UPDATE 2nd July: Please see this post for a correction to some of the statements I made below, it is unlikely that total precious metal derivatives have declined.

Yes, you heard that right, the US Office of the Comptroller of the Currency’s (OCC) latest quarterly report show a reduction in total precious metal derivatives from $106,293 million to $75,620 million. This is at odds with Zero Hedge’s post first, ask questions later approach where they say that there was a *“237% increase in the total amount of precious metals (which include gold) contracts in the quarter”*.

Zero Hedge get their percentage from a graph from the report (see below) that does show a big jump. However, if you look more deeply into the Table 9 figures they also featured, it becomes clear that the chart is most likely a mistake.

In the picture below I have drawn lines from the tables to the chart, to show where the chart is getting its figures from. For Q1 2015 you can see with the green lines which Precious Metals figures from Table 9 their chartist has used. Note that in the Q1 2015 report this table refers to the total of gold AND the other precious metals.

For Q4 2014 you can see with the red lines that the chartist has used the figures from the column named “Precious Metals”, mistakenly thinking that because this column has the same name as those from the Q1 table, that the figures refer to the same thing. This is not correct, as the Q4 Table 9’s “Precious Metals” means the other white metals only.

A true apples with apples comparison would add up both the gold and precious metals figures (see purple circles) from Q4 2014 . If you do this you get a total precious metal derivative notional amount of $106,293 million for Q4, which declined 29% to $75,620 million in Q1. Such a decline doesn’t make for much of a meme that the OCC is trying to hide a radical increase in gold derivatives.

Indeed, if you take the last twenty years or so of OCC gold derivative figures and eliminate the effect of changing metal prices to convert them into notional tonnes to see what has really been going on in the gold market, you get a chart like the one below.

You may be surprised to see this chart showing a very dramatic **decrease** in bank gold derivative activity, as the impression most gold commentators give is that gold speculative derivative activity by banks is huge and increasing. A fair part of that decrease is the result of miners reducing their hedging (see here for a comparison of the miner hedge book versus OCC derivatives over time).

It is unfortunate that the OCC has decided to lump gold in with the other precious metals as it means we will no longer be able to estimate the notional tonnage of gold derivatives with any accuracy – yet another blow to transparency in the gold market. But whatever the reason for the change, it certainly isn’t an attempt to hide any massive increase in gold derivatives.

Pingback: CFTC Votes 3-2 to Approve New Limits on Commodity Speculation - Page 2 - Precious Metals Forum()

Pingback: Precious Metal Derivatives Decline 29% « Financial Survival Network()

Pingback: The Doom Collective » Precious Metal Derivatives Decline 29%()

Pingback: Why Did Citigroup Just Corner The "Precious Metals" Derivatives Market | Timber Exec()

Pingback: Citigroup Just Cornered The “Precious Metals” Derivatives Market | Christian Patriots()

Pingback: Why Did Citigroup Just Corner The "Precious Metals" Derivatives Market | What I An Reading()

Pingback: Citigroup Just Cornered The "Precious Metals" Derivatives Market | ZombieMarketsDevelopment()

Pingback: blogs.du-coin.fr » Citigroup Prend une Position Dominante sur les Produits Dérivés de Métaux Précieux – Zero Hedge()

Pingback: July 6/Greece votes no/ECB raises haircut on Greek collateral which will cause chaos in the Greek banking sector/FRBNY ships 10.1 tonne of gold from its vault overseas/no doubt that this gold is being repatriated to Germany/All bourses trade southbound/PO()

Pingback: Citigroup Just Cornered The “Precious Metals” Derivatives Market | DAVE&CHAD.COM()

Pingback: 75757a5sd5f7sdf6s5a7()

Pingback: mxdgecn5tbbn7w4bvt7xwn3554c5yt()

Pingback: tacfit commando()

Pingback: aile hekimligi malzemeleri()

Pingback: Pet shipment()

