For all those whose lifelong ambition has been to work with the recently reappointed joint Chairman/CEO of JPMorgan in the firm's legendary and infamous gold 'clearing' operation (whose formerly classified New York, the largest in the world, and London vault locations were exposed here [9]and here [10]), today is your lucky day:
[11]
But more important than what the firm is looking for, is what is willing to provide. Information. Such as:
- JPM currently holds a 45 % market share of the London Clearing: not quite a monopoly but close enough
- The London clearing transacts approx $ 40 bn value in metal transfers each day on behalf of participants in the London market
- It conducts Location swaps: literally, what it sounds like
- The firm has consignment agreements in India, China, Thailan, and... Turkey: the infamous gateway to Iran [12]?
- The firm's gold clearing and physical desk engages in liquidity management between London, Zurich and... the Bank of England?
h/t Ro