Good question John Risk."And who is going to decide whether...

Good question John Risk.

"And who is going to decide whether short precious metals positions wont benefit their customers?"

That is what is being hammered out at the moment. You are right in judging that intent behind transaction is very difficult to define and document.

From what I am hearing, the OCC is being heavy handed in its definitions and catching transactions that might reasonably be required for risk management. There is an empasse, and I suspect Thursday's meeting might have been an high level attempt to find grounds for some compromise. I don't like the bank's chances. They supported Romney big time last year, and Obama owes them nothing.

Cheers