Bank Participation Report For July

Tue, Aug 11, 2015 - 12:13pm

Again, ole Turd doesn't put too much stock in these reports as they are based upon "scout's honor" reporting from The Banks and JPM has already been fined for repeatedly submitting false information. So, FWIW....

Before we begin, the usual background:

  • The CFTC's Bank Participation Report is issued monthly from a survey taken at the Comex close on the first Tuesday of every month. The report summarizes the combined positions of the four largest U.S. banks (primarily JPM, MorganStanley, Citi, Goldman but occasionally others) and the twenty largest non-U.S. banks (Scotia, HSBC, DeutscheBank, UBS, Barclays and others).
  • These reports might be utter nonsense and complete falsifications, designed to mislead you and get you leaning the wrong way. Just last year, JPMorgan was fined by the CFTC for "repeatedly submitting inaccurate reports relating to the required reporting of positions". See here:

I will leave it up to you, dear reader, to assign or withhold legitimacy to/from the data. My job is simply to report to you on what the data shows. This month, instead of simply reviewing all of the numerical changes, let's have some fun and see if we can determine just how fat those Bank prop desk bonus pools are getting. The latest "survey" was taken last Tuesday and here's what it showed when the CFTC released the report back on Friday:

As of Tuesday August 5, with price at $1091 and OI at 434273

US Banks 8997 long. 39347 short. NET -30350

NON US Banks 35915 long. 44093 short. NET -8178

TOTAL NET -38528


Back on July 7 with price at $1153 and OI at 452145

US Banks 7278 long. 43703 short. NET -36425

NON US Banks 36556 long. 62571 short. NET -26015

TOTAL NET -62440


And for perspective of why I repeatedly tell you that The Banks ALWAYS win:

Back on Feb 3 with price at $1260 and OI at 419524 and the Large Specs NET LONG 185015 and the Small Specs NET LONG 18000

US Banks 9163 long. 65901 short. NET -56738

NON US Banks 20009 long. 96264 short. NET -76255

TOTAL NET - 132993

The report in February was particularly egregious as "The Gold Commercials" had just been caught creating and adding over 56,000 new naked shorts over the previous two weeks alone as they were desperate to cap the rally that had begun in January. See this: You should also listen to this podcast from 1/30/15. Start at the 15:00 mark and listen to the rest:


So, price falls $170 or 13.5% in six months. Over this period, The 24 Banks reduce their NET short position by 94,465 contracts.

Over those six months, the four US Banks actually reduced the number of longs by 166 contracts while covering 26,554 shorts. It's impossible to know for sure but let's make a conservative guess...If you figure they made $100 on average on each covered short, The US Banks booked profits of $265MM.

Over those same six months, the twenty Non-US Banks have actually added 15,906 longs. They've been buying while the paper-trading Specs have been selling. Additionally, these 20 Banks have covered 52,171 shorts. Using the same guesswork math as above, these 20 Bank desks have booked profits of $521MM.

Again, these are just guesses. The realized gains over the past six months of lower prices could be less. They could also be more...maybe as much as $1,000,000,000.

It's good work if you can get it and this year's Holiday Party is going to include all of the vodka, hookers and blow The Monkeys can handle. It's also why The Banks will defend and protect their Cash Cow to the last available ounce.


About the Author

turd [at] tfmetalsreport [dot] com ()


Aug 11, 2015 - 12:20pm

Whoohoo! First

wow, I'm sad already. That didn't last long.

Aug 11, 2015 - 12:25pm

And whoo....second

Second feel worse than first.

Mr. Fix
Aug 11, 2015 - 12:30pm


Third feels just fine to me.

Aug 11, 2015 - 12:42pm

On Holiday

But Still Got My 4th Keep Stacking

Aug 11, 2015 - 12:55pm

Congratz Marchas

How's the brown water?!??!

Safety Dan
Aug 11, 2015 - 8:51pm

Families Of 9/11 Victims On

Families Of 9/11 Victims On Verge Of Proving Government Cover-Up In Court

Submitted by Tyler Durden on 08/11/2015 - 19:30

For many years, rumors have circulated regarding the U.S. government’s involvement in an active cover-up of a sinister connection between Saudi Arabia and the terrorist attacks of 9/11. Now, thanks to a federal lawsuit in a Manhattan court, there may be a light at the end of the tunnel.

I still want to know where the gold went.

