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BREAKING: JP Morgan To Exit Physical Commodity Business

[Ed. Note: We just double checked the calendar and today is NOT April Fool’s Day. Still, we can’t shake the feeling we are being punk’d.]

from Zero Hedge:

After weeks of emptying of their Gold vaults and making headlines in recent days over their oligolopolization of commodity warehousing, it seems the threat of a probe has excited Blythe and her colleagues to dump while the dumping is good:

  • JP MORGAN TO EXPLORE STRATEGIC ALTERNATIVES FOR ITS PHYSICAL COMMODITIES BUSINESS

Options include sale, spin-off, or strategic partnership as they re-confirm that they are “fully committed to traditional banking activities,” as they look to drop the holdings of commodities assets and the physical trading business. We can only assume that “physical commodities” include the company’s extensive inventories of tungsten (as well as the vault housing it), and not so extensive stores of gold and silver. That said, we are confident that the collapse in represented (but not warranted) JPM Comex gold vault holdings to a record low, and this news is completely unrelated.

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13 comments to BREAKING: JP Morgan To Exit Physical Commodity Business

  • Steve_D

    Getting out while still in one piece, that’s why they beat the price down for the past two years, this has been their exit strategy.

    So who takes over the fraud now, Citi?

  • MrPappaFacr

    I was thinking about JPM leaving the commodities physical market. It seems that their push for gold 1000 or below and silver sub twenties did not work. That number had to be accomplished or they would soon go bust. Well they tried really hard to get the numbers in but they couldn’t do it. And now they had to fold or show their cards. If they showed their cards people would be going to jail. So they are bailing. What do you think???

  • harman kardon

    Everybody hold on to your wallet. JPMorgan is not that benign and, obviously, does not care one bit about markets or consumers.

  • Chris

    What if, just a thought, we are pretty close to the reset and this is it, folks?
    What if the manipulation is ending and the prices of metals will be a catalyst?
    Just a thought. Must happen someday…

  • harman kardon

    From the last paragraph of the article

    Following the internal review, J.P. Morgan has also reaffirmed that it will remain fully committed to its traditional banking activities in the commodity markets, including financial derivatives and the vaulting and trading of precious metals. The firm will continue to make markets, provide liquidity and offer advice to global companies and institutions that have, for years, relied on J.P. Morgan’s global risk management expertise.

    • ValleyForge

      Saw that too HK. Doesn’t mean anything if you ask me. The game of musical chairs goes on and there are plenty of chairs left for them, just not for you and I.

  • harman kardon

    What does this have to do with the fire last weekend? Did they burn the trail that leads to the criminal activity in their “warehouse” operation?

  • Glitter 1

    JPM/Rothschild will not relinquish anything so one has to think out of the box:
    > LBME sold to Chinese.
    > JPM/GS purchase warehouses in China.
    > Drain of physical gold bullion from the COMEX/JPM Warehouse(s)
    > JPM gold bullion inventory is in deficit with open deliveries.
    > JPM is “Net Long”in the Gold Futures,first time since 2001.
    > The Shanghai Metals Exchange is now trading physical metals,since 07/05/13.
    > Duestche Bank establishes a Gold Vault in Shanghai.
    > Is there any Gold in Fort Knox?
    > “China is going to lead the NWO,America had better get use to the idea”_ George Soros
    I am of the opinion that there is a reset of the Global Financial System coming.The price of Gold and Silver will be reset much higher when the Dollar is devalued much lower.JPM is just moving and setting up shop in China so that when the CRIMEX collapses,the Physical Precious Metals will be traded(prices set)from the SME for the probable Gold Backed Yuan.
    The hand writing is on the wall and JPM et al see/know it. The American People had better see it also.America as the premier World Financial Power is fading and will fail.When the US Dollar is replaced as the reserve currency by a Just as an analyst commented this week,there will be a tell tale some where just before the move.probable Chinese (BRICS)Gold Backed Yuan currency,JPM,GS and all of the other snakes will be there to begin their blood sucking operation on a new host.

    • Glitter 1

      Correction:
      JPM/Rothschild will not relinquish anything so one has to think out of the box:
      > LBME sold to Chinese.
      > JPM/GS purchase warehouses in China.
      > Drain of physical gold bullion from the COMEX/JPM Warehouse(s)
      > JPM gold bullion inventory is in deficit with open deliveries.
      > JPM is “Net Long”in the Gold Futures,first time since 2001.
      > The Shanghai Metals Exchange is now trading physical metals,since 07/05/13.
      > Duestche Bank establishes a Gold Vault in Shanghai.
      > Is there any Gold in Fort Knox?
      > “China is going to lead the NWO,America had better get use to the idea”_ George Soros
      I am of the opinion that there is a reset of the Global Financial System coming.The price of Gold and Silver will be reset much higher when the Dollar is devalued much lower.JPM is just moving and setting up shop in China so that when the CRIMEX collapses,the Physical Precious Metals will be traded(prices set)from the SME for the probable Gold Backed Yuan.
      The hand writing is on the wall and JPM et al see/know it. The American People had better see it also.America as the premier World Financial Power is fading and will fail.When the US Dollar is replaced as the reserve currency by a probable Chinese (BRICS)Gold Backed Yuan currency,JPM,GS and all of the other snakes will be there to begin their blood sucking operation on a new host.

    • Hannon

      Well the NWO has spent decades setting up China as their new command base, David Rockefeller and others have admitted as much, they’ll do anything to try and make that pesky constitution die. Problem is, they have paper saying they are the majority share holders in China, now in the very near future they are going to have to trust that the Chinese military is going to honor their owner ship of their whole country by a few hundred globalist and not steal it for themselves, while the west is up in flames and no longer strong enough to pose a threat, but I’m sure a bunch of fat, Chinese mafia, gangster, generals are going to just bow to a few slips of paper and spoiled old men. To me it looks like the new host is ready for them and just going to eat them for a snack, these people are painted into a corner on all fronts, the real problem is, how do we and the rest of the world get rid of them without them going moonraker style and unleashing bio and nuclear weapons on the rest of us.

  • NaySayer

    Do they really want to do these things in china? china has a tendency to march criminal types out to the public square and put a bullet in their head.

    Lots of criminal executives of banks and corporations have had that done to them. I’d love to see china get hold of some of these criminals.

  • It’s all about what JPM decides they want to do and when. We will probable test recent lows before they decide to destroy all the specs who are the new shorts.

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