Just TWO Japanese Banks hold 94 % of the SHORT Gold Contracts on the TOCOM!

:eek: :confused:

Bank-------Short Contracts----Long Contracts----Net short GOLD contract position
Mitsui & Co., Ltd.----47,296------387----46,909
Sumitomo Corp.------40,973----4,126----36,847

Each contract is 100 ounces, so they are short a total of 89,077 contracts or 8,907,700 ounces. 1 ounce = 31.2 grams 1000 grams = 1 kilogram. 1000 kilograms = 1 metric ton. ((8,907,700 X 31.2)1000)1000 = 277.92024 Metric TONS of Gold = short!

Here’s what is WRONG with this picture! The world production is about 2550 metric tons/year, which means that just these two Japanese Banks are short 10.89% of one year’s production!

Of course this is an isolated short? RRRIGHT, let’s get real how about the monster shorts of JPM and GS? Could it be that the total of all shorts everywhere equal more than a years worth of production?

http://www.tocom.or.jp/kan_toku/kan_toku_au_e.html

[G-khan]

My first thought about this was and still is - they are putting all the shorts into banks that are already insolvent. They are doing this to default when the time comes and hide and protect the real people who are shorting. When the shorts get called in you watch these banks will go under and say they can't pay and will never have to cover.............

[Uncle]

Daily Price Fluctuation Limit

Standard Price1, Price Limit

Less than JPY 1,100, JPY 30 per gram

JPY 1,100 - JPY 1,599, JPY 40 per gram

JPY 1,600 - JPY 2,099, JPY 50 per gram

JPY 2,100 and over, JPY 60 per gram

Current limit, Gold All JPY 40


http://www.tocom.or.jp/guide/mannt1_e.html

If my math isn't wrong then the limit move is about $9US.
(+/-)(1 ounce = 30 gram, JPY40=30 US cents, $0.3US*30=$9)

Would be nice to push them via COMEX !!!

Golden Regards
Uncle