"One of the most under-reported sentiment shifts of the past week was JPM's announcement late on Friday, that the firm quietly went long commodities - specifically base metals and copper (in addition to energy) - and the firm also closed it "sell" (i.e., underweight) in precious metals.
This is not surprising: we had noted the ongoing purchasing of gold by JPM over the past two month (in part to restore its depleted gold vault inventory) when the yellow metal not only stabilized but promptly entered a bull market, returning 20% in a short period of time. And as gold was rising, JPM was advising its clients to sell.
It seems JPM now has more than enough gold stashed away, and as the September shock is set to unwind, even JPM may be seeking the safety of gold, and the usual other hard asset suspects, if and when events escalate out of control, resulting in another "risk off" phase.
No surprises here. As silver analyst Ted Butler has already pointed out for about two months, JPMorgan now has a long-side corner in Comex gold to go along with its short-side corner in the silver market on that same exchange. If JPM is about to let commodity prices fly, the question that needs to be asked is if JPM's long position in gold is big enough to cover its loses in silver...or is it covered [as Ted suspects] in the physical and OTC markets? Time will tell." zero hedge
I and many others will not fight the "tape"or jpm...shorts covered they GONE long for 2 months now...
today 9/11 is cycle bottom, ill back up the truck and load all i can @1316.xxxx to 1343.xxxx, futures contracts then up until dec..if yr short you better cover-today. this one looks good @1316-1340..then on to 1740 now resistance) as yearly low was on june 26th-28 eh? it's a trend reversal!