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TF Metals Report: Assessing the latest bank participation report

Section: Daily Dispatches

1:58a ET Tuesday, May 10, 2016

Dear Friend of GATA and Gold:

Conscientious as ever, the TF Metal's Report's Turd Ferguson today reviews the monthly Bank Participation Report of the U.S. Commodity Futures Trading Commission about positioning in the U.S. gold futures market, acknowledging that the report is likely full of deceptions if not outright lies but adding that it may have some value through historical comparison.

Your secretary/treasurer would add that in addition to the proven unreliability of the data as noted by Ferguson, the reporting banks may have offsetting and unreported positions in other markets and the positions reported to the CFTC may not even be the banks' own but effectively central bank positions and thus backed by infinite money or credit, the central bsnks' primary mechanism of destroying markets, a mechanism that cannot be examined by mainstream financial journalism or mainstream market commentary.

Indeed, for all anyone outside central banking knows today, central bank policy now may be to devalue currencies by pushing gold upward instead of downward as usual, and so an ever-enlarging short position in gold futures may be required by central banks to keep their revaluation of gold under control. In any case, no one who fails to take central bank trading into account knows anything worth knowing about the gold market. The gold market is first of all governments and central banks.

Ferguson's analysis is headlined "Assessing 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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