from TF Metals Report:
We knew that this week’s CoT was going to be interesting but I didn’t expect it to leave me speechless.
Look, I know I’ve been banging this drum for months and all the metals have done is go down. Got it. I read you loud and clear. But we’re talking big picture, positioning stuff here. I am 100% firm in my belief that QE∞ caught the bullion banks with their pants down. All of the price action since 9/13/12 has been designed to alleviate the gigantic financial risk and potential liability of being short paper metal. By smashing price, against the fundamentals, from $1800 to $1350 and from $35 to $22, The Cartel Banks have accomplished two things:
- They’ve been able to transfer the vast majority of their potential liability from themselves to the speculator sector (hedge funds, managed money, small investors).
- And now, instead of being trapped short, they are a in position to profit from the inevitable explosion in price.
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