Pingback: guitar picks()

Pingback: private proxies()

Pingback: dave@redsglobal.com()

Pingback: Best buy cell phone accessories()

Pingback: vape pen()

Pingback: banheira()

Pingback: porno()

Pingback: click to find out more()

Pingback: see post()

Pingback: movie2k()

Pingback: paintless dent repair training()

Pingback: Brand Bangla Eshop()

Pingback: how to become a book writer()

Pingback: Wiki links()

Pingback: kendra sunderland porn development()

Pingback: poker()

Pingback: Animation()

Pingback: Website()

Pingback: sewer line repair circle C()

Pingback: ship dog()

Pingback: movietube()

Pingback: Descargar Mp3()

Pingback: singapore event company()

Pingback: Jasa Tukang Taman()

Pingback: man cave()

Pingback: Microcapmagazine()

Pingback: movietube()

Pingback: joules childrens clothes()

Pingback: seat gap cathcer()

Pingback: exercise()

Pingback: diabetes()

Pingback: Cash 4 Clothes()

Pingback: xnxx()

Pingback: hcg injections()

Pingback: games()

Pingback: punta cana kid friendly all inclusives()

Pingback: العاب تلبيس()

Pingback: landscape design Canberra()

Pingback: Law Office of Peter Castellana()

Pingback: www.rosengard.tv()

Pingback: http://zombiediary2hackandcheats.com/()

Pingback: australias worst bank()

Pingback: Thai Porn()

Pingback: horse sitter()

Pingback: roasting pan ribs()

Pingback: cerrajeros baratos san juan()

Pingback: The 2-Minute Rule for most expensive jewelry()

Pingback: Five Predictions on most expensive jewelry in 2010()

Pingback: tarifas mï¿½s seguras()

Pingback: one year bullshit fraud investigations()

Pingback: chwilï¿½wki online()

Pingback: porno()

Pingback: Desi Photographer()

Pingback: personal trainer()

Pingback: Chennai Startups()

Pingback: SILVER SPRING green cleaning service()

Pingback: lovetts lovin pet & home care()

Pingback: Render()

Pingback: porno()

Pingback: forskolin reviews consumer reports()

Pingback: chengdu panda tour()

Pingback: krimwakdoyok()

Pingback: hentai manga()

Pingback: garden()

Pingback: clash of royale()

Pingback: neuken()

Pingback: getresponse()

Pingback: aweber communications()

Pingback: porno()

Pingback: uk proxies list()

Pingback: mexican jokes()

Pingback: clash royale()

Pingback: Get More Info()

Pingback: bowtie()

Pingback: airport porn()

Pingback: porno espaï¿½o()

Pingback: printingvip.com()

Pingback: Quicken Loans Login()

Pingback: starflash.aguide.win()

Pingback: nagrody()

Pingback: android game cheat apk()

Pingback: jewelry stores tulsa()

Pingback: blogswsj()

Pingback: app development()

Pingback: Singorama()

Pingback: verhuisservice den haag()

Pingback: edarling()

Pingback: organic seo()

Pingback: sweetcollegegirls.lasab.pw()

Pingback: shredders()

Pingback: eca servisi()

Pingback: https://wawoosh.com.au()

Pingback: Pokers Deals()

Pingback: Sigelei T150 Touch Screen Mod()

Pingback: mother's day()

Pingback: gayeyes.fehrdata.win()

Pingback: twitter bot()

Pingback: allandale plumber()

Pingback: Tms upper east side()

Pingback: barton creek drain cleaning()

Pingback: Free WSET Course()

Pingback: neo2 software()

Pingback: jvzoo huge bonus()

Pingback: Tailoring()

Pingback: follar()

Pingback: events heroes photography()

Pingback: junk car Austin()

Pingback: new home communities Austin()

Pingback: Storage Gloucestershire()

Pingback: judi bola()

Pingback: avast premier key()

Pingback: iv therapy coral springs()

