The Phaserl


Bank Participation Report For July

from TF Metals Report:

Again, ole Turd doesn’t put too much stock in these reports as they are based upon “scout’s honor” reporting from The Banks and JPM has already been fined for repeatedly submitting false information. So, FWIW….

Before we begin, the usual background:

The CFTC’s Bank Participation Report is issued monthly from a survey taken at the Comex close on the first Tuesday of every month. The report summarizes the combined positions of the four largest U.S. banks (primarily JPM, MorganStanley, Citi, Goldman but occasionally others) and the twenty largest non-U.S. banks (Scotia, HSBC, DeutscheBank, UBS, Barclays and others).

These reports might be utter nonsense and complete falsifications, designed to mislead you and get you leaning the wrong way. Just last year, JPMorgan was fined by the CFTC for “repeatedly submitting inaccurate reports relating to the required reporting of positions”. See here:

I will leave it up to you, dear reader, to assign or withhold legitimacy to/from the data. My job is simply to report to you on what the data shows. This month, instead of simply reviewing all of the numerical changes, let’s have some fun and see if we can determine just how fat those Bank prop desk bonus pools are getting. The latest “survey” was taken last Tuesday and here’s what it showed when the CFTC released the report back on Friday:

As of Tuesday August 5, with price at $1091 and OI at 434273

US Banks 8997 long. 39347 short. NET -30350

NON US Banks 35915 long. 44093 short. NET -8178

TOTAL NET -38528

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