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Maguire – Behind The Scenes Look At The Fierce War In Gold

from KingWorldNews:

The real problem lies in these untenable, under-water rehypothecated bullion related positions that these very same banks and the BIS have built up in the over-the-counter market.

Now, due the very fact that China and much of the East are rapidly increasing their bullion inventories in an escalating move to ‘de-Americanize their economies,’ there is a resultant scramble in the West to repay rehypothecated bullion from both unallocated and allocated LBMA bullion accounts.

This includes the Fed and the BIS (Bank for International Settlements), who are unable to even repay current requests by the likes of Germany to repatriate just a fraction of their gold.

Andrew Maguire continues @

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1 comment to Maguire – Behind The Scenes Look At The Fierce War In Gold

  • rich

    The House Edge
    Off Limits, but Blessed by the Fed
    Published: December 21, 2013

    In 1999, Congress permitted Wall Street investment banks like Goldman Sachs and Morgan Stanley to keep their commodity operations. Since then, other banks have been allowed to expand into commodities, but in recent years no bank has gotten more leeway from the Fed than JPMorgan, experts in the field contend. In California and the Midwest, JPMorgan’s subsequent dealings in electricity echoed actions of Enron a decade earlier. The Federal Energy Regulatory Commission contended that JPMorgan engaged in price manipulation that generated $125 million in “unjust profits.” Last July, JPMorgan agreed to pay $410 million in penalties and restitution; it neither admitted nor denied wrongdoing.

    Maneuvering in markets for electricity, metals, oil and more added billions to the bottom line at banks like JPMorgan, Goldman Sachs and Morgan Stanley in recent years. But their involvement in commodities has now come under intense scrutiny. Industrial users of aluminum and other metals contend that questionable activities by major banks have increased their costs. Regulators like the Commodity Futures Trading Commission have been investigating the issue, and congressional hearings have also explored potential problems.

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