Pingback: On-Demand Trucking()

Pingback: day spa Austin()

Pingback: liquid iv ft lauderdale()

Pingback: iv therapy boca raton()

Pingback: iv therapy fort lauderdale()

Pingback: A34()

Pingback: medical billing schools()

Pingback: best gaming monitor()

Pingback: decals()

Pingback: porno español()

Pingback: buy real youtube subscribers()

Pingback: liquid iv ft lauderdale()

Pingback: Letting go and moving on quotes()

Pingback: Vietnam news()

Pingback: crossfit vancouver()

Pingback: sinensa()

Pingback: nice t shirts()

Pingback: http://astrology.bestamark.com/story.php?title=cellulite-factor-system-does-it-really-help-get-rid-of-cellulite()

Pingback: web design()

Pingback: http://www.cenrob.com/()

Pingback: Tenerife Property()

Pingback: Peppa pig()

Pingback: Detroit Sports Apparel()

Pingback: http://www.blingstation.com/jewelry/fashion?type=cuffs()

Pingback: giay dan tuong gia re()

Pingback: Detroit Red Wings Store()

Pingback: managed()

Pingback: Detroit Lions Blog()

Pingback: Detroit Red Wings Store()

Pingback: Detroit Lions Blog()

Pingback: Detroit Lions Blog()

Pingback: porno()

Pingback: Free XXX Porn()

Pingback: Free XXX Porn()

Pingback: VoIP vonage()

Pingback: used copiers Austin TX()

Pingback: cara membesarkan payudara()

Pingback: streetwise stun guns()

Pingback: metin2 pvp()

Pingback: AR10 kit()

Pingback: forina pure()

Pingback: bayview auto sales barrie()

Pingback: Detroit SEO()

Pingback: Best Deals Eyelash Extensions()

Pingback: little india denver()

Pingback: developer()

Pingback: http://austinsteamit.com/()

Pingback: branding()

Pingback: IPHONE REPAIR HOUSTON()

Pingback: Christian Shirts()

Pingback: Kata-kata dalam Surat Yasin()

Pingback: cheap vibrators()

Pingback: Outdoor led signs()

Pingback: EB5 EUA()

Pingback: rust resistant shower curtain rings()

Pingback: acheter des likes()

Pingback: dog groomer Austin()

Pingback: casinospel casino bonusar casinopånätet()

Pingback: spelling check()

Pingback: sex shop()

Pingback: Laptop recycling()

Pingback: recycling computers()

Pingback: Laptop Disposal()

Pingback: spam()

Pingback: T.I. Style Instrumental()

Pingback: pharma()

Pingback: Spray Insulation Foam Tulsa()

Pingback: this URL()

Pingback: beataddiction.com()

Pingback: Bigo Live Web()

Pingback: Rocket - Seu Portal de Dicas e Consultas!()

Pingback: binary options live trading()

Pingback: Easy and simple programming examples()

Pingback: memory training course()

Pingback: seo packages usa()

Pingback: seo packages delhi()

Pingback: best seo packages()

Pingback: seo cheap packages()

Pingback: seo plans and pricing()

Pingback: Singapore memory training()

Pingback: memory workshops()

Pingback: zip()

Pingback: ship arrest lawyers in port of zarzis()

Pingback: brain smart ultra()

Pingback: trần nhôm đẹp()

Pingback: assistenza apple roma()

Pingback: Embrase - Consultas e Informaï¿½ï¿½es()

Pingback: free bet castle sign up offers()

Pingback: read this()

Pingback: pokemon go hacker()

Pingback: thanks()

Pingback: PTC()

Pingback: buy proxies()

Pingback: radiance medspa()

Pingback: volarex()

Pingback: find more info()

Pingback: mall tampa()

Pingback: there()

Pingback: sprawdzenie vin()

Pingback: 2 Chainz Type Beat()

Pingback: poh crew()

Pingback: POH()