The Phaserl


Citigroup Just Cornered The “Precious Metals” Derivatives Market

[Ed. Note: We specifically touch on this new Citigroup precious metals derivatives position in my upcoming interview with Bill Holter, posting Sunday night.]

from Zero Hedge:

One week ago, when we scoured through the latest OCC quarterly derivative report (in which we find that the top FDIC insured 4 US banks continue to account for over 90%, or $185.5 trillion of all outstanding derivatives which as of March 31 amounted to $203 trillion; nothing new here), we found something fascinating: based on the OCC’s derivative update, JPM had literally cornered the commodity derivatives complex, when from “just” $226 billion in total Commodity exposure, JPM’s notional soared by 1,690% in one quarter to $4 trillion, or about 96% of total.

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