by Turd Ferguson, TF Metals Report:
As you know, the CFTC-generated Bank Participation Report contains the evidence that the U.S. banks or, more likely a single U.S. bank, have “cornered” the Comex gold futures market. The latest BPR came out last Friday and it confirms that this condition still exists.
First, a refresher….What the heck is the “Bank Participation Report” anyway? It’s a summary report issued by the CFTC, usually on the Friday following the first Tuesday of every month. As with all CFTC data, it is deliberately opaque in that individual firms are not specified. Instead, the report aggregates the positions of the four largest U.S. banks and the twenty largest non-U.S. banks.
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