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Alasdair Macleod: The perils of owning gold through ETFs

Section: Daily Dispatches

By Alasdair Macleod
Macleod Finance
Tuesday, January 16, 2024

At the outset, it is worth noting that regulatory bodies tend to give large banks the benefit of the doubt, looking closely at their compliance activities only when they can no longer be ignored. Consequently, large banks have been known to act as if regulations don't exist.

... Dispatch continues below ...


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This lack of respect for the law and securities regulations was demonstrated in an important case in the gold market, when JPMorgan Chase's global head of precious metals trading and board member of the London Bullion Market Association was found guilty of attempted price manipulation, commodities fraud, wire fraud, and spoofing prices in gold, silver, platinum, and palladium futures. 

And it is not as if this was an isolated case. It had been going on for eight years involving thousands of unlawful trading sequences. Another colleague heading up the New York gold desk was also found guilty, presumably acting in concert with the bank's London dealers. That was in July 2019. 

Finally, in 2020 the bank itself pleaded guilty to unlawful trading in precious metals futures markets and was heavily fined. ...

... For the remainder of the analysis:

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