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Blythe Masters On The Blogosphere, Silver Manipulation, Gold-Axed Clients And Doing The "Wrong" Thing
In an article that is about three years overdue, "JPMorgan's practices bring scrutiny" the FT finally takes aim at that other "vampire squid", JP Morgan, which technically is incorrect: because if Goldman is a nimble and aggressive creature, with infinite tentacles in every governmental office, and unencumbered by massive liabilities, JPMorgan is just as connected, but unlike Goldman, it is a behemoth in every other possible capacity, and with its trillion in deposits, matched by tens of billions in bad loans, is a true Bank Holding Company. As such 'Jabba the Hutt' would be a far more appropriate allegory to describe the the firm, whose reach, scope and scale lead the FT to classify it as "Three times a pallbearer, never a corpse."
As some may recall, back in October 2009, Zero Hedge did an exhaustive expose on the relationship between JPMorgan and the then version of MF Global, Lehman Brothers, whose perfectly functioning division, its North American Brokerage, ended up being scooped up by Barclays for pennies on the dollar. In the meantime, however, JPMorgan, with the backing of the Fed, proceeded to demand as much extra collateral for Lehman repo positions on hold with JP Morgan and the Tri-Party repo system, of which JPM is one of only two custodians, simply because it could, and because this is the easiest way for the bank that is even closer to the Fed than Goldman Sachs, to procure liquidity during times of broad distress. Such as when the money market is about to freeze to death. Since then, the topic of just how much JPMorgan may have ripped off the Lehman estate has escalated, and is set to be an epic showdown in the form of a lawsuit which "accuses JPMorgan of using its “life and death power as the brokerage firm’s primary clearing bank” to put a “financial gun” to its head and demand excess collateral." And here is the kicker: "It claims JPMorgan abused its access to US government officials and then “accelerated Lehman’s free fall into bankruptcy”, hoovering up collateral to protect itself to the detriment of the firm and other eventual creditors."
And therein lies the rub: because of all TBTF banks, JPMorgan is literally at the nexus of the entire $16 trillion shadow banking system, the very system that the Fed, much more than traditional liabilities, knows and uses constantly to hypothecate and rehypothecate assets, in essence creating money out of nothing, and which in conjunction with the other Tri-Party repo dealer, Bank of New York, as well as State Street, provides the US financial system with over $30 trillion in shadow credit money in the form of custodial assets - liquidity the bulk of which is not accounted for in any conventional monetary textbook or in any modern theory of money as it is such a novel development, yet which is still 100% fungible, and is by far the biggest secret of the American monetary system. It can be seen as summarized in the following graphic, first created by Citi's Matt King back in the week before Lehman failed (full report can be read here, and should be by anyone who wishes to understand just what is truly going on behind the scenes in modern finance).
Keep in mind, these are the same custody assets which, as explained previously in the case of MF Global, can be rehypothecated in serial fashion, creating a virtually infinite amount of "money" as long as everyone who is in on the fraud agrees to maintain the ponzi. Of course, if and when someone demands delivery of an underlying assets, the whole thing falls apart, which is what happened with AIG, with Lehman, and to a smaller degree, MF Global.
So what does all of this have to do with Blythe Masters?
Simple.
At the end of the day, and as the Lehman lawsuit alleges, JPMorgan has intimate access to US government officials, and particularly the Federal Reserve, who will in turn take advantage of all JPM facilities, including its trading desk, to preserve the sanctity and foundations of the $30+ trillion in custodial assets and rehypothecation system, which further means that any potential implication that fiat money is impaired has to be wiped out. As it so happens, soaring prices of gold and silver are the primary if not only means left to express rising doubts in the future viability of the dollar, but in the viability of the fiat system in the first place. Which means that the Fed is, without a doubt, one of the biggest "clients" of the Fed in a symbiotic crosshold, where what the Fed wants, JPM has to execute and vice versa.
