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To: cinives

About half way down your link this interesting paragrapgh states:

One of the more curious exposures is gold derivatives. JPM has been the subject of considerable scrutiny by the Gold Anti-Trust Committee (GATA) as one of the chief culprits behind the alleged gold manipulation. JPM certainly does have large outstandings in gold derivatives. According to figures from OCC JPM had over US$ 41 billion of gold derivatives as at December 31, 2001. This represented almost 65% of all the gold derivatives held by US banks. It also represents the equivalent of 149 million ounces of gold assuming the closing price of gold on December 31, 2001 at US$ 279. Of course what we don’t know is the net exposure position as the figures are only the gross outstandings. And we don’t know whether their position is long or short gold and how it might relate to physical holdings. Still it did represent a drop of US$ 14.8 billion or 26.5% from the outstandings at the end of the second quarter. Quite a drop.

Do you know more about this? This was in 2002!


21 posted on 04/03/2008 10:46:02 AM PDT by TruthConquers (Delendae sunt publici scholae)
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To: TruthConquers

http://www.fgmr.com/morgan-enron.htm

Read this - you will find it interesting.

All the more reason the bailouts and obfuscations papered over by the SEC and the Fed need to stop.


41 posted on 04/03/2008 12:15:17 PM PDT by cinives (On some planets what I do is considered normal.)
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