Few analysts are watching the evolution of the COMEX/LBMA markets as closely as Jesse (Jesse’s Café Américain). Both markets are where the gold spot price is determined and a lot of paper gold contracts and physical gold movement are involved. So it’s important to watch both markets waiting for a potential default event that would start to free the determination of the gold price from manipulation. In this interview with Jesse, we discuss the issues at the very center of the gold market today : COMEX/LBMA manipulation, default event and how investors should react to the long correction in precious metals.
What if the twenty metric tonnes of gold deposited into JPM’s eligible vault over the past two months really is 20,000 Kilobars, of the 999 fineness variety?
Why would JPM be holding, at a minimum, 20 metric tonnes of Asian Kilobars in their NY vault- could these have been acquired for a big Asian client (China)?
If so, this gives credence to the idea that JPM’s client is China and, by extension, China is the big NET LONG on the Comex, converted from NET SHORT after successfully driving price down by over 30% in the past year!
If you were buying that much gold and had easy access to smash the price first, wouldn’t you do it that way?
I’ve often stated that JPM’s verifiable NET LONG Comex gold futures position is a market corner and it gives them the ability to break and take control of The Comex at a time of their choosing. If this position is actually China’s…well, that certainly changes the dynamic a bit, doesn’t it?
And now JPM (China) is stashing away 2 metric tonnes per day of Asian-standard Kilobars?
In this interview with unconventional finance’s Elijah Johnson, Bill Murphy of GATA how a Fed tapering of QE would likely affect precious metals, whether China is involved with gold suppression, and what GATA believes will happen in the gold & silver markets that will finally expose JPMorgan’s alleged manipulation of the PM markets.
GATA’s Bill Murphy on Taper & PM manipulation is below:
Jeff Nielson from BullionBullsCanada joins the SGTReport to discuss how to END the endless corruption in the precious metals markets. We cover the Rothschild’s ONE BANK, Bitcoin and everything in between. Jeff says he thinks the Rothschilds will SMASH Bitcoin which has emerged as a rival to their fiat empire. How does Jeff know this? Because he says that’s exactly what he would do if he was a Trillionaire Bankster.
As for physical precious metals which have suffered a brutal year, Jeff says, “ONE BANK wants to keep people out of the precious metals sector at ALL COSTS and so it is doing literally everything in its power to discourage people from putting their money in gold and silver. So ask yourself this, if the Bankers want you to get your money out of gold and silver, more than anything else in the world, then isn’t gold and silver exactly the place you want to be?”
JPM wants their gold back before the current fractional reserve bullion banking system breaks, prices skyrocket again and a new global currency regime takes hold.
And now, for the first time ever, they’ve cornered the Comex gold futures market in order to ensure that it happens.
JPM is now NET LONG Comex gold futures to the point of having cornered the paper gold market. Since, for now, paper Comex trading continues to determine global price, nothing could be more important.
As we’ve documented here since last July, in 2013 JPM has successfully converted what had been a massive NET SHORT Comex gold position into an equally massive NET LONG Comex gold position.
Thus far, through just the first four delivery days, the JPM House Account has stopped 1,011 of the total 1,086 deliveries made. That’s 93.1%! So, please follow along with me here:
- JPM is NET LONG to the point of cornering gold futures
- JPM is taking delivery of 93% of the December contracts
- Unlike the past, it now clearly benefits and profits JPM to see price rise- do you seriously think gold is headed lower from here?
Therefore, remain patient and diligent. Watch for a turn in price off of the June lows. A December move back above $1250 in gold and $21 in silver will begin the process of Spec unwind and short squeeze, setting up a continued rally in January. By holding physical precious metal, you are protecting and insulating yourself against the certain global economic madness of 2014 and beyond.
DON’T MISS THIS ONE: “We are on the cusp of something historic happening on the Comex,” says TF Metals Report’s Turd Ferguson.
In this SGTReport roundtable discussion which also includes the Doc from Silver Doctors, we examine the strange recent purchase of gold contracts with a $3,000 strike price in 2015. We cover the PROVEN Gold and Silver manipulation with the London fix, we chat about the new gold-backed crypto-currency known as e-gold, and we finish with the gripping story of the very real drain of PHYSICAL from the Comex.
