Captain's Quarters

[JD400]

JPM seems to have stopped stacking Comex metal


Submitted by cpowell on Tue, 2017-07-18 14:28. Section: Daily Dispatches

10:34a ET Tuesday, July 18, 2017

Dear Friend of GATA and Gold:

JPMorganChase & Co. seems to have gotten out of the Comex gold and silver markets in recent weeks, after accumulating huge stocks of both monetary metals, the TF Metals Report asserts today.

The TF Metals Report wonders if this change has resulted from the U.S. Commodity Futures Trading Commission's starting to enforce position limit rules against the bank, or if the bank has decided that it now has enough gold and silver to allow their prices to rise.

Of course since JPM's commodity chief, Blythe Masters, insisted five years ago that the firm was trading the monetary metals only for clients, not for its own accounts --

http://www.cnbc.com/video/2012/04/05/jpmorgans-masters-one-on-one.html

https://www.benzinga.com/media/cnbc/12/04/2478161/jp-morgan-commodities-...

-- it may be fair to suspect that the firm's clients in the monetary metals market include the U.S. government and other governments and central banks. Or maybe the bank's metal stockpiles have been amassed on behalf of one government client for delivery to another government.

Unfortunately no one in the mainstream financial news media dares to raise such obvious questions.

The TF Metals Report's analysis is headlined "A Specific Peculiarity" and it's posted here:

https://www.tfmetalsreport.com/blog/8451/specific-peculiarity

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
[e-mail]