This brings us to the transcript of Blythe's interview on CNBC, in which a primary topic, ironically, was whether or not Jamie Dimon's firm manipulates the prices of precious metals, and particularly silver. What followed was the usual avalanche of platitudes that only a muppet can love:
- "JPM's commodities business is not about betting on commodity prices but about assisting clients"... "it's about assisting clients in executing, managing, their risks and ensuring access to capital so they can make the kind of large long-term investments that are needed in the long run to expand the supply of commodities"...
- "There's been a tremendous amount of speculation particularly in the blogosphere on this topic. I think the challenge is it represents a misunderstanding as the nature of our business. As i mentioned earlier, our business is a client-driven business where we execute on behalf of clients to achieve their financial and risk management objectives. The challenge is that commentators don't see that. So to give you a specific example, we store significant amount of commodities, for example, silver, on behalf of customers we operate vaults in New York City, Singapore and in London. And often when customers have that metal stored in our facilities, they hedge it on a forward basis through JPMorgan who in turn hedges itself in the commodity markets. If you see only the hedges and our activity in the futures market, but you aren't aware of the underlying client position that we're hedging, that would suggest inaccurately that we're running a large directional position. In fact that's not the case at all.
- "We have offsetting positions. We have no stake in whether prices rise or decline. Rather we're running a flat or relatively flat matched book.
- "What is commonly out there is that JPMorgan is manipulating the metals market. It's not part of our business model. it would be wrong and we don't do it."
Ah yes, because JPMorgan never engages in "wrong" activites...
And while we admire JPM's naive statement that it can triple its commodities revenues to $2.8 billion in 2011, while everyone else was losing money in the space, without taking prop bets, we just don't buy it. Just as we didn't buy Goldman's explanation that its prop desk only accounted for 12% of that firm's revenue, as Goldman told us directly (coupled with our challenge of prop trading in 2009, a pursuit taken on by Paul Volcker a few weeks later, resulting in the Volcker Rule). Needless to say, once the firm did break out its prop trading, it became quite clear just how huge of a factor prop trading truly was for Goldman. Because taken at face value, it would mean that all else equal, JPMorgan transacted at least 3 times more in flow in 2011 than in 2010. Yet, everyone knows that trading volumes in 2011 slumped relative to 2010. So no, Blythe, we appreciate your explanation, but we would appreciate the truth even more.
And yet there is one simple explanation that would make Blythe's story 100% correct: would JPMorgan consider the Fed, whose interests in keeping the price of precious metals as low as possible, and are aligned with those of JPM for the reasons listed above, its client?
Because if so, then absolutely everything falls into place, as JPMorgan is merely the overt conduit by which the Fed, and specifically the New York Fed, conducts monetary policy in the commodities space, just as Brian Sack would conduct open market operations in the bond arena, and as the FRBNY uses, on occasion, Citadel, and its HFT expertise, to execute its discretionary stock trades (yes, we know about those too).
We would welcome Blythe's comments on any and all of the topics listed above.
In the meantime, for those who missed it, here's Blythe.
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Show her a silver coin!!!
how about a silver bullet?
A silver wire noose.
Before I even read this, I predict 1000 comments...
I looked directly into it's eyes......is that bad?
she looks waaaaaaaaaaay too much like hillary clinton in that small photo for my liking. as if i needed a reason to despise her even more... but thanks for the cheap silver, babe.
"We execute on behalf of our clients" - and their biggest client is the US Gov!!!!!!!!!!!!!
That cunt is full of SHITE!
Puppet interviewing the puppet master!
Silver Manipulation.
First they ignore you, then they laugh at you, then they explain themselves on CNBC, then you win.
then they hit you with a car walking out of a store
http://forums.silverseek.com/showthread.php?10795-GATA-Whistleblower-Andrew-Maguire-Injured-in-Hit-and-Run-Car-Accident%26%238207%3B
JP Morgan, simply neutrally hedging silver on behalf of their clients. No proprietary trading involved at all.
She makes it sound all so altruistic. So that 3 billion is all in commisions? Wow. So in a 30 billion dollar market like silver, 10% goes to JPM sos they can introduce the miners to the buyers. How ludicrious.