According to Turd, ‘We know that for the first time anyone can remember, the US banks are net long Comex gold futures, US banks meaning JP Morgan. And net long to the point of having CORNERED the paper gold market in New York because the position is so large. I’m talking the extent of 20% of open interest. And now we’re heading into the December delivery period…
The #AskJPM debacle that JP Morgan cancelled earlier this month due to embarrassment and humiliation regarding the mountain of questions they received in regard to their criminal actions provided a gift to all of us: The blueprint to rein in criminal banking behavior by the banksters.
The federal government’s $13 billion settlement with JPMorgan Chase is being widely touted as a major step towards Wall Street redemption. But like so many settlements before it, this deal has much more bark than bite.
A bit of opening perspective: The $9 billion cash fine component represents just three-tenths of 1% of JPM’s $2.44 trillion of assets.
But it’s not just about the money. The intent of the settlement relates to something in which JPM has a vested interest, as does the Federal Reserve: keeping the prices of mortgage-backed securities from imploding yet again.
JPM, that arrogant too-big-to-fail bank and its corrupt CEO Dimon, backing all those corrupt politicians in Washington D.C., only came to the settlement table in earnest, when faced with the prospect of a CIVIL lawsuit [where the government could conduct discovery, asking questions under oath, thereby exposing individuals to actual accountability, blame, and perhaps perjury charges], and JPM only increased its settlement offer when faced with the prospect of criminal charges.
The Presidential cuff-link-wearing Dimon, called Holder, only hours before the press conference at which the civil lawsuit would be announced.
Why the hell would Holder “scuttle the news conference?” If Dimon was reaching out to settle, only hours before the news conference, then why did not Holder demand more than $13 Billion? Why did not Holder demand disgorgement of ALL profits, plus a fine, from the fraud that JPM committed? If the lawsuit was all teed up, what would the harm have been from filing it and pursuing it with discovery, depositions, the works?
One negotiates successfully either from a position of weakness or a position of power. The one in the position of power gets the better deal.
Why the hell did Holder cave at this point? Dimon had NOTHING to offer, and the case would only have gotten stronger once depositions and discovery started in earnest.
The obvious truth here, is that BOTH Holder and Dimon needed a settlement for their own personal reasons.
In this excellent interview, our friend T.F from TFMetals reports joins Perpetual Assets to discuss the latest gold take-down.
TF discusses the motives for the massive gold take-down that began in April in the wake of the Cypriot bail-in, stating that the metal HAD to be taken down to allow the bullion banks to cover their historic short positions which were in jeopardy of being obliterated.
TF’s full interview is below:
The financial mainstream media has an ongoing love affair with JP Morgan Chase, the alleged largest culprit in a massive precious metals conspiracy.
The level of fraud in the financial system with utter lack of prosecution or accountability, combined with the ongoing love affair between the largest offenders and collective mainstream, results in financial media being a victim of the so-called Stockholm syndrome.
“At least two big banks, I would say Goldman Sachs, JP Morgan, maybe a big hedge fund…are trying to push gold down to that support zone at around $1000. I think they’re already short, and right now they’re letting the reversing dollar do the work for them.
I think gold tests the June low by the middle of next week.
When gold bottoms, it will bottom in a v-shape—& it’ll come roaring back out…because those three funds that have been trying to drive this down…will flip and go long. I think any smart hedge fund manager is looking for this $1000 level, and they’re just like me—they’re sitting in cash and waiting and licking their lips. If a washout comes, they’re going to put the money to work…so I think the buying pressure…is going to be huge.
The bottom will be an event—very short and we will very quickly rally back up to test $1520…and then I think by next summer we’ll already be testing $1800-$1900.”
This latest move in eligible gold deception at the COMEX is so brazen in its audacity, even I am stunned. But, since no one else is talking about it, maybe I’m just crazy. Let me lay it out for you and you can decide for yourself.
This is NOT business as usual. The extraordinary and counter-intuitive price raids, the massive depletion of the GLD, persistent backwardation in the GOFO rates and JPMorgan’s cornering, 70,000-contract, NET LONG gold futures position all warn you that we are in uncharted territory and major changes are afoot. This eligible gold deception currently being employed by The Comex is just another indicator.
