Loading ...CLEARLY, that disclaimer tells us not to take the Comex data reports seriously. In fact, it suggests the distinct possibility that the reports might not be accurate or complete. Why? Because the reports largely come from the three primary market making banks on the Comex: JP Morgan, Scotia and HSBC.
The information in this report is take from sources believed to be reliable; however, the Commodity Exchange, Inc disclaims all liability whatsoever to its accuracy or completeness. This report is produced for information purposes only. – Legal disclaimer at the bottom of the Comex daily gold and silver vault inventory reports
The legal disclaimer showed up one day a couple years ago at the bottom of the Comex vault reports. Every gold and silver – especially silver – analyst on the internet discusses the state of condition of the Comex using these reports as if they are bona fide.
Given the implications of the above legal disclaimer, this is quite disconcerting. Even gold/silver analysts who are critical of the rampant illegal manipulation of the gold and silver markets on the Comex take the data as reported as being legitimate.
The big banks have been successufully prosecuted and fined for fraud and criminal behavior in just about every business segment of their operations except their gold and silver trading. This includes criminal activity in other commodity markets. If these reports are in fact accurate and bona fide, it would be the ONLY business segment of any of these banks that is reported without any misrepresentation or outright fraud. The probability of that being the case is 0% using a 100% confidence interval. Sorry Ted.