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Market Cornered: JPMorgan Owns Over 60% Notional Of All Gold Derivatives
Perhaps the only question we have after seeing the attached table, which shows that as of Q3, 2013 JPMorgan owned $65.4 billion, or just over 60% of the total notional ($108.2 billion) of all gold derivatives in the US, is whether the CFTC will pull the "our budget was too small" excuse to justify why it allowed Jamie Dimon to ignore any and all position limits and corner the gold market?
And purely as a reference point, the chart below compares the total value of gold held in JPM's vault (registered and eligible) as of Friday's closing price with its reported gold derivative notional holdings.
Finally, for the purists out there, we realize that gross is not net... until there is a breach in the derivative counterparty collateral chain, and gross becomes net.
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Just because these frauds exist, doesn't mean that everyone is playing.
I might add too, that this is out of SHANGHAI, which is china's NYC,
Surely there is MORE to china, than what can be found in SHANGHAI, just as there is MORE to ameriKKKa than can be found in NYC.
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Personally I think this is just more GS shit to suggest that the sky is falling in CHINA,
I would worry more about all that HSBC 'registered gold' that's supposed to be in the HK vaults, now that I worry about.
My point was that there is a lot of talk about GOLD, but in a place where everybody has gold, nobody ever says that the price is controlled by the west. That would be a moronic thought, as everybody knows that GOLD is controlled by the EAST.
Just saying, ... live on the ground.
51% attack! Gold is done.
That means QE will be adjusted to save banks. Cost of living will get more dicey. BLS will pencil whip new unemployment figures which eliminate U6 Contradiction’s. Weather related crisis will be blamed. Our SUN controls the climate BTW! Not these hacks who find blame to explain bullshit excuses.
Sun spots, bitchez
Edit:
Link bitchez
http://youtu.be/VIAp_6FAXCY
HONESTLY, ... why worry about this ?
If JPM wants GOLD to go up, they can create a 'black swan', .. a war anything a crisis, something big & bad and GOLD goes up.
If they want gold to go down, they do nothing,... just wait we're in a deflation cycle in history now, and gold will continue to go down on its own.
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Either way JPM makes money.
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Either way the USA goes down.
Maurice Strong, now that you have had time to recover from your ship being stuck in a artic iceberg. Tell us about the new UN mandates imposed to generate new US taxpayer revenues?
USA has NO GOLD
Funny debate it is... endless dribble about GOLD on ZH, but the fact is the USA has no gold,
The USA has unlimited FIAT, and the USA can issue and/or print UNLIMITED "GLD"
But real gold, ... nada
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The USA has BITCOIN,... if you believe in uncle-sam go long on bitcoin :)
satoshi911 "USA has NO GOLD"
I do not know if you have factored in to your observations that all countries are privately owned by the money printers. The 99% human population are now debt slaves via their government bond printing, or in some direct loan transaction with the money printers. (Except maybe Iceland.)
The gold you think the east owns is some gold leaf in comparrison to the paper that is converted to physical gold the central banks have purchased to prevent the gold price crashing in the present scenario where the everyone is in debt.
The central bank gold/house buyers of last resort take gold out of circulation like a forclosed house that is locked up and taken off the market to prevent over supply drtiving down the house/gold prices that in turn might cause margin calls in the derivative markets.
The gold bugs and real estate speculators are left with gold leaf and some dry twigs.
I want to see Jamie Dimon in prison.
Buy Gold Bitchez. Let's have some fun.
I think if they're going to assassinate banksters first of all I'm all for it, but they should do it in an original way. Throwing them off buildings is definetly good, but the ones they kill and throw on the side of the road they should kill by hitting them in the head with Maxwell's Silver Hammer.
Chain all bankers and throw them in the moat.
If they sink they were innocent, and are purified in death. If they float it confirms they are guilty and should be burned at the staked.
Elitist farks don't like this story. Look at the down votes;)
Just letting Jamie be Jamie, y'know. When you're TBTF, you're also TBTP (too big to prosecute).
http://www.youtube.com/watch?v=FMF4S4W4sdQ#t=76
Smiling Jamie should receive the sentence this man did for Enzyte (a bigger dick, longer cock, harder erection, reservoirs pooling with bitter c u m is what every man wants, just like a new home).
Gold?
What gold?
Deravites suck!
It will be interesting to see what happens when the German investigaiton into gold manipulation wants to talk to JP Morgan. Maybe then the Germans will realize their gold is gone and it will not return.
Naked Shorting should be totally illegal. How can this law be changed and those that breach the law be jailed. Quite simple really. This manipulation as GOT TO STOP!!!
It is illegal. Doesn't matter when you are TBTF and have the Treasury by the balls.
Naked Shorting should be totally illegal. How can this law be changed and those that breach the law be jailed. Quite simple really. This manipulation as GOT TO STOP!!!
Here cum da pump.
So if the gold pumpers here for 5 years, the algos, and momentum players move against you
it's manipulation...
Wow they pumped gold here from 220-1900. Who's the manipulator?
Shitheads get a job
Naked Shorting shold be totally illegal. How can the law be changed and those that breach the law are jailed. This manipulation has GOT TO STOP!
Germany, you better start demanding some more gold deliveries PDQ
Jerry will have a better chance of holding Backdoor Barry hostage for the Au next time he visits.
