from TF Metals Report:
The price of gold has rallied to begin the year. With today’s move UP through the 100-day moving average, price is now nearly $100 off of the lows of 12/31/13. Through January, you had to wonder which firms were buying and which were selling. With the release of the latest Bank Participation Report, we now have some idea.
First, some background. Recall that this monthly report aggregates the positions of the four largest U.S. banks and the twenty largest non-U.S. banks. In the “U.S.” category, this report always includes JPMorgan. The other three firms vary but often include the likes of Citi and MorganStanley. Firms included in the “non-U.S.” category are HSBC, The Scoshe, DoucheBank, UnlimitedBS, Barclays and others.
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