Precious Metals Monthly Bank Participation Report: February 2015
goldsilverworlds.com / February 8, 2015
The CFTC releases at the end of each month the futures positions in precious metals of the large banks. A detailed analysis was provided by Ed Steer in his latest newsletter (click here to subscribe), chart courtesy of Sharelynx.. The conclusion that stands out is that Scotiabank’s increasing monster short positions in both gold and silver (particularly silver) may put the bank in jeopardy at some point, unless they’ve got themselves covered in other markets like JPMorgan appears to have done in silver.
From Ed Steer’s daily gold and silver newsletter:
In gold, “3 or less” U.S. banks are net short 56,738 COMEX gold contracts, which is a monstrous blow-out from their 8,616 contract short position they held in the January BPR. In ounces it’s a 4.1 million ounce change for the worst. Since there are “3 or less” U.S. banks involved, the bulk of these short positions are held by HSBC USA and Citigroup. But as Ted mentioned in his comment in the COT Report, JPMorgan may actually hold a small short position in the COMEX gold market as well.
Also in gold, “21 or more” non-U.S. banks are net short 76,255 COMEX gold contracts. The prior month they were short 51,991 contracts. This is an increase of more than 24,000 contracts, or 2.4 million ounces held short from the January report. It’s my opinion that Canada’s Scotiabank holds about 40 percent of this amount all by itself, at least it did in January’s BPR, but that ratio may have decreased slightly in the February report, but not by much.
Here’s Nick Laird’s chart (courtesy of Sharelynx) showing those changes—and you have to go back a couple of years to see an uglier Bank Participation Report in gold than you’re looking at here. Note that the long positions in gold held by the U.S. and non-U.S. banks combined are the smallest they’ve been since early 2010—and the short positions of these same banks are the largest they’ve been since February 2013. Charts #4 and #5 are the two you should concentrate on.
The post Precious Metals Monthly Bank Participation Report: February 2015 appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/02/08/precious-metals-monthly-bank-participation-report-february-2015/
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