The COT report consistently does not reflect goldbugs' and silverbugs' conspiratorial view of the precious metals markets. During periods of weakness in the precious metals I constantly see accusations of outsized manipulative short orders. However, this simply does not show up in the commercials section of the COT report. Oh let me guess, there's ANOTHER layer to the conspiracy where the "bullion banks" cover before the COT cutoff ... Give me a break.
Oh let me guess, there's ANOTHER layer to the conspiracy where the "bullion banks" cover before the COT cutoff.
LOL.... you just answered your own question. Nice to see you are at least reading Turd, Harvey, SGT, ZH, brotherjohn to get the facts.
I missed the part where she explains why it is necessary to sell several hundred million oz. of silver futures in a few minutes and just what effect that might have on prices.
No we don't manipulate silver, that would be wrong, God says No!
It's THEIR world....
we are ALLOWED to play in it.
Pretend you were picked to play running back for the Steelers for a game.
How would you do?
We represent the lollipop kids- the lollipop kids- the lollipop kids
Look out for that house above!!!
JFC, I'm a pedantic ahole.
Munchkin boys sing "We Represent the Lollipop Guild,"
Damned unions are everywhere.
I'd rather have this bottle in front of me than a frontal lobotomy!
Is she be able to see her reflection in a silver mirror?
vampires can't see their reflection
I have a feeling Blythe is secretly craving vagina
God, if there ever was a need to create a giant silver phallus and beat someone with it, it exists in that video.
I love Brother John, a true legend!
Shut your trap.
You don't listen to reason, you pick crackpots with limited understanding to pick on, and then act as if you've by extension disproved without a doubt ALL possibilty of manipulation.
It's weak, and it gets very old. You're a transparent troll, but it is interesting to note which topics you up the effort for, and which you choose to simply spew idiocy.
You won't listen to me, so how about about this from T. Butler:
"The exact methodology being deployed that enables the dominant commercial traders to pull this scam off repetitively, aside from outright collusion, is High Frequency Trading (HFT). HFT is the collusive bundling of advanced computer hardware and software that is so advanced and powerful that it has achieved the power to move prices sharply with little actual trading required in setting prices. The way HFT works is that the collusive trading programs suddenly flash great numbers of contracts for sale. But before much actual selling occurs, all the other traders in the market see the great volumes of contracts apparently offered for sale and these other traders withdraw buy orders and start entering their own sell orders to get ahead of the great wave of HFT sell orders offered. Then a not so funny thing happens. Most of the time, very few of the HFT orders originally offered for sale get filled or executed. Instead, they are quickly cancelled. There's even an operative term for this practice that's perfect – spoofing.
Most of the HFT orders are never filled, nor are they ever intended to be filled. These spoof orders are intended to scare others into selling so that the dominant commercial traders can buy gold and silver contracts. And make no mistake, this phony HFT activity has been successful, to the great shame of the regulators at the CFTC, who know that this manipulative trading is against commodity law. The proof that it is manipulative trading lies in the data published by the CFTC. That data shows the big dominant commercial traders are always the big net buyers on the big down days. It is not possible for that to be coincidence; it as close to cause and effect as is possible."
Just shut up.
Dude, you missed your reply-threading. I'm not MillionDollarFuckface_
I deliberate made the LOL icon so that illiterates could see I'm a different account.
Man... you're on zh? really?
This is what I'm really up - charting the manipulation to help prove it - stocktwits.com/goldpricemodel & goldprice model on flickr
sit DOON laddie an calm ye haerses
He didn't miss. Responding to MDBonus, not U.
Million dollar bonus,
I don't know who is a bigger fucktard, you, trav, or robottrader.
I think MDB is actualy Joe Wiesenthal from BusinessInsider
Are you discounting the possibility that "they" are one person with three different logins?
I'll help you out. It's MDB.
and yet at least 10 to 1 there are contracts on the OI which exceed supply at any given date, aren't there? This adds up to more silver or gold on the COT than actually can ever be mined, doesn't it?
Yes, it does, and that makes it fraud.
"This adds up to more silver or gold on the COT than actually can ever be mined, doesn't it? Yes, it does, and that makes it fraud."
