by Ted Butler
The new Office of the Comptroller of the Currency’s Quarterly Derivatives Report was just released for positions held as of Dec 31, 2021. The report covers Over-The-Counter derivatives positions, including precious metals derivatives held by US banks, meaning that the listed futures and options contracts on the COMEX are not included in this report. Unlike the COT report, which never identifies traders by name, the OCC report does name the top four US banks in each category (where applicable). The OCC report for precious metals only includes positions in silver, platinum and palladium.
The OCC reports on derivatives positions by total notional dollar amount, with no indication as to whether the positions are net long or short or how much of the precious metal category is silver or includes platinum and/or palladium. Generally speaking, it is thought silver makes up roughly 70% of the precious metals’ derivatives positions in this report. Using closing prices as of the date of the report will convert the notional dollar amount into ounces of precious metals.