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Ted Butler: The genius of JPMorganChase
By Ted Butler
Thursday, January 16, 2020
This week JPMorgan Chase, the largest bank in the United States, reported record earnings of $8.5 billion for the fourth quarter and roughly $35 billion for the full year. These are net profits, after all expenses and costs are subtracted from gross revenues. It is no understatement to call JPMorgan a profit-generating machine.
My interest in the bank, of course, comes from the perspective of gold and silver. The connection is that JPMorgan is the largest player, by far, in all aspects of gold and silver. Always among the top players in the gold and silver space for decades, what pushed JPMorgan to the very top was its takeover of Bear Stearns in 2008 which resulted in JPM taking the place of Bear as the largest short seller in COMEX gold and silver futures.
... Dispatch continues below ...
Dunnedin Drills New Copper-Gold Porphyry Discovery
in 'Gate Zone' at MPD Project in Southern British Columbia
VANCOUVER, British Columbia, Canada -- Dunnedin Ventures Inc. (TSX-V: DVI) today reports results from its first drill program at its 100-percent owned MPD copper-gold porphyry project in southern British Columbia. The MPD project is accessible year-round from paved highways 5A and 97C.
Discovery drill hole MPD-19-003 has intersected the new Gate Zone containing the highest-grade porphyry copper-gold mineralization reported in drill core at the MPD property to-date.
The new discovery underlies a large copper-in-soil anomaly with over 1 kilometre of strike at the "Prime" area of the project. More than 100 historical drill holes containing copper and gold mineralization define a large, likely multi-center porphyry system across 10 square kilometers of the MPD project
The Gate Zone includes intervals of higher-grade copper-gold within a broad lower grade interval, with mineralization present from near surface to a vertical depth of 800 meters, and remains open at depth. ...
... For the remainder of the announcement:
https://dunnedinventures.com/2020/01/16/dunnedin-drills-new-copper-gold-...
It is said that necessity is the mother of invention and I confer on JPMorgan the title of genius for its solution to a serious problem it found itself in early in 2011 when silver ran up to near $50 while the bank was heavily short and holding open losses of close to $3 billion.
While JPMorgan did succeed in crushing the price starting on May 1 of that year and eliminating its large open losses, it knew it needed a permanent solution to what would be a recurring problem in the future, namely, how to mitigate against future run ups in the price of silver (and gold), since it intended on continuing to be the largest short in COMEX futures. ...
... For the remainder of the commentary:
http://silverseek.com/commentary/genius-jpmorgan-17823
Or:
http://www.24hgold.com/english/news-gold-silver-the-genius-of-jpmorgan.a...
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Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
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http://www.gata.org/files/GATA-4-wine-bottles.jpg
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http://www.gata.org/files/FayJWineryVarietals.jpg
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