TF Metals Report: JPM will take December delivery, so gold is about to rally

The TF Metals Report's Turd Ferguson says the latest gold futures market report from the U.S. Commodity Futures Trading Commission shows the major U.S. banks strongly long going into the December delivery month, with most of the bank long position likely held by JPMorganChase.

Ferguson writes: "As we've clearly established over the past few months, price is raided only during delivery months where JPM is issuing deliveries. In August, when JPM was taking delivery (stopping), price rallied. Since JPM is clearly not going to be issuing in December, should we expect a rally? Absolutely! This is why I've been telling you for weeks that price would bottom again in mid-October and then rally through the end of the year. This latest bank participation report, though dated and stale, nonetheless confirms this forecast."

Ferguson's analysis is posted at the TF Metals Report here:

http://www.tfmetalsreport.com/blog/5201/101-b...cipation-report