That's /sarc, right? You're just trying to mimic MDB, right?
:D
MDB is an implied /sarc
I'm on the fence about whether or not I'm mocking him or correcting him, depending on the day.
Any Questions?
Come on. We all heard it say that it would be "wrong."
Which suggests they aren't manipulating the silver market.
;-P
Bythe, you lie. Can see it in your face and your reactions. Can see it by the carefully chosen words you use to answer questions. You are a liar dressed like an airline stewardess.
http://www.youtube.com/watch?v=AuI0zKMCO2U
But....man.... so poised. I'm impressed. Delivery excellent, Commodity Centre carefully and accurately placed in the golden mean section, Blythe, blythely sneaking from left field....
Brilliant. These symboligists, programmers know their stuff. Her flashing earrings. All to ds-tract while she delivers...]
What? Us..... never......
ori
/police-state-descends-on-america
Except her emotions betray her...watch carefully when she says
"IT WOULD BE WRONG AND WE DON'T DO IT" her head is nodding yes
classic tell she is lying
An air stewardess in a very, very bad wig.
No wig. Just a lamb shear on a mutton. As an older "gentleman", I appreciate the effort. Not many hair-doos can make an older man look better.
These new age women, you know the Komen for the Cure fundraiser type, they don't need to wash, let alone cut and style, their hair.
At 4:25 of the video ..."that's not part of our business model, it would be wrong, and we don't do it."
<smirk>
She hasn't mastered the poker face.
Yep...that is correct. Note how she purses her lips as well as looks down to the right? Those are natural (ie - instinctive) human traits when someone is lying. Sorry Blythe, you've been snagged.
The the underlying message she was putting out there:
- Suppressing operations in commodity markets, ie price fixing, are very important for economic growth.
- It's not JPM doing the manipulation, it's our clients telling us what to do to meet their own financial objectives.
- We can't have CFTC put on position limits because it might threaten liquidity, our clients ability to hedge, or our ability to control prices.
Blythe, you are a piece of work. Nobody buys your propaganda. Not only that, I thought you looked terrible !! LOL
Great little chatroom! these 2 are keepers! as well!Article I, Section 8, Clause 5, of the United States Constitution says
"Congress shall have the power to coin money and regulate the value thereof and of any foreign coins".
But that is not the case.
The United States government has no power to issue money, control the flow of money, or to even distribute it - that belongs to a private corporation registered in the State of Delaware - the Federal Reserve Bank.
The Federal Reserve System fulfills its public mission as an independent entity within government. It is not "owned" by anyone and is not a private, profit-making institution.
As the nation's central bank, the Federal Reserve derives its authority from the Congress of the United States. It is considered an independent central bank because its monetary policy decisions do not have to be approved by the President or anyone else in the executive or legislative branches of government, it does not receive funding appropriated by the Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms.
However, the Federal Reserve is subject to oversight by the Congress, which often reviews the Federal Reserve's activities and can alter its responsibilities by statute. Therefore, the Federal Reserve can be more accurately described as "independent within the government" rather than "independent of government."
The 12 regional Federal Reserve Banks, which were established by the Congress as the operating arms of the nation's central banking system, are organized similarly to private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.
http://www.federalreserve.gov/faqs/about_14986.htm
It's the Rothschild and Warburg International Bank. And now so entangled with the Jewish end of the Street and the entire Z.O.G. that it's impossible to tell them apart.
You are correct, of course. And until knowledge of this becomes more widespread, and people begin to take a long-term strategic view to altering the situation, we remain manipulated serfs.
Thinking back on the thread that discussed student loans and the overall situation in higher education, I wonder how many students are taught how to notice this reality?
The worst part about this evil woman, who partnered the invention of the CDS and now manipulates PM's daily, is that she is someones' mother.
I don't really care if my PM's become worthless one day. This lady could win that game - kudos to you Blythe.
But your legacy will not be JPM, it will be those young influential ones in your own house who, one day, will probably wake up to the truth and never associate with you again.
