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Ted Butler: BankAmerica suddenly becomes a big player in silver
By Ted Butler
Tuesday, April 13, 2021
Suddenly out of nowhere BankAmerica has emerged as a major participant in precious metals OTC derivatives.
This new fact is contained in the latest release of the Treasury Department's Office of the Comptroller of the Currency (OCC) Quarterly Derivatives Report for U.S. banks. The report covers derivatives contracts in the over the counter (OTC) market as opposed to exchange-traded options and COMEX gold and silver futures.
... Dispatch continues below ...
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The OCC quarterly report is delayed by three months, so the new report released on March 23 covers positions held as of Dec 31, 2020. (Scroll down to Table 9 near the bottom of each report). See:
https://www.occ.gov/publications-and-resources/publications/quarterly-re...
One constant in these quarterly reports is that JPMorgan has dominated OTC dealings in every category for as long as I can remember, including precious metals. However, the new report indicates that BankAmerica has now emerged as a major participant in precious metals OTC derivatives.
BankAmerica's position of $8.3 billion (as of Dec 31), has, essentially, come into existence since March 31, 2020, when it was under $175 million. What would account for the tremendous growth in BankAmerica’s OTC derivatives positions from March 31, 2020, to December 31, 2020? ...
... For the remainder of the report:
https://silverseek.com/article/new-piece-puzzle
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