On March 27, 2024, the Office of the Comptroller of the Currency released its Quarterly Report on Bank Trading Activity and Derivatives Activities. Table 21 on PDF page 25 shows precious metals derivative contracts held by four major banks. This includes Goldman Sachs, JP Morgan, Citibank and Bank of America. Figure 18 on PDF page 42 shows Notional Amounts of Precious Metal Contracts by Maturity for the 4th quarter of 2023. This move into precious metals by the banks continues to be consistent with data and chart structures discussed in the following Engrbytrade™ posts.
Gold: Long Term Ascending Triangle
It should be noted that prior to January 1, 2022, gold derivatives were categorized with exchange rate derivative contracts rather than precious metals derivative contracts. This changed reported precious metals derivative contract values in 2022 and future years.
