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Ted Butler: Another stunning OCC report shows something strange in silver
11:12p ET Monday, March 29, 2022
Dear Friend of GATA and Gold:
In analysis posted today at Goldseek, silver market analyst Ted Butler reports "stunning" changes in the monetary metals derivatives positions of U.S. banks as compiled by the U.S. Office of the Comptroller of the Currency.
The report, Butler writes, "indicates another sharp increase in the precious metals derivatives holdings of Bank of America. In addition, the total amount of precious metals derivatives held by all U.S. banks reached record levels, despite prices not being at record levels. Perhaps most notable of all is that the current report indicates a remarkable change in the composition of holdings by the four largest U.S. banks."
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Silver, Butler writes, has by far the largest derivatives position of any commodity. Indeed, Butler contends, silver is so cheap precisely because the derivatives position in the metal is so large.
"There's no possible legitimate explanation for why a handful of banks would hold such a massively large derivatives position in one commodity -- silver -- and not in any other commodity," Butler continues.
"Otherwise such an explanation would be given. Instead, the regulators, both the Office of the Comptroller of the Currency and the Commodity Futures Trading Commission, continue to publish data that indicates that something is very wrong in silver, without the slightest attempt to take the necessary next step of comprehending what their data mean."
But maybe an explanation can be found in the Central Bank Incentive Program of CME Group, operator of the major U.S. futures exchanges, a program that gives volume trading discounts to governments and central banks for trading, through masking intermediaries, all futures contracts on CME Group Exchanges:
Maybe there is more explanation in the CFTC's repeated refusal to answer, even for a member of Congress, whether the commission's jurisdiction extends to manipulative trading undertaken by or at the behest of the U.S. government, trading long fully authorized by the Gold Reserve Act of 1934:
Surreptitious trading by the U.S. government, an entity with access to infinite money, surely would explain a lot of anomalies in futures pricing and indeed in the world financial system.
Butler's analysis is headlined "Another Stunning OCC Report" and it's posted at GoldSeek here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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