More than likely, her offspring will become just as evil as her. They will think that mommy was doing god's work. And they will be right. After all, Satanists/Lucifarians don't say there is no God. They merely say that everyone else is worshipping the wrong one.
Depends if they are greedy like her. If they happen to open their hearts to humanity and understand the global damage she is doing, they may choose another path.
But if they're greedy like her, other people are just pawns in the global domination game.
And the fact that she always has to dress like an airline stewardess is just plain weird to me.
Does sociopathy have a genetic componant?
Reminds me of Two Weeks http://www.youtube.com/watch?v=V17duGlHEYY There's something not right about her lower jaw.
...lol, Nope, growing up?
http://www.biblegateway.com/passage/?search=Matthew%2010:%2034-42&version=KJV
Team Benny and the Suicide Vampire Squid of the Great Wal Mart of China and the 911 NWO Jets
do not offer time http://www.newswithviews.com/Horn/thomas101.htm
http://www.erh.noaa.gov/lwx/Historic_Events/924tornadofiles/September%2024,%202001%20Tornadoes.htm
for that kind of child growth. Lol. http://wandervogeldiary.files.wordpress.com/2011/04/child-sacrifice-reenactment-at-the-bohemian-grove.jpg
The occult prophetic picture has been painted and the alter flame has been lit http://api.ning.com/files/MHjn98CgBv96RMm8vC2e0Uumo4XtBAyTk-*fNcs18ZL2fzvTZrMxwyN5G3mc83Kbj-gInnZJfVKVrBsi2QFztw7o0vV1T7h4/s1.jpg
...for Rosemary's Baby U.N.Security Council Chairmanship confirmed by Pre-emptively awarding the Antichrist http://defenderpublishing.blogspot.com/
prophetic Peace Prize http://www.biblegateway.com/passage/?search=Daniel%208:25&version=KJV
for the nuclear nonProLIFEration response to the Iran Event(s) that shall open the seal to the prophetic false peace with Israel and the United Nations via Iran Israel and the Middle East Muslim nations conflict shocking the market that has been set up by the big brother Masonic G Man
http://ochairball.blogspot.com/2011/04/obama-says-washington-monument-open-for.html http://www.youtube.com/watch?v=aGrKho1z8Sk
and
Blythe Masters of Muppets prophetic Greenspan of the http://bible.cc/matthew/24-33.htm Larry it's time for Summers season. Lol. http://www.prophecyinthenews.com/daily-update-april-5-2012-from-egypt-with-rockets/
http://www.youtube.com/watch?v=8yN8_mKPe5I&feature=fvwrel
your post(s) could also be applied to some of the violent suggestive imaginations posted in thread. . .
one has to wonder if many of these guys have any females in their lives - mothers, sisters, nieces, daughters, etc. - and what their perceptions of these relatives might be. . .
Cathartes Aura = testosterone Kryptonite. Blustery _icks shrivel at your every post.
*shrug*
we all have testosterone flowing, just in varying amounts depending on body chemistry, and perhaps "environmental" affects still being argued over. . . doesn't mean one need be ruled by their hormones, certainly not if you're past your teens at least.
less about hormones, more about anger over feeling powerless, plus the desire to punish people - male AND female - sexually.
scrolling past most of these posts, I couldn't help but remember poster Janus' avatar. . .
http://www.zerohedge.com/users/janus
...awe relax Aura, play some more Agenda 21 Black Jack, you'll be fine. Nobody's looking at your Fannie. Lol.
http://www.youtube.com/watch?v=PqZmJ7RGAP4
heh, like everyone else here, just entertaining myself watching the show - if I was even remotely bothered, I'd stop reading.
but it can be fascinating to see how lame people can be, and just what the threads throw up. . . literally. quite the education relative to just what amrkn minds are pre-occupied with.
I'm sure you'll understand if I pass on whatever you've linked. . . have fun!
