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- Butler Notes Huge Rise in Banks’ Metals Derivatives Positions, but Whose Are They Really?
Butler Notes Huge Rise in Banks’ Metals Derivatives Positions, but Whose Are They Really?
by Chris Powell GATA.org
Dear Friend of GATA and Gold (and Silver):
Market analyst Ted Butler today reports “stunning” increases in the monetary metals derivatives positions of JPMorganChase Bank and Bank of America and expresses concern that the latter bank could get in trouble with its derivatives insofar it is “inexperienced” in this market.
But what if the huge monetary metals derivatives positions attributed to these banks are not really the banks’ own positions at all? What if they are really U.S. government positions, with the banks acting as brokers?