from TF Metals Report:
Oy. Here we go again. Another BLSBS week, this one further complicated by the expiration and First Notice Day of the August gold contract. I hope you’ve got your game face on.
First, let’s wrap up the whole “JPM is getting out of physical commodities” business from late Friday. It looks like they are only currently discussing base metals. We’ll just have to see what happens as we go through the fall. Besides the ongoing FERC investigation and other scandals, there still is the small matter of the HEH stuff from last summer. Remain patient and lets follow this closely: http://www.bloomberg.com/news/2013-07-20/fed-reviews-rule-on-big-banks-commodity-trades-after-complaints.html
And this is interesting. A guy sent me this over the weekend. This link is from an old message board thread at Jeff Nielson’s site. (http://bullionbullscanada.com/index.php?option=com_kunena&Itemid=122&func=view&catid=12&id=7360) Note that the date is March of 2011, when silver was soaring and JPM had just received an almost instant approval to open their own Comex vault for silver. The salient paragraph from Mr. Goodman’s article is this: (link to full article here: http://seekingalpha.com/article/259549-will-jpmorgan-now-make-and-take-delivery-of-its-own-silver-shorts)
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