Tuesday, December 09, 2008 3:50:00 PM
That is one hell of a dominant position in gold futures on the COMEX held by so few entities. For a little context, the net short positioning of the big U.S. banks represents a net short positioning of just under 6.4 million ounces (just under 200 tonnes). As of December 4, there were 2,918,028 ounces classed as “Registered” in COMEX warehouses. So, these 3 U.S. banks were net short 218% of the amount of deliverable gold from ALL COMEX members which use the COMEX warehouses.
For silver, it’s even more startling. On December 2, as silver closed at $9.57, exactly 2 U.S. banks held a net short positioning of 24,555 contracts. The CFTC reports that as of the same date all traders classed as commercial held a net short positioning of 24,894 contracts. So, the 2 U.S. banks, with one particular Fed member bank probably holding almost all of it, held a sickening 98.64% of all the collective commercial net short positioning on the COMEX, division of NYMEX in New York.
http://www.resourceinvestor.com/pebble.asp?relid=48524
courtesy Bruce Thompson
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