Rob Kirby of http://kirbyanalytics.com" target="_blank">kirbyanalytics.com has noted that some big trader has called Jeremy Charles bluff. In the CFTC meeting Mr. Charles (Global Head of PM Trading HSBC) tried a cheap trick of saying that there was plenty of metal around and HSBC could fill a million ozs order for gold in a day. If he wanted to be convincing he should have said they have one oz of gold bullion for every oz they sell…but we know that would have been a lie because they have approximately one oz of bullion for every 100 ozs they sell. Kirby reports that a trader put in an order for 1 million ozs with HSBC the following day and it was not filled by three days later and apparently can not be filled. The music is about to stop and there will be a mad grab for available “chairs”!

By Adrian