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Tell The Fed How You Really Feel About Banks Trading Physical Commodities

Tyler Durden's picture


Delighted by the Goldman Sachs et al commodity cartel hoarding aluminum inventory in one of their warehouses and pushing prices artificially higher? Happy that JPM is reprising the role of Enron (without admitting or denying it) and creating "schemes" with which to boost prices for end consumers (and have FERC furiously slap its wrist in response)? Ecstatic by that whole "precious metals" manipulation 'thing' by assorted unnamed banks (aside from the London fix of course - that has now been confirmed)? Then take this opportunity to tell the Fed how happy you really feel.

Click on the link below for the full comment form.

Joking aside, here is why the Fed is issuing this proposal for public comment "Complementary Activities, Merchant Banking Activities, and Other Activities of Financial Holding Companies related to Physical Commodities"

The Board of Governors of the Federal Reserve System (Board) is issuing this advance notice of proposed rulemaking (ANPR) inviting public comment on various issues related to physical commodity activities conducted by financial holding companies and the restrictions imposed on these activities to ensure they are conducted in a safe and sound manner and consistent with applicable law. The Board is inviting public comment as part of a review of these activities for the reasons explained in the ANPR, including the unique and significant risks that physical commodities activities may pose to financial holding companies, their insured depository institution affiliates, and U.S. financial stability.


This advance notice of proposed rulemaking (ANPR) is designed to elicit views from the public on the risks and benefits of allowing FHCs to conduct physical commodity activities under the various provisions of the BHC Act, whether risks to the safety and soundness of a FHC and its affiliated insured depository institutions (IDIs) and to the financial system warrant Board action to impose limitations on the scope of authorized activities and/or the manner in which those activities are conducted, and if so, what those limits should be.

FT has more on why the Fed is conducting this request for comments:

The Federal Reserve cited recent disasters, including the BP oil spill in the Gulf of Mexico in 2010, as it sought comment on whether it should further limit banks in their physical commodities businesses. The regulator said on Tuesday it was examining whether to impose capital charges and increase insurance requirements on banks to restrict further their trading of physical commodities. In total, the Fed posed 24 questions in consideration of possible tougher restrictions.



The Fed asked questions about conflicts of interest, additional reporting requirements and further liquidity measures, among other issues. The deadline to comment is March 15. Banks can engage in the warehousing of physical commodities under rules governing complementary activities to bank operations, merchant banking regulations and a grandfather clause for bank holding companies. The grandfathering exemption applies to Goldman and Morgan Stanley to own assets such as oil tankers and power plants.



The Fed said it was studying the costs and other burdens to banks and to the public if it made such a move. It could go as far as eliminating the ability to engage in complementary commodities activities.

But it won't. Here is your chance to ask why, as well as have all other questions (un)answered.


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Wed, 01/15/2014 - 14:36 | 4334634 pods
pods's picture

Haha, all I gotta do is post on ZH and those motherfuckers know exactly how I feel.


Wed, 01/15/2014 - 14:44 | 4334663 FEDbuster
FEDbuster's picture

So let me get this straight, the Banksters whom own the FED want to know how the debt slaves on the plantation "feel" about all the fucked up shit they do?

Wed, 01/15/2014 - 14:48 | 4334678 Pinto Currency
Pinto Currency's picture


Tell Prime Minister Cameron how you really feel about gold price manipulation on the LBMA in London:

Wed, 01/15/2014 - 14:49 | 4334684 Pladizow
Pladizow's picture

All comments will be promptly ignored - why bother?

Wed, 01/15/2014 - 14:56 | 4334703 eclectic syncretist
eclectic syncretist's picture

I don't give a shit about them trading PHYSICAL commodities,...what pisses me off is that the Fed allows them to PAPER TRADE PHYSICAL COMMODITIES.  Stop that, and close down the bucket shop system, you fucking crooks!

Wed, 01/15/2014 - 14:56 | 4334723 Sashko89
Sashko89's picture

That would be a good comment to post ;)

Wed, 01/15/2014 - 15:11 | 4334794 Pegasus Muse
Pegasus Muse's picture

It will have the same effect as all those complaints filed with the CFTC about JPM manipulating the silver market. 

Nothing to see here, now move along ....

Wed, 01/15/2014 - 15:23 | 4334853 linniepar
linniepar's picture

FEMA list. Just #AskJPM.

Wed, 01/15/2014 - 15:44 | 4334907 nope-1004
nope-1004's picture

Hey slaves.  Tell the overlords how you feel.  Is this Bernocchio's "transparency" gig?  Is Comedy Central looking for material?

