First of all if Michael sang it with regards to this sort of stuff, he’s done the work and it’s true. But in the bigger picture, HSBC is not upper creek without a paddle. They knew this was coming and they shut down most of the North American operation in anticipation of it. I don’t know if this is a hiccup, a big hiccup, my dear, or a fuck up… But they knew this was coming. So it’s quite possible that we have a fuck up on the timing of everything. One thing I would caution when Michael says “it’s a client he’s talking about a practice where they create off balance sheet clients to hold their short positions to avoid regulatory problems.. And that is true however, sometimes they actually do have customers with these problems, but the problems go longer than usual because the customers are themselves other Bullion banks so these guys are running a laundromat covering each other’s ass every month or so.
Kind of curious how accurate this information. If true, HSBC seems to be up the creek without the proverbial paddle.
https://open.substack.com/pub/econanalytics/p/comex-silvers-situation-is-precarious?r=1ih0p0&utm_campaign=post&utm_medium=web&showWelcomeOnShare=false
First of all if Michael sang it with regards to this sort of stuff, he’s done the work and it’s true. But in the bigger picture, HSBC is not upper creek without a paddle. They knew this was coming and they shut down most of the North American operation in anticipation of it. I don’t know if this is a hiccup, a big hiccup, my dear, or a fuck up… But they knew this was coming. So it’s quite possible that we have a fuck up on the timing of everything. One thing I would caution when Michael says “it’s a client he’s talking about a practice where they create off balance sheet clients to hold their short positions to avoid regulatory problems.. And that is true however, sometimes they actually do have customers with these problems, but the problems go longer than usual because the customers are themselves other Bullion banks so these guys are running a laundromat covering each other’s ass every month or so.