...Perhaps a significant "Rumble in the Jungle" comex round tonight. Or maybe just a Tyson roundhouse, when asked what was his best punch "...Robin Givens, she bounced off 3 walls..."
...IMO, Banks will try to reverse this trend that is rapidly deleveraging their ponzi as they must be desperate to protect their established NET short positions from any further & additional paper losses. The CFTC monthly Bank Participation Report...December 1 '15, gold was $1060 & the 24 Banks covered by this report were NET short just 30,757 Comex contracts, they ran this short position all the way to 195,262 contracts on May 3, '16. The June Report, NET short showed 133,396 contracts. Data for the latest surveyed report on June 7, with gold $1247 & a total Comex Open Interest of 496,330 contracts...
...Tuesday last, 2 days pre Brexit vote, gold rose to $1318, was then knocked back to $1270. But the total Comex OI had risen to 571,517 & utilising the latest CoT Report, one can reasonably estimate The Banks were then likely to be in a total NET short of at least 180,000 contracts... (maybe more)
...As gold rose from $1060 to $1270, since Dec then, the 24 Banks look to have added around 150,000 to the NET short liability of their Comex operations.With every contract at 100 ounces of paper gold, paper losses to these Banks for every $10 move in gold price amounts to about $180,000,000. Multiply that out when gold was up nearly $100 early Friday, the 24 Banks were on the wrong side of a $1,800,000,000 (1.8 b) move. Even for JPM et al, that's a lot of filthy fiat to be down on the day...
...So, what did they do? Like any arrogant & addicted gambler, they doubled-down!, putting "good money after bad" & in doing so, must certainly have increased their NET short position to perhaps nearly 250,000! Just in order to suppress & get price back to their control & allowing them to partially control the message gold was sending. Imagine the headlines if gold was up $200 Friday? By slamming the gains to just $50, they hope to:
Manage the increased physical demand interest these higher prices are causing
Try to mitigate their paper losses. The new shorts lowered price by nearly $50 to all but cut their one-day paper losses in half.
... Last trading day of the June delivery month tonight, so might be interesting to see who is left lying on the carpet kicking their heels, rolling eyes & drumming their dribbling lips with their fingers... Me, who's all into physical, some proven producers plus a couple of spec explorers just to play with... or the Banksters...
...Pleased & confident to say it won't be me, they may have bigger pockets but not bottomless, whereas I have the time....If not this month, then the next or the one after, so I'm easy waiting, for the paper ponzi demise is written (I just wrote it) & as assured as today is Monday...
...Bit of more bad news for Wall St, the EU has garnered the global supply of adult diapers Saturday, so none left. Aren't markets wonderful, supply & demand, first in etc...