This makes me fucking laugh.  Tell a thief who steals from you how you've been ripped off.... ya, that will get you far.

Nothing changes until they are hanging from light posts.  The banks are members of the FED you farcical transparent jerkoffs.... take your PR form and shuv it.


Wed, 01/15/2014 - 16:26 | 4335101 12ToothAssassin
12ToothAssassin's picture

What is the result of 51 times 7.62 ?

Wed, 01/15/2014 - 17:02 | 4335222 Colonel Klink
Colonel Klink's picture

It's positive but definitely not enough times 7.62.  We'll need in the THOUSANDS if not millions.

Wed, 01/15/2014 - 15:28 | 4334863 NoDebt
NoDebt's picture

So, basically, the "authorities" are saying they don't know what the right answer is?  They're crowd-sourcing for ideas? 

I have no words left for this sort of stuff.  Mind-boggling idiocracy.

I guess we should all just be glad it wasn't our food supplies that JPM was 'warehousing'.  Trucks would be driving up and down every road in America stuffed to the gills with food while people starved in the streets.

Wed, 01/15/2014 - 16:05 | 4334997 Son of Captain Nemo
Son of Captain Nemo's picture

"I guess we should all just be glad it wasn't our food supplies that JPM was 'warehousing'.  Trucks would be driving up and down every road in America stuffed to the gills with food while people starved in the streets."...

Don't give them any ideas.  At the rate they are moving they may be giving us a form for that as well.

Wed, 01/15/2014 - 19:51 | 4335831 ljag
ljag's picture


You might want to remove your panties for just a minute or two. I mean where else can you get moving targets with such a huge return...herd of elk maybe. Some meth head trucker is gonna defend his "load"? I don't think so

Wed, 01/15/2014 - 15:20 | 4334837 atomicwasted
atomicwasted's picture

I don't care about them paper trading physical commodities.  I care about their naked shoting, meaning selling of physical commodities they don't own or haven't borrowed.

Wed, 01/15/2014 - 17:42 | 4335358 Zadok
Zadok's picture

Logged and the ignored...until it is time to persecute!

Wed, 01/15/2014 - 15:24 | 4334851 LMAOLORI
LMAOLORI's picture



IT COULD BE A TRAP - If we actually told them how we feel we would probably be arrested. 


Wed, 01/15/2014 - 17:32 | 4335318 Four chan
Four chan's picture

i took the opportunity, suggesting they should end themselves.

Wed, 01/15/2014 - 19:48 | 4335811 doctor10
doctor10's picture

HehHeh An Auto-stimulated IRS Audit-Me form!!!Cute


Who says u can't F'yurself!!!

Wed, 01/15/2014 - 14:48 | 4334675 fonzannoon
fonzannoon's picture

exactly pods...which is why if you would be so kind to provide them with your name and address....

Wed, 01/15/2014 - 14:49 | 4334682 pods
pods's picture

<runs to adjust my Googlestat>

There.  Should be good now.


Wed, 01/15/2014 - 15:15 | 4334803 Hippocratic Oaf
Hippocratic Oaf's picture

The banks are fucking rats. As soon as they monkey hammer phys or any other commodity, they front run and load up.....warehouse the shit and dare you to say something. The regs are too stupid or bought off. They give two fucks what we think.

I know some big bank guys....they all have denial. There's a special place in hell for these fucks, until then....they don't care. Banks can't make an honest buck in this environment.

Wed, 01/15/2014 - 15:35 | 4334890 nope-1004
nope-1004's picture


Wed, 01/15/2014 - 15:37 | 4334895 disabledvet
disabledvet's picture

yep. once this stuff floods the market you'll see more than just prices correcting. Goldman sitting a 100 million tons of alumina? probably. "more than enough for a mass market Tesla." these folks are shooting themselves in the foot...creating a hoarding the West? Wow...great going.

Wed, 01/15/2014 - 15:19 | 4334822 sgorem
sgorem's picture

100% correct pods. Fuck the fed. Fuck wall street. Fuck the government. Fuck bleeding heart "spend other peoples money" liberals. Fuck you 47+ers. And if the proverbial shoe fits........and don't let me to forget you too NSA, fuck you!

Wed, 01/15/2014 - 18:46 | 4335564 MeelionDollerBogus
MeelionDollerBogus's picture

name me a politician who's a real conservative or real liberal... and while you're at it, one (no matter the alliance in the puppet-show) who doesn't want to spend everyone else's money.

