Bank Participation Rate: Something Happening?Taken from
Ed Steer's Gold and Silver Daily Report:
....."the monthly Bank Participation Report strips out the Comex futures positions of all the banks [both U.S. and foreign] and for that one Tuesday every month we get to see how dominant the U.S. banks really are in all four precious metals."
There were big declines by all banks in the short positions in all four precious metals in the December report. The exception was gold, where the 'Big 4' U.S. banks [read JPMorgan Chase] have been net long the Comex futures market for over six months.
As always, this Bank Participation Report shows the total domination of the precious metal markets by JPMorgan Chase and a couple of other bullion banks as "also rans".
But the other thing that this particular BPR shows is that the bullion banks individually, and also as a group, are getting out of their Comex short positions in all four precious metals just as fast as they can. What do they know that we don't, at least not yet.
https://www.caseyresearch.com/gsd
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From
The Street: Saturday, December 7:
Today in Gold and Silver
…..JPMorgan Chase has stood for delivery on over 95% of the gold and silver contracts in the first six days of the December delivery month.
https://www.thestreet.com/story/12141737/1/saturday-december-7-today-in-gold-and-silver.html
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From T. Ferguson on
TF Metals Report:
JP Morgan is starting to take large delivery of physical gold.
And what do we have so far? Wednesday alone was breathtaking. There were 2,472 deliveries announced. Of the 2,472, the JPM House account stopped (took delivery) of 2,389 or 96.6%. This brings the total for the first five days of the month to:
Total Deliveries:
3,558
Total Stopped by JPM:
3,400 or 95.6%
Total Issued (thus far) by HSBC: 2,216
Total Issued (thus far) by Scotia: 787
https://www.tfmetalsreport.com/blog/5304/qed-ii