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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 395.80+0.1%Dec 15 4:00 PM EST
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From: marcher8/14/2012 6:24:18 PM
1 Recommendation  Read Replies (4) of 218509
 
--platinum prices hit nearly their lowest level in 2012 yesterday, 8/13/12, and the platinum discount to gold ($230/oz.) hit a new record since 1985. According to the CFTC Bank Participation Report four U.S. banks (JP Morgan, et. al.) are short 14% of the total open interest in platinum futures. They have been playing the game that on any day the South Africa rand/U.S. dollar exchange rate moves in favor of the dollar, they take the platinum price down by an equal %. However on any day the rand strengthens, they prevent the platinum price from rising by selling aggressively into any rally. This has been the pattern since 8/2011. That game is reaching its logical conclusion however by the beginning of mine closures (two so far in 2012). A bankruptcy judge in the liquidation of commodity futures firm Sentinel confirmed that Bank of NY can take "segregated customer funds" that were pledged as collateral against loans. Any money backing a long platinum futures position, or any certificates representing physical ownership of a 50 oz. bar held at a NYMEX approved depository, reported on a futures position statement, is now subject to confiscation by a bankruptcy trustee. Thus, there are fewer options for those who wish to hold platinum or a financial exposure to a long position.--

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