...lol, that is understandable, people pass on by things ''foreign'' to them, they really don't want to know about, all the time, like; why in the wide world of sport did a Russian like Nicholas Roerich inspire the Vice President and the President to put the seal in your hand or the affect thereof? Lol. ...but since you do not care to know, lol, I'm sure you will find some good programming, lol, ...on your Country's TV channel, lol, to be ''pre-occupied'' with. http://www.youtube.com/watch?v=6m2gl51J6lo Those familiar spirits, oooh, very scary, but don't be bothered enough to comment on them, that's entertainment. Lol. ''Lame'', but ''...have fun!'' sniping myself. Lol, good one.
http://www.youtube.com/watch?v=a-pswfTBt78
No, children of sociopaths often grow up to stick a knife in their parents back. Let's hope I'm right.
Really disingenuous stuff there, Blythe. But let's face it. The last decade is now gone. PMs and commodities are now attracting serious money, much of it smart money. So vermin like JPM and GS have set up shop in the sector, expecting to control the market and shake people down. THAT is their business model.
Real regulation would prevent yet another market being destroyed, but we do not have that. The regulators have been captured.
The real tragedy is that commodities like food and oil affect everyone deeply. But the "squid", "Jabba" and their ilk must get their cut. So fuck you, everybody.
Vote up! just for your name.
delete double post
Not a bad job overall, but I can still tell she was born a man.
Oh No. Dont let WB7 see this. I predict another peppermint rhino pic I could well do without
No, you'll be fine just choose granite or limestone..
No, you should not have looked directly into her eyes. When you stare into the abyss, the abyss stares into you.
"JPM's commodities business is not about betting on commodity prices but about assisting clients".
What an interesting thing to say. I guess she really couldnt say anything else, except the truth, and the truth would set her free of her job as Commodities head of JPM.
I'm surprised that people don't instantly turn to stone once eye contact is made with the Blythdusa.
Hmmmm... great business model at the Fed.....errrrrrrrrrr JP Morgue. Buy all the Treasuries and sell all the PM's. Please let me know how that turns out.
I think you only turn to stone by looking at the actual physical creature, images are safe.
and all this is OK?
Buy cash
Naw, seeing as how it's *her*, let's do us an update on the classic "Death of Crassus" thing: a jeroboam of molten silver down the gullet. Let her watch it being melted - tell her nothing to worry about, it's merely a neutral position.
The evil one speaks! Beware!
http://ericsprott.blogspot.ca/
Silver wire round her ankles, with Blythe hanging upside down. I can give the lie to everything she said via direct personal experience. In August 2010 I moved from munis/money mkt into "silver". My JPM-connected broker put it all into SLV...stupid me, at the time I didn't even know what a "derivative" was. When I found that out (along with much else) from ZH and other sites, I let it ride for awhile...then in April of 2011 moved from paper into bullion. But to do so, broker-man insisted I sign a piece of paper clearing him w his boss JD, attesting that I made this move "against his advice". JPM is THAT desperate too keep people away from physical and in paper. And we all know why.
BLYTHE CAN SUCK MY SILVER COCK!!!!! YOU #$%^&* BANKSTER WHORE!!
http://www.youtube.com/watch?v=oG72L05i9a0
TYLER!!! GREEKS ARE GOING CRAZY OVER BANKSTERS!!
I'm not going to lie. I'd pound that stupid bitch.
Claw, ball peen, framing, or sledge?
she melts if you pour colloidal silver on her
A silver crown...much like the one Viserys wore on Game Of Thrones..
try 30 of 'em
That's the equivalent of showing a cross to a vampire.
I'm sure Blythe has never actually seen an ounce of physical silver...Seeing as how their "vaults" are likely empty.
Why do vampires hate crosses?
They're allergic to bullshit!
No, because they are the living dead
Uh oh, I do not like BM on CNBC at all: this can only mean JPM is going to take down silver to $26 again.
Boooya!!! I hope so!! I love sales!!
Hope so. Its like when she is about to bust out laughing, she hides it with a smirk. I think she almost lopst it for a second.
Agreed. She shows up after pit close the day before a holiday with this? When you see Blythe, Soros, a Rothschild, etc. come out in the daylight you know something is brewing with the vampires
And Brian Sack quits.
I wonder how long until he commits suicide with two gunshots to the back of the head.
