Saturday, January 18, 2020 2:11:28 PM
The genius of JPMorganChase
GYS Sound
Submitted by cpowell on Fri, 2020-01-17 02:18. Section: Daily Dispatches
By Ted Butler
Thursday, January 16, 2020
This week JPMorgan Chase, the largest bank in the United States, reported record earnings of $8.5 billion for the fourth quarter and roughly $35 billion for the full year. These are net profits, after all expenses and costs are subtracted from gross revenues. It is no understatement to call JPMorgan a profit-generating machine.
My interest in the bank, of course, comes from the perspective of gold and silver. The connection is that JPMorgan is the largest player, by far, in all aspects of gold and silver. Always among the top players in the gold and silver space for decades, what pushed JPMorgan to the very top was its takeover of Bear Stearns in 2008 which resulted in JPM taking the place of Bear as the largest short seller in COMEX gold and silver futures.
It is said that necessity is the mother of invention and I confer on JPMorgan the title of genius for its solution to a serious problem it found itself in early in 2011 when silver ran up to near $50 while the bank was heavily short and holding open losses of close to $3 billion.
While JPMorgan did succeed in crushing the price starting on May 1 of that year and eliminating its large open losses, it knew it needed a permanent solution to what would be a recurring problem in the future, namely, how to mitigate against future run ups in the price of silver (and gold), since it intended on continuing to be the largest short in COMEX futures. ...
... For the remainder of the commentary:
http://silverseek.com/commentary/genius-jpmorgan-17823
GYS Sound
Submitted by cpowell on Fri, 2020-01-17 02:18. Section: Daily Dispatches
By Ted Butler
Thursday, January 16, 2020
This week JPMorgan Chase, the largest bank in the United States, reported record earnings of $8.5 billion for the fourth quarter and roughly $35 billion for the full year. These are net profits, after all expenses and costs are subtracted from gross revenues. It is no understatement to call JPMorgan a profit-generating machine.
My interest in the bank, of course, comes from the perspective of gold and silver. The connection is that JPMorgan is the largest player, by far, in all aspects of gold and silver. Always among the top players in the gold and silver space for decades, what pushed JPMorgan to the very top was its takeover of Bear Stearns in 2008 which resulted in JPM taking the place of Bear as the largest short seller in COMEX gold and silver futures.
It is said that necessity is the mother of invention and I confer on JPMorgan the title of genius for its solution to a serious problem it found itself in early in 2011 when silver ran up to near $50 while the bank was heavily short and holding open losses of close to $3 billion.
While JPMorgan did succeed in crushing the price starting on May 1 of that year and eliminating its large open losses, it knew it needed a permanent solution to what would be a recurring problem in the future, namely, how to mitigate against future run ups in the price of silver (and gold), since it intended on continuing to be the largest short in COMEX futures. ...
... For the remainder of the commentary:
http://silverseek.com/commentary/genius-jpmorgan-17823
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