So, it is not hard to theorize JPM is holding lots of paper because China has the real stuff. Interesting the PRC bought the JPM building with a supposed tunnel to the FRBNY where there is Au. When there is a revaluation of currencies, the US will be the muscle for the PRC to protect their investments in Africa.
But, if China has almost all the real stuff, how come you can order Au thru the regular vendors still?
It's almost as if there is-relatively-plenty of physical Au on the market. I am still stacking due to continuous loss of Au from the bed of my pickup truck.
Its all about optics. In order to keep the dollar reserve status AU must not rise in price, or be "seen" as scarse. It must be kept readily availlabe or the farse is up.
http://srsroccoreport.com/zombie-bank-analysts-rise-from-the-dead-to-keep-fiat-money-alive/zombie-bank-analysts-rise-from-the-dead-to-keep-fiat-money-alive/
The usual Asian MO is to take over a market on the cheap and then later raise the price to make huge profits. The PM market is on track.
Gee if they've got 60% and I've got 39%??
Holy crap
You people are screwed, maybe pork bellies would work as a hege for you.
The key I think is that the vast majority of the derivatives are of less then one year maturity.
Does this mean they can just roll off and let the price rise?
If litigation ever does happen in this matter, it will be a fine that gets paid out of the small change purse. The cost of doing business.
With what Will they pay that fine with ?
They are leveraged 650 times their actual holdings.
Rehypothication on as vast scale, multiple orders of magnatude greater.
NOTE; This is what all the TBTF asset sheets look like.
Scary, scary shit.
Collateral chain risk off the chart with this one.
We are just one big algo flash away.
And...it's gone.
Golly gosh, that means they are holding Zero, right? Yah, know, cause it all cancels out? They are holding their own empty ponzi bag. They have nothing and they are holding all their own counter party claims to nothing. How clever!
How did Dimon get away with it? It is good to be friends (and big donors) of the crony president.
"Notional" gold: isn't that just paper that give you the notion you actually own gold? :-)
Yes, it is the same with the HFT in the market everyday. They buy, then sell and try to net out at zero, but timing and time will eventually put an end to these antics. Too bad we are not really a nation of laws so that we can put an end to this manipulation.
If you owned all 5.3 billion troy ounces of gold, you could sell them on ebay 'buy one, get one free'. You would be in business for a long time.
5.3 billion times $1250 equals $6,625,000,000,000.00, all of the gold in the world in dollars and cents.
Quite a bit of work, might want to hire somebody to do the heavy lifting while you take a few days off.
Dr Paul Craig Roberts: Hows And Whys Of Gold Price Manipulation
The story about Gold manipulation goes viral now and Gold is at the very important breaking out point now. The markets can not be manipulated forever, particularly when physical supply is going to China these days.http://sufiy.blogspot.co.uk/2014/01/dr-paul-craig-roberts-hows-and-whys-...
wishful thinking I say ... with JPM on the sell side against the ropes , and chinese holiday next week .... it smells like major take down to me
Sufly: "particularly when physical supply is going to China these days."
You mean it goes to yet another central bank gold vault and taken out of circulation like the empty cites in China.
The central banks are the gold buyers of last resort and have to buy gold to prevent gold price crashes in a debt environment where every man woman and child is in debt before they are born.
In other words the US got rid of all the gold in favor of digital zero headgames.
The manipulation of PMs will only lead to rationing which is ongoing in India. This leads to higher unofficial prices. It's a basic law of economics. JPM can only corner a paper market and control physical up to a point where it just breaks down as demand exceeds global production. As investments flow out of emerging markets much of that money will be looking for real gold and therefore I believe that tapering will lead to higher gold prices. Also we didn't really have suppression of the gold price until QE began in earnest.
Over 70% of the position is less than a year .....
So they are either playing the drop to $1100 level or the pop to $1400....
To me this is probably a net long position correlated with the investigation.
Dimon proclaims in March of 2014:
" We believe there is a position in everyone's portfolio for a hedge against counter trend market conditions....."
U.S. Mint Gold-Coin Sales Jump 63% in January; Silver Triples
How January goes, so the year does - we will see whether this year will prove it to be right again, but so far general equity markets are down in January and Gold, Silver and Miners are strongly up for the month. It is very important to see the demand for physical Gold and Silver is picking up not only in China, but in US as well. Similar reports are coming now from Mints all over the world. http://sufiy.blogspot.co.uk/2014/02/us-mint-gold-coin-sales-jump-63-in.h...
I guess, as we don't know the net position this paper is rubbish.
Turd Ferguson was following JPMorgan for quite a while:
Turd Ferguson: More Evidence That JPM Has Cornered Comex Gold
We continue to build up our puzzle together for The Crime Of The Century - Gold Market Manipulation by the banksters. Planet Ponzi run by the banksters is very cynical in its attempts to push everybody to the worthless FIAT IOUs by all means necessary. Turd Ferguson provides very interesting findings on the recent events behind the curtain in the gold market and what could happen next. It appears that the Boyz from Goldman Sachs and JPMorgan know too well where the Real Value is and they were shaking the tree very hard to get out of Gold short positions and accumulate longs from the weak hands in the market place, just before the Syria geopolitical card will be played out. http://sufiy.blogspot.co.uk/2013/09/turd-ferguson-more-evidence-that-jpm...
This is the reality of the gold market, futures dog wagging a golden tail.
Dimon the gold bear. So far so good. One more brutal down wave and then start loading the Yacht.
paging the HUNT BROS