Wed, 01/15/2014 - 14:39 | 4334635 frankTHE COIN
frankTHE COIN's picture

You had me at " Tell Me your Social Number"

Thu, 01/16/2014 - 03:29 | 4337088 StychoKiller
StychoKiller's picture

567-68-0515 (Nixon no longer needs it!)

Wed, 01/15/2014 - 14:38 | 4334640 slotmouth
slotmouth's picture

This form needs an "Off with their heads" checkbox.

Wed, 01/15/2014 - 14:38 | 4334642 carbonmutant
carbonmutant's picture

We have to tell the FED how we feel because they have no moral compass of their own... What, are they collecting customer data? This is a fools errand.

Wed, 01/15/2014 - 14:38 | 4334643 Debtonation
Debtonation's picture

Dear Fed,

Fuck Off!

Wed, 01/15/2014 - 14:59 | 4334741 eclectic syncretist
eclectic syncretist's picture

The banks manipulate commodities by PAPER TRADING them up or down.  Since the Fed prints them essentially free money they have turned commodities markets into modern day bucket shops.

Wed, 01/15/2014 - 15:05 | 4334764 SumSUN
SumSUN's picture

It's too bad the arrows aren't visible to everyone.

Wed, 01/15/2014 - 17:17 | 4335231 RaceToTheBottom
RaceToTheBottom's picture

You are very correct.  I wish the Up and DOWN Arrows were visible to all, just not accessible until you logged in. 

Sometimes I visit the site via an IPAD or other tablet and my login is long and therefore I just don't login.  On those times it would be nice to see the comment UP/Down arrows.

Wed, 01/15/2014 - 15:31 | 4334873 Nothing but the...
Nothing but the truth.'s picture

Dear Fed,

You have fucked up the entire US economy, impoverished the masses and sent the $ to the dogs, how about you tell your 

bankers to lay off with the paper shorting of precious metals. You are sorely mistaken if you believe that weak

manipulated PM prices will somehow resurrect the US dollar from total collapse. You have more headwinds on your 

hands than just PM prices - how about shorting something like the Renminbi or Bitcoin ?

Wed, 01/15/2014 - 14:40 | 4334646 eclectic syncretist
eclectic syncretist's picture

Those motherfuckers are almost out of PHYSICAL gold to paper trade with, so they better get out there and start buying some before the house of cards implodes.

Wed, 01/15/2014 - 15:40 | 4334906 disabledvet
disabledvet's picture

they are actually. Only now is Jamie Dimon realizing just how collapsed the world market is. "free gold" basically. I agree...he should keep buying. they'll be no shortage of debt to be restructured here.

Wed, 01/15/2014 - 14:42 | 4334654 ebworthen
ebworthen's picture

Yes, I'm sure the Warden wants to know how the Prisoners feel about the food in the cafeteria.

If he asks us how the mashed potatoes and chicken croquets are it means he cares.


Wed, 01/15/2014 - 18:45 | 4335556 MeelionDollerBogus
MeelionDollerBogus's picture

ESPECIALLY asking while taking a dump in the next pot brewing in clear line of sight of the inmates.

Wed, 01/15/2014 - 14:42 | 4334656 Fix-ItSilly
Fix-ItSilly's picture

lol!  These banks are the controlling shareholders of the Federal Reserve. 

Wed, 01/15/2014 - 14:51 | 4334693 Caggge
Caggge's picture

A system set up by the Bank for the Bank. It's like the fox guarding the chicken coop. They knew people wouldn't stand for a Monarchy so they set up a hidden Monarchy.

Wed, 01/15/2014 - 17:36 | 4335338 Four chan
Four chan's picture

the banks are the franchisees of the fed, who is owned by the rothschilds types.

Wed, 01/15/2014 - 14:46 | 4334671 frankTHE COIN
frankTHE COIN's picture

McDonalds Employee Help Website with Hints is Jealous of this CopyCat.

Wed, 01/15/2014 - 14:54 | 4334709 alangreedspank
alangreedspank's picture

"Hay guys, I lost my login info for teh FedWire system I we can't participate in the POMO this morning lulz!!11 I was told to contact yuo with this form for a password reset ??!1"

Wed, 01/15/2014 - 14:54 | 4334711 U4 eee aaa
U4 eee aaa's picture

What? And get my name on yet another one of their lists? No thanks!

Wed, 01/15/2014 - 15:21 | 4334844 Jonas Parker
Jonas Parker's picture

Hell, I'm on so many of the Fed's lists, what difference does one more make?

