On December 13, 2023, the Office of the Comptroller of the Currency released its Quarterly Report on Bank Trading Activity and Derivatives Activities. The chart on page 42 of this report provides Notional Amounts of Precious Metal Contracts by Maturity related to insured U.S. Commercial Banks and Savings Institutions. Starting in 2022 banks dramatically increased their exposure to precious metals. A recent article written by Willem Middelkoop from the Official Monetary and Financial Institutions Forum provides some perspective on central banks and the revival of gold.
This move into precious metals by the banks aligns with data and chart structures discussed in the following Engrbytrade™ posts.
Gold: Long Term Ascending Triangle
