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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Alasdair Macleod On The Missing 1300 Tons of Gold
Tag Archives: White Shoe Boys
JPMorgan Chase stops trading ‘non-financial’ commodities amid federal pressure
“JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under unprecedented political and regulatory pressure. After spending billions of dollars and five years building the banking world’s biggest commodity desk, JPMorgan said it would pursue ‘strategic alternatives’ for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper. The bank said it will continue to trade in financial commodities such as derivatives and precious metals.”
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
SEC’s Khuzami Uses Revolving Door to Make $5 Million
“Robert Khuzami, the former head of enforcement at the U.S. Securities and Exchange Commission, is joining Kirkland & Ellis LLP, reports BusinessWeek. Mark Filip, a partner in charge of Kirkland’s government enforcement defense and internal investigations, said Khuzami will help immediately in securities enforcement defense, advising boards and companies and counseling financial institutions on securities regulations.”
http://www.economicpolicyjournal.com/2013/07/secs-khuzami-uses-revolving-door-to.html
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
High frequency trader fined more than $3m by regulators
“Financial regulators in the UK and US have fined a high frequency trader and his firm more than $3m (£1.95m) for manipulating commodities markets. The UK’s Financial Conduct Authority (FCA) fined Michael Coscia $903,176, while two US regulators levied the rest on him and his company, Panther Energy. Between 6 September 2011 and 18 October 2011, US-based Mr Coscia used algorithmic programs that he developed to create false orders for oil and gas on trading exchanges in the US and UK. A computer program placed and quickly cancelled trades to manipulate the price of commodities, an illegal process known as ‘layering’ and ‘spoofing’.”
http://www.bbc.co.uk/news/business-23405925
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
A Shuffle of Aluminum, but to Banks, Pure Gold
“The story of how this works begins in 27 industrial warehouses in the Detroit area where a Goldman subsidiary stores customers’ aluminum. Each day, a fleet of trucks shuffles 1,500-pound bars of the metal among the warehouses. Two or three times a day, sometimes more, the drivers make the same circuits. They load in one warehouse. They unload in another. And then they do it again. This industrial dance has been choreographed by Goldman to exploit pricing regulations set up by an overseas commodities exchange. The back-and-forth lengthens the storage time. And that adds many millions a year to the coffers of Goldman.”
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
The Gold Lease Story You Haven’t Heard
“A recent article in the Financial Times described a shortage of so-called ‘leased’ gold. According to the Times, the cost of borrowing gold ‘has risen to the highest since the post-Lehman Bros. scramble for supplies as bullion markets adjust to a new era in which Western investor demand is less dominant.’ The numbers are small, but the trends are intriguing. The one-month gold leasing rate rose from 0.12% in early June to 0.3% in early July. That’s a 150% rate rise in one month! It’s the highest gold lease rate since 2009, although still well below the peaks of previous eras.”
http://dailyreckoning.com/the-gold-lease-story-you-havent-heard/
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
UK Telegraph: ‘We No Longer Have Free Markets’
“If Bernanke really shakes the tree, half the world may fall out … We no longer have a free market. The world’s financial asset prices have become a plaything of central banks and the sovereign wealth funds of a few emerging powers. Julian Callow from Barclays says they are buying $1.8 trillion worth of AAA or safe-haven bonds each year from an available pool of $2 trillion. Nothing like this has been seen before in modern times, if ever.”
http://www.thedailybell.com/29267/UK-Telegraph-We-No-Longer-Have-Free-Markets
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Federal Reserve rethinks 2003 move allowing banks to trade physical commodities
“The U.S. Federal Reserve is ‘reviewing’ a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets, it said on Friday, a move that may send new shockwaves through Wall Street. While it is well known that the Fed is considering whether or not to allow banks including Morgan Stanley and JPMorgan to continue owning trading assets like oil storage tanks or metals warehouses, Friday’s one-sentence statement suggests that it is also reconsidering the full scope of banks’ activities in physical markets, which help generate billions in profits.”
http://www.reuters.com/article/2013/07/19/federalreserve-commodities-banks-idUSL1N0FP1QJ20130719
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
With Gold, Don’t Miss the Top
“Zero Hour is the moment the price of physical gold starts to run away from the ‘paper price’ you see on CNBC’s ticker. The most likely catalyst is a chain of events that goes like this: Western central banks have leased their gold to commercial banks like JPMorgan Chase at an interest rate of less than 1%. The commercial banks have sold that metal and ploughed the proceeds into assets that earn more than 1%. The chain of custody on gold bars has become so cloudy that a major exchange like the Comex in New York is liable to ‘default’ on a gold contract – settling in cash, instead of metal. A rush for real metal would then be underway.”
http://www.moneymorning.com.au/20130717/with-gold-dont-miss-the-top.html
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Bill Bonner: Should Larry Summers replace Ben Bernanke?
“What sets Summers apart is his readiness to make mistakes on a colossal scale, with other people’s money. But as far as we can see that gives him all the qualifications you need to be America’s top banker. A high IQ moron is just what you need for this kind of work. You have to be smart enough to talk the talk, pretending that you know what you’re talking about. But you have to be stupid enough to believe it. You must think you really can improve the financial decisions of 310 million people. And you have to be arrogant enough contradict all of them…putting your own asinine plans into action even though they will almost certainly bankrupt the entire nation.”
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Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin