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TF Metals Report: The latest bank participation report
11:40a ET Monday, March 10, 2014
Dear Friend of GATA and Gold:
The TF Metals Report's Turd Ferguson today examines the gold futures trading data for major banks going back to the prehistoric era and finds the most important development to have been JPMorganChase's switch from short to long in gold, even as most other investment houses remain short.
Ferguson writes: "Clearly, the other 23 banks have a lot of ammo left to use to contain rallies. But the key to 2014 and beyond continues to be JPMorgan. What will they do with their net long position? Will they flip it back to net short? Will they stand for delivery? Will they [gasp] actually add to it on continued price strength? We'll see. The next few monthly bank participation reports will hold the clues."
Ferguson's analysis is headlined "The Latest Bank Participation Report" and it's posted at the TF Metals Report here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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