Thursday, 11/7, Market WrapUp (J.P. Morgan denys rumors that it suffered losses on gold)

Financial Sense Online ^ | 11/7/2002 | James J. Puplava

[rohry]

J.P. Morgan denies gold loss rumors, stock down November 07, 2002 10:12:00 AM ET

NEW YORK, Nov 7 (Reuters) - J.P. Morgan Chase & Co. Inc. (JPM) said on Thursday that rumors it had suffered large losses on gold trades were "false and irresponsible," as the rumors had damaged its stock price.

J.P. Morgan shares, a component of the benchmark Dow Jones Industrial Average, dropped to a low of $20.55 on Thursday before recovering somewhat to trade down 4.6 percent, or $1.01 a share, at $21.05. The stock fell on rumors arising in Europe that the No. 2 U.S. banking company had lost between $17 billion and $70 billion on gold trades. A spokesman denied the rumors and analysts also discounted them.

"It's (circulated) at least three or four times this year, and it's always out of Europe," UBS Warburg analyst Diane Glossman said of the rumor. "They should please come up with something more creative next time than recycling old rumors."

[Texas_Jarhead]

we shall see

[rohry]

Market WrapUp is delivered...

[Orion]

The stock fell on rumors arising in Europe that the No. 2 U.S. banking company had lost between $17 billion and $70 billion on gold trades. A spokesman denied the rumors and analysts also discounted them.

Never believe a rumor until it is officially denied.

[rohry]

"we shall see"

What does your comment refer to? This is a several page article....

[RightWhale]

It is hard to find a safe and liquid place to invest cash in these yield-starved days.

This wouldn't be the best time to start buying bonds. Either the premium is too high or the return is too low, but what else is there for the conservative investor?

[Texas_Jarhead]

my vagueness was intentional but directed towards the JPM Chase add-on article regarding gold trading loses

[IGNATIUS]

One of these days the great money fairy will wave her magic wand to create more paper dollars out of thin air---- and find to everyone's surprise that some people are starting to use them to wipe their rears.

[rohry]

"my vagueness was intentional but directed towards the JPM Chase add-on article regarding gold trading loses..."

Fair enough. It is my "teaser." I don't know how true it is...It was featured on CNBC however...

[razorback-bert]

Enron, WorldCom, Martha Steward and gov clinton denied all too.

[B4Ranch]

[DarkWaters]

I heard them announce that on the show today and in print. If it is a nothing event then why even mention it? Anyways, the rest of the derivative holdings is what really scares me not to mention the decline quality of credit and increasing debt burdens.

[B4Ranch]

With the left hand or the right?

[razorback-bert]

The second-quarter data are the most recent available from the Comptroller of the Currency, which is responsible for monitoring derivatives. See the OCC report.

The banks with the largest derivative positions were J.P. Morgan Chase, with $25.9 trillion, up from $23.5 trillion in the first quarter; Bank of America (BAC: news, chart, profile), with $10.3 trillion, compared with $9.8 trillion last quarter; and Citibank, a Citigroup (C: news, chart, profile) subsidiary, with $7.4 trillion, up from $6.7 trillion in the first quarter.

[Billy_bob_bob]

Say, here's a fun question. How much money is there in the whole wide world? I'm just wanting something to compare these numbers to. Because these numbers look to me like something from a playground argument, not something you expect to see printed on a corporate balance sheet.

[dalereed]

"One of these days the great money fairy will wave her magic wand to create more paper dollars out of thin air---- and find to everyone's surprise that some people are starting to use them to wipe their rears."

That time is near as Greenspan has no place to run except to print money to pay for gubment spending and take us back to the days of the Carter inflation and high interest rates.

[razorback-bert]

Any body seen any thing on this?

NYC Hospital Patient Tests Positive For Bubonic Plague

The Associated Press

http://www.newsday.com/templates/misc/printstory.jsp?slug=ny%2Dplague1107§io n=%2Fnews%2Flocal%2Fnewyork

A New Mexico man in isolation at a New York City hospital tested positive for bubonic plague, the rare and dangerous bacterial disease, health officials said.

There had not been a case in New York City in at least the past 100 years, city health Commissioner Thomas Frieden said. There was no evidence of danger to the public, he said.

A woman who was traveling with the man also was hospitalized, but her tests had not been completed.

The 53-year-old man, listed in critical condition, and the 47-year-old woman, in stable condition, were being treated with antibiotics.

Plague is one of a handful of agents that federal health officials fear could be used in a bioterrorist attack. But officials at Beth Israel Hospital, where the pair were being treated, said the man’s case almost certainly was natural.

The man’s positive result came from a preliminary test, and more tests were being done, health officials said.

The pair showed up at the hospital’s emergency room Tuesday night, during a visit to New York, after several days of fever and swollen lymph nodes, hospital spokesman Mike Quane said.

The patients were placed in isolation. Health officials also were testing for more common respiratory illnesses.

The patients’ identities were not released.

Plague occurs in 10 to 20 people in the United States and 1,000 to 3,000 people worldwide each year, according to the Centers for Disease Control and Prevention. About one in seven cases is fatal.

Humans usually contract the disease from fleas that have fed on infected rodents.

[arete]

but what else is there for the conservative investor?

I'm putting all my cash into Mattress Inc. Cash is king. Work hard to hold on to it.

Richard W.

[Orion]

[rohry]

I love your post. Thanks!