of 2-year U.S. Treasuries maturing July 31, 2028, versus $53.459 bln in the prior month. Foreign investors bought $6.510 bln of the same issue, down from $6.942 bln a month earlier.

BofA strategists led by Michael Hartnett say investor bullishness has reached extreme levels and recommend trimming risk exposure. The bank’s bull‑bear index rose from 9.4 to 9.7, its highest since 2021. They attribute the optimism to broader equity gains, heavy inflows into high‑yield bonds and tighter credit spreads. The team favors defensive assets to shield portfolios from potential shocks to the economy, monetary policy and the AI cycle. Hartnett said: "We're still in a summer 'withdraw/rotate', not 'add back' stage." He advises reducing risk allocations or rotating into defensive assets, long‑duration bonds and the dollar.