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Gene Arensberg: U.S. banks buy gold futures in dramatic position change
2:46p ET Tuesday, May 14, 2013
Dear Friend of GATA and Gold:
Big U.S. investment banks have reduced their net short position in gold to the lowest level since 2008, the Got Gold Report's Gene Arensberg reports today.
Arensberg writes: "In just one month, as gold fell a net $123.45 or 7.8 percent (from $1,575.67 on April 2 to $1,452.22 on May 7), U.S. banks covered or offset 60 percent of their net short bets on gold, down to an extremely small 16,781 contracts net short. We have to go all the way back to the June 3, 2008, bank participation report to find a time when the U.S. banks, including bullion banks, showed a lower number of net short bets held."
The implication is that the gold futures price smashdown is over.
Arensberg's commentary is headlined "U.S. Banks Buy Gold Futures in Dramatic Position Change" and it's posted at the Got Gold Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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