Expectations low for Volcker Rule

Anyone hoping the now agreed Volcker Rule will somehow see an immediate end to the manipulation of the gold and silver markets by the big bullion banks may be disappointed. For a start it doesn’t kick in until July 2015 and commentators seem to think that is just enough time for their lawyers to flesh out the loopholes etc.  A more pressing issue for these guys is the quickly diminishing pool of gold to play with anyway.  Ted Butler now estimates JP Morgan alone hold nearly 22% of the entire Comex gold market and more than 46% of all the ‘long’ contracts held by these ‘commercial traders’.  With such a large ‘long’ position maybe we shouldn’t even want a restriction given once they are ready to ‘let it go’ they will be one of the biggest profit takers of all – along of course with anyone holding gold and silver themselves.