But what if a significant portion of the "clientele" is represented by the Western governments themselves ? If you look back to the 1970's , the propriety of western governments manipulating any commodity through strategic stockpiles and trading seems well established. In the case of PM's it is most problematic. Expect any regs re PM's to exclude sovereign governments. Now, if I was a major investment bank for example who represents the British Treasury, why would I not continue to attach my major proprietary clientele and own trading to activities that are pro-fiat currency ? Do not expect material change except for oil where the polical powers are seriously inconvenienced by high prices.

The impact of big guys and governments beating up on small commodity producers and investors however is starting to show up big time in the metals markets where supply is generally not keeping up. Iron ore is one example.

This is all good for NOT , because it is creating a much higher awareness by the majors of the future value of resources in the ground at a time when the resource is building.