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Peter Hambro: He who has the gold makes the rules
By Peter Hambro
Reaction, London
Thursday, April 6, 2023
Straws in the wind presage the oncoming storm, and not everyone notices in time. One such straw has just appeared in the gold market and only the most beady-eyed of your readers will have noticed that JPMorganChase did not, as is usual, roll over its maturing derivatives position in gold. Instead the bank delivered physical gold to those standing for delivery.
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Gold expert Ted Butler writes at SilverSeek.com: "A major development last week was the large amount of gold issued by JPMorgan over the first two days of the Comex April contract. Total gold deliveries by JPMorgan of 14,326 contracts, including 10,682 contracts (1.07 million ounces) by JPM from its proprietary house account were the largest by JPM in history. This is big news because it demonstrates clear and blatant price manipulation by JPMorgan. With more than 19,000 contracts of gold standing for delivery, what would have been the price of gold had JPM not delivered more than 10,000 contracts from its house account?"
Given that the short positions were established at prices much lower than today's, there must be substantial actual and mark-to-market losses involved.
Wall Street on Parade notes that JPMorganChase Bank holds 53% of all the monetary metals derivatives contracts in the U.S. banking system.
Could it be that the margin calls on its massive position -- or those of its customer, whomever that may be -- are now so large that it could no longer continue to meet them? If so, we are witnessing a substantial increase in the price of gold, as a reaction to the people's need for a real investment when there is an absence of sellers. ...
... For the remainder of the analysis:
https://reaction.life/he-who-has-the-gold-makes-the-rules/
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