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TF Metals Report: Not a good time to be short gold
6:31p ET Thursday, April 8, 2013
Dear Friend of GATA and Gold:
Turd Ferguson of the TF Metals Report tonight comprehensively reviews the major recent developments in the gold futures markets and concludes:
-- GOFO rates in London have been more negative only for one time and for just one day in recorded history, at least as far back as I can look.
-- JPMorgan suddenly decided to claim for themselves 82 percent of all July Comex silver deliveries and has so far taken 69 percent of all August gold.
-- Registered and total gold stocks on the Comex are at the lowest level since at least 2005.
-- Oddly, JPM has "borrowed" gold from two other bullion banks each of the past two days.
-- GLD has been raided for nearly a third of its inventory over the past seven months. All the while, the comparable silver ETF, SLV, has actually seen its inventory increase.
-- Market expert Ted Butler shows that, over the past eight months, JPMorgan has methodically flipped a 50,000 contract net short position to an 85,000 net long position.
As a result, Ferguson is not short.
His commentary is headlined "More JPM Hoarding Gold" and it's posted at the TF Metals Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
All Pro Gold's Fred Goldstein and Tim Murphy
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