Safety Dan
Aug 12, 2015 - 5:57am

Banks Stealing Money Per Ben Fulford

Ben Fulford, 2015.08.12: More arrests needed as Western megabanks are stealing

Video unavailable

More arrests needed as Western megabanks are now stealing depositors’ money

Safety Dan
Aug 12, 2015 - 6:31am

The FBI Considers the IRS and

The FBI Considers the IRS and DOJ, Domestic Terrorists

August 11, 2015 Now that's heavy stuff

Eventually it was bound to happen. The ever increasing ambiguous laws that allow the government to prosecute, or worse, simply negate all Constitutional protections of its citizens would come back to hang them. In an unusual circumstance, what is essentially one party in D.C. when it comes to matters of covering up governmental criminality, has split into a two party system. Specifically, a sect of the Republican party known as Tea Partiers pushed unrelentingly to expose the criminality acted upon members of its own tribe by various government agencies.

The Tea Party was formed by a group of individuals around the country who wanted to get back to the ideals of the Constitution i.e freedom. But the Constitution is kryptonite to the system. And so those who organize to promote the Constitution were targeted by the highest levels of government. What better weapon to attack those whose intention is to defend the Constitution than an unconstitutional agency that has essentially unquestioned authority. After all it is always unclear who watches the watchman. Well in this particular case, the FBI and DOJ would seem to have jurisdiction over actions consistent with those of the IRS.

Under the FBI’s own definition of a ‘Domestic Terrorist’ one MUST consider the IRS to be a terrorist organization as evidenced by the very recent discoveries surrounding the IRS’s own actions.

“Domestic terrorism” means activities with the following three characteristics:

  • Involve acts dangerous to human life that violate federal or state law;
  • Appear intended (i) to intimidate or coerce a civilian population; (ii) to influence the policy of a government by intimidation or coercion; or (iii) to affect the conduct of a government by mass destruction, assassination. or kidnapping; and
  • Occur primarily within the territorial jurisdiction of the U.S. …”

While the first characteristic seems to imply violence is necessary it should be noted that under the FBI’s definition of ‘International Terrorism’ they explicitly include ‘Violent acts’ within the definition.

“International terrorism” means activities with the following three characteristics:

  • Involve violent acts or acts dangerous to human life that violate federal or state law;
  • Appear to be intended (i) to intimidate or coerce a civilian population; (ii) to influence the policy of a government by intimidation or coercion; or (iii) to affect the conduct of a government by mass destruction, assassination, or kidnapping; and
  • Occur primarily outside the territorial jurisdiction of the U.S., or transcend national boundaries in terms of the means by which they are accomplished, the persons they appear intended to intimidate or coerce, or the locale in which their perpetrators operate or seek asylum.*

The distinction of violence within the international but not domestic definition is surely not an oversight. But by doing so it leaves open the opportunity to define a non violent act to be construed as indirectly dangerous to human life (e.g. Snowden’s actions). But certainly wrongfully putting someone inside a federal prison for tax evasion would be considered dangerous to human life. According to the following revelations through emails obtained via court orders by Judicial Watch (a nonpartisan government watchdog), that is exactly what the IRS, DOJ and FBI were conspiring to do.

“These new documents show that the Obama IRS scandal is also an Obama DOJ and FBI scandal,” said Judicial Watch President Tom Fitton. “The FBI and Justice Department worked with Lois Lerner and the IRS to concoct some reason to put President Obama’s opponents in jail before his reelection. And this abuse resulted in the FBI’s illegally obtaining confidential taxpayer information. How can the Justice Department and FBI investigate the very scandal in which they are implicated?”

On April 16, 2014, Judicial Watch forced the IRS to release documents revealing for the first time that Lerner communicated with the DOJ in May 2013 about whether it was possible to launch criminal prosecutions against targeted tax-exempt entities. The documents were obtained due to court order in an October 2013 Judicial Watch FOIA lawsuit filed against the IRS.

Those documents contained an email exchange between Lerner and Nikole C. Flax, then-chief of staff to then-Acting IRS Commissioner Steven T. Miller discussing plans to work with the DOJ to prosecute nonprofit groups that “lied” (Lerner’s quotation marks) about political activities…”

But it begs the question then again, if the DOJ and FBI are also implicated in the domestic terrorism (according to the FBI’s own definition) who is left to prosecute?

Well it is we the people. It shouldn’t matter if you are Democrat or Republi

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