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Are federally insured banks trading monetary metals derivatives for the government?
11:41a ET Monday, September 23, 2024
Dear Friend of GATA and Gold:
In their report today at Wall Street on Parade, Pam and Russ Martens marvel at the increasing amount of stock, foreign exchange, and derivatives trading that has been moved into federally insured banks by Wall Street megabanks, federally insured banks that hold most deposits for ordinary Americans.
The Martenses also marvel at the explosion of monetary metals derivatives trading by federally insured banks. They write:
"According to the most recent Office of the Comptroller of the Currency report, in the first quarter of 2024, federally-insured banks held $438.60 billion in precious metals contracts. That figure is at least 12 times greater than the amount the same banks held in precious metal contracts in any quarter from 2007 through 2018."
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If this trading in monetary metals and their derivatives is really trading by the government through intermediaries, to mask market intervention, rather than the proprietary trading of the banks themselves, how would the public know? Mainstream financial journalism never asks.
After all, why would banks get so involved with monetary metals derivatives -- risky stuff -- if they weren't just providing camouflage for the government or weren't otherwise enjoying some sort of government guarantee?
Indeed, if not for Wall Street on Parade, derivatives trading by federally insured banks might not be publicized at all.
The Martenses' report today is headlined "Wall Street Has Moved Vast Sums of Its Trading to Its Federally-Insured Banks" and can be found at Wall Street on Parade here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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