By the looks of it, the end of the fractional reserve bullion banking system is rapidly approaching.
In a telephone call on Friday between the US attorney general and the bank’s CEO, the two sides tentatively agreed to a $13billion settlement for JPMorgan’s alleged sales of fraudulent mortgage-backed securities.
The tentative agreement concludes a civil investigation by the California attorney general over the bank’s sale of mortgage-backed securities (MBS) to Fannie Mae and Freddie Mac from 2005 to 2007, as well as the New York attorney general’s probe of Bear Stearns’ sale of MBSs to these two companies. JPMorgan, the largest US bank by assets, still faces a criminal investigation by the state of California.
The CFTC has announced Wednesday evening that it has settled with JP Morgan for $100 charges that the bank violated prohibition on manipulative conduct in connection with the London Whale swaps trades which saw the firm lose nearly $9 billion.
In the settlement, JP Morgan admitted that its traders (no mention of Mr. Dimon, who assuredly approved his traders actions removing IG9 swaps delta hedging interest rates) acted recklessly, and agreed to the $100 million penalty.
The information in this report is taken from sources believed to be reliable; however, the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness. This report is produced for information purposes only.
The above legal disclaimer mysteriously, and with no explanation, showed up one day on the Comex gold and silver warehouse stock reports about 8 months ago (roughly). After several years of publishing the warehouse stock reports, why all of a sudden did the CME feel compelled to stick this disclaimer specifically on the gold and silver warehouse reports?
IF the banks are honestly reporting the CME data, it would be the ONLY aspect of their financial reporting that is being done honestly.
My view is that the data being reported by the CME/Comex and the CFTC is not to be trusted. In fact, if we could get a completely independent audit done of the CME/Comex, I think we would find a fraudulent horror show there beyond anyone’s imagination.
On this week’s Metals & Markets Wrap The Doc & Eric Dubin cover:
- Ongoing metals manipulation visible across the board; we’ll document this week’s gold and silver lunacy- & cartel signaling minutes prior to dumping 17,000 paper gold contracts on the market between 8:43 and 8:45am: triggering a stop of Comex gold trading as the market went dark for 20 seconds!
- Signs that physical market demand is tightening up again in Asia, which should limit cartel maneuverability;
- Shut-down, Obama Care and debt ceiling debate analysis and its relationship to precious metals trading
The SD Weekly Metals & Markets Wrap With The Doc & Eric Dubin is below!
Precious metals markets are now the Wild West: a lawless territory where the Judges are bought and paid for, and where brutal and rapacious men are allowed to pillage the populace at will, unchecked by the rule of law. The Sheriff is too cowardly to emerge from his office, let alone do anything to go after the bad guys. He slumps impotently behind his desk, mourning his receding hairline and hoping against hope that nobody brings in more evidence of wrongdoing- not because he would then have to do something (there is no crime so egregious to cause him to bestir himself) but because such revelations make his inaction and cowardice even more publicly humiliating than they already are.
Meanwhile, the townsfolk are realizing they are completely on their own. They stay inside and keep their heads down, trying not to get preyed-on by the gangs of sanctioned looters roaming the territory. The smart ones are quietly stacking all the gold and silver bullets they can lay their hands on, knowing that they and they alone are responsible for their own safety.
JP Morgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got. – Barack Obama on “The View,” May 14, 2012
Is Jamie Dimon smart? I dunno. You give me a couple hundred billion in taxpayer money and freedom from any fear of criminal prosecution and I’ll do things with that money to create profitability would make make me look like a financial Einstein.
The beast named Jamie Dimon, of whom President Obama speaks so glowingly, is a liar, perjurer, criminal and, worst of all, a taxpayer thief.
In the latest Keiser Report, Max Keiser and Stacy Herbert discuss the Lilliputian view on fraud and theft and how this applies to the chief banking knaves at JPMorgan. In the second half, Max interviews Marc Armstrong of PublicBanking.org about turning depositors into shareholders as a fraud recipe shared amongst the Too-Big-To-Fail banks. With public banking, interest is returned to the economy from whence it came.