Bullion Bank repositioning continues
News
|
Posted 31/07/2013
|
5552
It’s been a week where JP Morgan are before an enquiry over their alleged manipulation of the US Power market and expressed their intentions of getting out of their physical commodities business (except precious metals!) altogether. Its also a week that has seen the Big 4 bullion banks’ net long position in gold at its highest ever level at 32.4%. JPM are the more notorious of these and famous analyst Ted Butler has made the strong call that JPM are 8.5m oz ($12.5b) of the 14.9m oz net long futures and nearly a (all time high) quarter of the entire COMEX open interest. That they are long (betting on an increase in price) and can yield such power in the very market they may have suppressed looks to bode well for substantial price gains.