Wed, 01/15/2014 - 14:56 | 4334721 tmosley
tmosley's picture

"It just says "Dear Ben,", then it looks like someone spit on the paper".

Wed, 01/15/2014 - 14:57 | 4334725 Billy Sol Estes
Billy Sol Estes's picture

First Name: Harry

Middle Initital: O

Last Name: Cooter


Wed, 01/15/2014 - 14:57 | 4334727 dildo o flaherty
dildo o flaherty's picture

failing fucking fed fag faceless fuckers feigning fucking futures for fun fiscal fortunes fucking falling...

Wed, 01/15/2014 - 14:59 | 4334742 floyd084
floyd084's picture

All comments will be forwarded to

Wed, 01/15/2014 - 15:01 | 4334751 Billy Sol Estes
Billy Sol Estes's picture

That is the biggest trolling ever committed by a national government, second only to voting.

"Hey kiddos we gonna let you petition us on this website and if your idea reaches X number of dolts we will wad it up and throw it in the trash"

Wed, 01/15/2014 - 15:01 | 4334750 Ms. Erable
Ms. Erable's picture

Whatryagonna, do FINE them again? If ya don't start sending some of theose fuckers to jail for life... well, let's just say they ain't gonna get up on those lampposts by themselves.

Wed, 01/15/2014 - 15:04 | 4334765 kralizec
kralizec's picture

I don't always share my comments with Fedcoats, but when I do they feel it.

Wed, 01/15/2014 - 15:08 | 4334785 slightlyskeptical
slightlyskeptical's picture

I believe that all physical commodities should only be traded between the producers and the end users. Unless you are going to take delivery of Wheat, you shouldn't be allowed to buy wheat in paper form.

Commodity trading really belongs in Vegas and not in our economic markets. If you want to bet on wheat, you should be able to bet on it, but you shouldn't be able to have any influence on the price between producers and end users. That should only be determined by the actual physical supply and demand of the commodity.

The current commodity market is similar to having bettors decide the score of football games by the level of their bets instead of them being decided by the quality of their play on the field. 

Wed, 01/15/2014 - 15:19 | 4334835 donsluck
donsluck's picture

You have just decribed the reason for the popularity of sports. Fairness and transparency. The only place left in the USA with these qualities.

Wed, 01/15/2014 - 17:11 | 4335250 RaceToTheBottom
RaceToTheBottom's picture

Your comment is especially true for the commodities that are really monetary competitors to the dollar. 

When you can print dollars at no cost, you can manipulate and crush all monetary competitors like Gold and Silver.  The manipulation is far more pronounced than with normal commodities.

Wed, 01/15/2014 - 18:16 | 4335468 floyd084
floyd084's picture

That's how it used to be. But at times there would be vacuums of liquidity, causing bigger price swings. It's supposed to be a system that rewards the most efficient use of capital or assets. But people have amassed huge wealth from this system and they are using that wealth to game the system and prevent other people from making efficient use of their capital.

Wed, 01/15/2014 - 18:33 | 4335525 MeelionDollerBogus
MeelionDollerBogus's picture

a free market works best, though, with freely traded voluntary information & voluntary acts - and if lack of liquidity is the will of the market it's that way for a good reason & should be respected.

Wed, 01/15/2014 - 15:08 | 4334787 Inthemix96
Inthemix96's picture

Let me help you out FED, just for sayings sake of course, same as the BoE.

You are formenting civil unrest, you are fucking off vast swathes of the population in ever increasing numbers as they are not just informed about, but realise just what you good for nothing cunts are up to.  Namely making us destitute.

At some point you cunts, we will reach tipping point, and then you can go explain to huge, and ever increasing crowds how you are 'Doing Dogs Work'.

Who will no doubt, give you exactly, and the political fucking whores you thought would keep you safe, a 'Piece' of their minds.

I really hope it was 'Worth It'.  Fuckers.


Wed, 01/15/2014 - 15:09 | 4334790 yogibear
yogibear's picture

Since banks are speculating the Fed banksters have turned the US financial system into Las Vegas,

The lessons of the past have not been learned.

Wed, 01/15/2014 - 15:14 | 4334819 booboo
booboo's picture

Careful now they have a fully staffed pumped up version of Blackwater ready to roll.

Wed, 01/15/2014 - 15:16 | 4334826 muleskinner
muleskinner's picture

Dear Fed, please go buy me some beer, mail it to my address, and I thank you in advance. It has to be good beer, or I'll send it back.

You know where the address is, so just print it on a label and attach the label to the the box filled with the beer and send it to me, pronto.

