Maybe JPMorgan is going long metals?

konsole

I thought I read someone a short while ago say that checks cashed by A*M*X were stamped by JPMorgan or Chase bank, something like that? Well with the recent news about JPM quitting its prop trading, and the increasing supply of checks being deposited by probably the largest online bullion seller, due to PMs getting more and more attention from investors. Maybe JPM decided that going long is a good choice. Higher prices = more investor demand = more bullion purchased = more money deposited at JPMorgan Chase?

roadrunner

The gold gurus have stated all along that JPM, HSBC and other major players have always been long gold. Their game plan is to end up with all the gold they can as they help destroy the currencies. But along the way they want to shake the tree back and forth at every opportunity to maximize their profit potential. They carry a hefty amount of short contracts to help ensure they decide when its time for the market to move up or down. If for some reason the CFTC decides they can't have that many shorts, they'll have to find some other way to maintain control....or leave it to the market to decide. These guys play both sides of the market, but I think they really are long term bulls. There is much money to be made in paper trading before the final event.

roadrunner

gsa1fan

<< <i>The gold gurus have stated all along that JPM, HSBC and other major players have always been long gold. Their game plan it to end up with all the gold possible as they help destroy the currencies. But along the way they want to shake the tree back and forth at every opportunity to maximize their profit potential. They carry a hefty amount of short contracts to help ensure they decide when its time for the market to move up or down. If for some reason the CFTC decides they can't have that many shorts, they'll have to find some other way to maintain control....or leave it to the market to decide. These guys play both sides of the market, but I think they really are long term bulls. There is much money to be made in paper trading before the final event.

roadrunner >>



RR, how is this any different than what Hunt brothers did?

CoinCrazyPA

RR, how is this any different than what Hunt brothers did?

Excellent question.

Stew

<< <i>RR, how is this any different than what Hunt brothers did? >>



The only difference this time is JPM has the backing of the Government

roadrunner

Not much different at all other than the Hunts were all long while JPM is probably heavily short on the Comex. The Hunts followed all the trading and margin rules of the day and they were not a bank, just private individuals looking to make some serious coin in a commodity that was no longer considered money. JPM is a major bank with a short position that is in violation of the CFTC's own requirements on total short positions. And it's likely they are connected to Uncle Sam to help swing their positions as required to boost or buck the dollar. If the Hunts came in today and tried to own the same long % that JPM is currently carrying short it would be denied with the reasoning that they are trying to manipulate the market for their own gains. And JPM isn't?

The Hunt's only mistake was not switching to all physical much earlier in the game such that they would never get margin calls, etc. Once the FEDs got wind in '79 that they were trying to shift over to all physical and get out of their long paper contracts they put the clamps on them by changing the rules for higher margin requirements and only allowing them to sell silver contracts, not buy them.

roadrunner

Stew

Just a couple of interesting things found on GATA's Website that will never make it
to the main stream media


The gold price suppression scheme became a matter of public record in January 1995, when the general counsel of the U.S. Federal Reserve Board, J. Virgil Mattingly, told the Federal Open Market Committee, according to the committee's minutes, that the U.S. Treasury Department's Exchange Stabilization Fund had undertaken gold swaps. Gold swaps are exchanges of gold allowing one central bank to intervene in the gold market on behalf of another central bank, potentially giving anonymity to the central bank that wants to undertake the intervention. The 1995 Federal Open Market Committee minutes in which Mattingly acknowledges gold swaps are still posted at the Fed's Internet site:

http://www.federalreserve.gov/monetarypolicy/files/FOMC19950201meeting.pdf

The gold price suppression scheme was a matter of public record in July 1998, when Federal Reserve Chairman Alan Greenspan told Congress: "Central banks stand ready to lease gold in increasing quantities should the price rise." That is, Greenspan himself, supposedly the greatest among the central bankers, contradicted the usual central bank explanation for leasing gold -- which was supposedly to earn a little interest on a dead asset -- and admitted that gold leasing is all about suppressing the price. Greenspan's admission is still posted at the Fed's Internet site:

http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm

Many more documents concerning this can be found here Gold suppression is public policy and public record, not 'conspiracy theory'