Finansiella Insikter

Kanske kommer ni ihåg artikeln i Financial Times nyligen där tidningen citerade en källa som påstod att JP Morgan reducerat sina gigantiska korta silverpositioner. Många menade att det skulle krävas ett mycket högre pris än 30 dollar för att JP Morgan skulle kunna genomföra något sådant.

Nu kanske vi fått svaret på hur JP Morgan lyckats trots allt och varför man medvetet valde att läcka information till FT. Adrian Douglas från GATA har nämligen studerat information över korta positioner och har noterat att korta positioner i silver (och guld) bland amerikanska banker har minskat de senaste månaderna medan icke-amerikanska banker, som inte står under CFTCs kontroll, har kraftigt ökat sina korta positioner.

Kan det vara så att den kartell av banker och centralbanker som manipulerat priset på guld och silver under alla dessa år har sett till att flytta korta positioner från amerikanska banker, där de inom en mycket snar framtid kommer att omfattas av nya regler för storleken på korta positioner, till en utländsk bank som inte kommer att omfattas av dessa regler, vilket innebär att man kan fortsätta att manipulera priset.

I forum på nätet diskuteras det bl a att den (eller de) utländska banker som får agera gömställe för alla dessa korta positioner, som förr eller senare kommer att generera astronomiska förluster när den fysiska marknaden tar över, kanske till och med ägs indirekt av ingen annan än Federal Reserve. Ingen annan skulle vilja ta emot dessa korta positioner, med tanke på vad som väntar. Om man påminner sig om hur korrupt hela det finansiella systemet är så skulle det dock inte förvåna mig det minsta.

En sak är dock säker, vi bevittnar något som det kommer att skrivas om i historieböckerna. Förhoppningsvis kommer dessa böcker att återge sanningen, men det är dock tyvärr långt ifrån lika säkert.

Nedan finner ni Adrian Douglas brev till Bart Chilton på CFTC för att göra honom uppmärksam på vad som håller på att ske. Läsning rekommenderas starkt.

Letter To CFTC Commissioner Chilton On Trends In Bullion Bank Gold and Silver Short Positions

 

TO: Bart Chilton, Commissioner of the CFTC
From: Adrian Douglas, Director of GATA
Date: Dec 13, 2010

I would like to bring to your attention some very disturbing trends in the BPR before your meeting on December 16th regarding position limits.

In figure 1 below I have charted the silver short position of the US banks (blue line) and the non-US banks (green line and right hand scale) and all reporting banks, US + Non US (red line)

Figure 1

Looking at the trend of the US Bank silver short position it shows that it peaked at the end of 2009 and has been on a declining trend as shown by the blue arrow. At the same time the short position of non-US banks has been declining as shown by the dashed green arrow. But look what has happened since July 2010. There has been a massive increase in the short position of non-US banks. It has increased almost 1000% from 614 contracts in July to 6,329 contracts in December (delta + 5,715). This increase is so large it has more than offset the decline in the short position of the US banks over the same period which has reduced from 31,803 contracts to 26,332 contracts (delta -5,471 contracts). The combined US and Non-US bank short position is shown by the red line and this is now on an increasing trend as shown by the red arrow.

Which non-US bank(s) has increased its short position in silver so massively? What is that entity’s relationship to the US Bank mega-shorts, JPMorgan and HSBC? I know you can’t answer those questions publicly but these are questions the CFTC should be looking into. It looks suspiciously like the US Bank silver short position is being shifted to a bank or banks that are out of the jurisdiction of the CFTC. To further add to my suspicions the Financial Times has out-of-the-blue published an article that declares that JPMorgan is reducing its silver short position on the Comex.

http://www.ft.com/cms/s/0/7d699ca4-06ea-11e0-8c29-00144feabdc0.html#axzz1834JpsKS

That is impeccable timing don’t you think? And this newspaper has never once mentioned that JPMorgan Chase even holds a massive short position in silver but now confidently declares it is reducing it!

But the irrational exuberance of non-US Banks to suddenly massively short precious metals is not limited to the silver market. They have felt a similar compunction with respect to gold also.

Figure 2

Figure 2 shows the gold short position of the US banks (blue line) and the non-US banks (green line and right hand scale) and all reporting banks, US + Non US (red line). The blue arrow indicates that the US bank gold short position appears to have peaked in July 2010 and has declined from 161,378 contracts to 135,602 contracts (delta -25,776 contracts). However, we see that non-US banks after having been gradually reducing their short position from March 2009 suddenly in July 2010 aggressively increased their short position by more than 200% from 16,798 contracts to 53,120 contracts (delta +36,322). This more than offset by 40% the reduction in the short position of the US banks. As a consequence the short position of all reporting banks (US and Non-US) is now on an increasing trend as indicated by the red arrow.

Again I urge the CFTC to investigate which non-US bank(s) has increased its short position in gold so massively? What is that entity’s relationship to the US Bank mega-shorts, JPMorgan and HSBC?

A review of historical data indicates that non-US banks have not been major participants in the precious metals markets and have generally held fairly balanced positions between short and long holdings. The sudden and massive increase in their short positions in both metals is conspicuous when compared with historical trading patterns. The fact that it occurs at a time when the US banks that are mega-short appear to be covering makes it doubly intriguing. It looks like a strategy to shift suppression and manipulation of the market to banks that are not under the direct supervision of the CFTC. Will these non-US banks be expecting to receive an exemption to position limits where US banks might not be successful?

I consider that these trading patterns warrant investigation by the CFTC.

Best regards,

Adrian Douglas

Related posts:

1. Hur skall JP Morgan kunna komma ur sina korta positioner i silver?
2. Hedgar JP Morgan sina gigantiska korta silver positioner med koppar?
3. FT uppger att JP Morgan i det tysta minskat sina korta positioner i silver, inget annat än desperat PR-trick från JPM
4. Banker försöker inte ens dölja att finansmarknaden är riggad
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