Please also include 100 million dollars so I can go buy me some gold.

I'll contact you when the beer arrives. Just credit my bank account through the IRS.


Wed, 01/15/2014 - 15:17 | 4334829 Cornholiovanderbilt
Cornholiovanderbilt's picture

Flush twice.  It's a long way to NYC

Wed, 01/15/2014 - 15:20 | 4334840 Save_America1st
Save_America1st's picture

I didn't know the banks traded phyzz.  I thought they only sold shit paper to drive the prices of real phyzz as artificially low as possible so that at the end of each month after taxes, bills, and buying supplies like food and ammo I would be able to use as little of the shit fiat paper I had left to get as many cheap ounces of phyzz silver as possible.

Doesn't that mean the banks are looking out for my future well being by helping ensure that my stacks of phyzz will continue to grow as much as possible before the shit hits the fan?

I guess I just don't see the problem here.





Wed, 01/15/2014 - 15:47 | 4334928 disabledvet
disabledvet's picture

they bankrupted Enron and now natural gas itself will exact its collapsing in price. that's a buck a gallon...fuel equivalent. "add in a fuel cell" and you have all electric drive systems starting this year. It's not like the technology isn't anything new for a's bee around for well over a decade. "600 dollar lease that includes all fuel and maintenance."

Wed, 01/15/2014 - 18:30 | 4335519 MeelionDollerBogus
MeelionDollerBogus's picture

the f3d iz teh most l33t of the l33t - they should all be trading physical bitcoinz!

Wed, 01/15/2014 - 15:21 | 4334848 madbraz
madbraz's picture

Say it as it is Lagarde, not with BS but say what you mean:  

"We must continue to recklessly spend what we don't have in order to keep my banker top 1% friends status quo where it is, and I will use words the common man doesn't understand so that he continues to be unaware that I am stealing the future from his kids, I am condeming the next generation to great pain due to my corrupt, inept ways.  We do this because we are cowards and if we did we might end up like people did in the old days - hanging from a tree or with our severed heads rolling from the guillotine "

Wed, 01/15/2014 - 15:26 | 4334860 Rising Sun
Rising Sun's picture



Stop buying!!!!!

Wed, 01/15/2014 - 15:31 | 4334877 rlouis
rlouis's picture

"They know nothing! Nothing!" 

After watching this charade of self-proclaimed PHD experts, it is obvious that price means nothing.  They have no sense of value or cost.  They know nothing! Or maybe, they're just idiot savants; "duh...duh, let's try this one, oh, dat didn't work, let's try it again." 



Wed, 01/15/2014 - 15:37 | 4334894 SheepDog-One
SheepDog-One's picture

The Fed Central Banksters can go fuck themselves, that's how I feel anyway.

Wed, 01/15/2014 - 15:38 | 4334898 ArrestBobRubin
ArrestBobRubin's picture

Ah the response I would've come up with in the days before ubiquitous and total NSA domestic surveillance. 'Course, ZH wasn't even a gleam in Dan's eye back then. And Al Gore hadn't invented the internet yet.

Wed, 01/15/2014 - 16:09 | 4335024 optimator
optimator's picture

The Fed know how I feel.  NSA gives everything I do to Israel and they in turn give it to the Fed.

Wed, 01/15/2014 - 16:43 | 4335158 NoWayJose
NoWayJose's picture

Thank you Fed and Big Banks....  I really do mean it.  I am truly enjoying the opportunity to switch my fiat into PMs at these reduced prices.  I'm OK if you want to keep PM prices low for a little while longer, so my stack can keep growing...  And I am also thankful that you having removed any doubt that there will be a huge economic collapse soon, as this will prevent me from wasteful spending on new iPads, Android Phones and other electronic gadgets.  I now know that your games will eventually end, and thank your for unclouding my vision and giving me time to prepare...

Wed, 01/15/2014 - 22:39 | 4336474 MrSteve
MrSteve's picture

So are you owning hoes, rakes and shovels and roto-tillers and heirloom seed stores, water collection and purification systems, etc. How do you plan to feed your family if the balloon goes up?

Wed, 01/15/2014 - 16:52 | 4335180 Conax
Conax's picture

Fed?  That's easy. The Fed should  commit collective seppuku in an open sewer as the only form of apology we will accept.  Here, use my bamboo short sword, it will hurt more.

Wed, 01/15/2014 - 17:53 | 4335392 MrBoompi
MrBoompi's picture

These banks are the owners of the Federal Reserve.  Why would I waste my time telling them I don't like the fact these fuckers rip us off every second of every day?



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