On-target for the trend is silver = $26 with gold = $1465.77
2012 04 06 gold vs silver performance multiplier | Flickr - goldpricemodel
2012 feb 06 gold price model 277 wk roc | Flickr, Goldpricemodel - I'd expect no later than 2nd week May and possibly window opening only 3rd week April (2012)
This article is pretty foolish. As much as I hate to admit it, Masters' statement makes sense. If they're sitting long the physical (in the vault), they need an offsetting short position in the paper market. It also doesn't make sense to say that JPM isn't running a matched book in Silver when we already accept that they run matched books in all their other markets. The silver manipulation claims here are bullshit, in my opinion.
How did they make $2.8 Billion then? On commisions?
Really? Why, exactly?
Because... well... because... SHUT UP! You are crazy!
Conspiracy theorist! Government hater! Bible thumper! Ron Paul lover!
Racist, sexist, bigot, homophobe... Terrorist!!
You forgot "silver bug". LOL.
I know you are but what am I?
For risk management, the same as every other market maker.
Thus one of the many conflicts of interest inherent in banks that are also market makers. But really, market makers have no requirement to be flat, and banks do have a requirement to have reserves.
http://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_Act
JPM worries little about "risk". There is no "risk" when you are the government. At least until the shooting starts.
The 2.8 Billion dollar question...................
Then why choose to address it at all? Blythe Masters doesn't go on tv to give facebook status updates. Somebody is poking holes somewhere. (knock it off perverts)
What I don't understand is why would JPM have to hedge their book when it's the customers silver in the vault and the customer hedges. That I see, but then she says we then offset in commodities market. Why? The hedge the client place protects them, why is JPM then placing a hedge on that postion?
fwiw, I think the quoted material indicates customer is both depositing silver w/ JPM and hedging that same silver through JPM, so JPM in turn must hedge to stay flat or relatively so.
Still does not make sense to me. I understand that according to Blythe, customer hedges with a FORWARD, thus their is counterparty risk, but dont most banks take the other side in Forwards.
So client places silver in JPM vault, then takes out a short forward contract, JPM has the silver as colatteral, why hegde?
The claim is, their customer holds phyz, hedges that by selling an OTC future contract with her as the buyer, they then bang that out in the futures mkt making them delta neutral. who the hell would hold the amount of silver that needs hedging with futures equivalent to a years production in ten minutes or so from now however I couldn't say.
She said she executes client positions.
Along with executing the wishes of the clients.
Then moves on to executing long silver positions.
Next will be executing clients.
She sure loves the word "execute," doesn't she?
Maybe she should be called The Executioner.
Given what she does to silver prices, I refer to her as Scythe Masters. when silver takes huge drops I call them "Scythe candles" on the chart. When I'm feeling very entertaining I make my own charts featuring this with a photoshopped scythe overlaid on the chart data :D
@ Thisson....Blythe never uses the word 'physical' nor does she ever use the word 'bullion'. For all we know she could be referring to confirms or receipts in the vaults.
She is quoted as saying: " we store significant amount of commodities, for example, silver, on behalf of customers we operate vaults in New York City"
Ok, so if we take the claim as true, she's saying the Bank is effectively long silver exposure and is taking an offsetting short position as a hedge. Like I said, why would this be untrue for Silver but true for the other commodities markets they operate it. I mean, really, where are the "grainbugs" shouting about how grain prices are being manipulated?
Can you cite any examples of three quarters of the world's yearly grain harvest sold in 10 minutes, without regard to price?
Happened with silver on February 29th....
It happened on a leap year day too...what are the odds?
Kinda like 911.
29: 2+9 = 11
That's the number they use to get their freak on....
From what I can tell it is their 'control' number...kind of like a pause button on the sheeple
You all know you would fuck her first chance you had.
All the snark here is just to cover the boners.
I'd fuck her up...
She's fucked me. Trust me -- you won't like the experience. It can be very expensive and painful too.
FLASH IT!
She was lying her but off all during that interview the onoy thing she got right was the name of the firm.
