You are here

At King World News, analyst Stephen Leeb cites JPM's heavy gold derivatives

Section: Daily Dispatches

12:22p ET Saturday, March 25, 2023

Dear Friend of GATA and Gold:

Market analyst and fund manager Stephen Leeb, interviewed this week at King World News, discusses JPMorganChase's heavy involvement in gold derivatives and speculates that the bank's short position in gold may be greater than all the bank's other assets combined.

"They're trying to control the price of gold," Leeb says, adding that the monetary metal's rising price could be an existential threat to the bank.

... Dispatch continues below ...


... ADVERTISEMENT ...

USA Gold: Coins and Bullion Since 1973

USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.

Please call 1-800-869-5115x100 and ask for the trading desk, or visit:

http://www.USAGold.com

USAGold: Great prices, quick delivery -- all the time.


But why would the bank take such a risk and be so excessively involved on one side of one market, especially since controlling a market ordinarily is a violation of U.S. antitrust law?

Of course from GATA's perspective there is an obvious answer: that JPMorganChase's big derivatives position in gold isn't really the bank's position at all but the position of a client, the U.S. government, which is fully authorized by the Gold Reserve Act of 1934, as amended, and other federal laws to intervene surreptitiously in and manipulate any market in the world.

Anyone who doesn't believe this should put a question to the U.S. Commodity Futures Trading Commission, as GATA and U.S. Rep. Alex X. Mooney, R-West Virginia, have done:

Does the commission have enforcement jurisdiction over manipulative trading undertaken by or at the behest of the U.S. government, or is such manipulative trading legal?

The commission has repeatedly refused to answer, which, of course, is an answer -- that the U.S. government indeed rigs certain markets for what are considered to be national security purposes.

See:

http://www.gata.org/node/19917

http://www.gata.org/node/20089

Twenty-two years ago your secretary/treasurer was present in U.S. District Court in Boston when an assistant U.S. attorney -- moving to dismiss GATA consultant Reginald Howe's lawsuit against the U.S. government, investment banks, and the Bank for International Settlements over their manipulation of the gold market -- declared that the U.S. government indeed has the legal authority to rig the gold market exactly as the lawsuit complained:

http://gata.org/node/4211

So congratulations to Leeb for noting JPMorganChase's overwhelming connection to gold derivatives. His comments are 16 minutes long and can be heard at King World News here:

https://kingworldnews.com/leeb-jp-morgans-massive-gold-derivative-short-position-may-be-larger-than-all-their-assets/

But it's only half of the story.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org

* * *

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.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

* * *

Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://tinyurl.com/3xt6uw66

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16