I don't get it. Everyone here is convinced the banks are the ones doing these hugh intraday shorts. Why can't it be hedge funds? How many hedge funds have the funds to sell into a market equal to the annual silver production in sliver in just a few minutes?
Do they not take a risk doing this? If you are short 100,000 contracts at 5000 * $30 per, then the market moves against you aren't you royally screwed?
I dont care that it's manipulated. Buggers like us get lower prices. Always. I risk maybe $13k in a trade. Them dudes risk billions. If they make money off it...more power to em.
The very day you neanderthals understand what a flat matched position is; you will gape open mouthed in astonishment at the years of folly and bombast that you subscribed to and were mislead by. Repeat after me two thousand times until you finally get it; there is no manipulation in the price of silver. Why? Because it's impossible, that's why. In other words, for the same reason that rocks never float upward when you release them from your hand.
Tyler I beg you to please give us a word cloud. I am certain it will be revealing. I want to see what the word "devil" appears next to. I wager that it will appear next to "Blythe"
Blythe used the phrase "the devil is in the detail" in the above video clip. Perhaps the word cloud will reveal that "the devil is in JP Morgan"?
<-- Cunt.
<-- Misunderstood.
<----Cunt
<----SMUNT (that is the combination of smelly and cunt)
I would give to her in the pooper .. Just like she gives to every PM investor, Tid for Tad
I'm just gutted that the Troika have withdrawn Greece for sale from eBay
Pick-up the baton and post it up again.. I'm about to offer up California.
Long story short, JPM is only acting on behalf of its client[s]...That CLIENT, of course, is Ben Bernanke and the Federal Reserve.
And unfortunately - it doesnt end there...
...couple of more steps up^
Who's Ben and Feds client?
When you answer that, than we get closer to the juggernaut of the problem.
Picking the anchovies..and pineapple off the pizza is useless when the whole pizza is fuckin rotten.
Fucking Rothschild of course IBS thats where the buck stops. The Godfather of this syndicate, thats all it is when you strip away the layers of Bullshit.
Excellent and timely!
Good one WB. Only thing you left out was the silver dildo.............
Not enough silver globally!
Just make a paper one and dip it in silver. It looks solid, but 99% of it is paper. For extra fetish effect, make it with pieces of paper labeled with "SLV". She'll be spazzin inside of a minute.
Damn Banzai ... You make me feel quilty of my wet dreams being it will be Good Friday and all!!
You captured her inner conflict perfectly.
A dime a day will END the game. JPMorgan has a chink in the armor, and it's name is physical silver. I, for one, am telling everyone I know how to slay the beast:
http://strayingfromtheflock.org/2012/04/05/an-open-letter-to-my-friends/
Hedge against the coming paper storm.
RGD
thanks! shared on my fb.
Well, a March of Dimes took care of Polio, maybe another could cure us of JPM.
My God your mentality is pitiful. It's so depressing to live in a land of idiots.
Beyond all the white noise, all one needs is patience. It's simply a matter of time and I firmly believe as Jim Sinclair has said that ..."gold & silver will achieve full price discovery ONLY when they trade at full cash value on the COMEX and LME."
The Donate Button is Tacky after posting something like this.
Vaults... yeah, sure.
Masters: "Commodities Space is a global, growing hindrance at this moment in time." There, fixed it.
why does she always have a smirk on a her face like she just sucked someones dick
Don't you love how these bankster fucks (or in Blythe's case, bankster CUNTS) lie by telling the truth...They just selectively tell the truth and omit the important fact that would expose them.
"We're only acting on behalf of our clients."
Can we see a client list?
"Uh...That's confidential."
Nice sacrifice though Blythe. What did they promise you. Phyz?
The porn industry found a Sarah Palin look alike. Can someone in the porn industry, PLEASE, for the love of god, find a Blythe Master's look alike and put her in a massive anal only gangbang video? Silver buyers and traders everywhere would rejoice.
If someone could get Blythe herself to star in said movie, that would be even better.
Although I guess in the end, we should all thank the great Cunt. She is, after all, giving us all physical silver at prices way below fair value.