"JPMorgan Chase, Citibank = 90 Percent of All Gold, PM Derivatives in US banks | Precious Metals Message Board Posts


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Msg  257095 of 259809  at  6/29/2022 1:37:58 PM  by

creaturecomphort


 In response to msg 257086 by  jbmarkets
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Re: "JPMorgan Chase, Citibank = 90 Percent of All Gold, PM Derivatives in US banks

My interpretation of this is that OCC is saying that the 1,071% increase in PM derivatives is just a change to the accounting system.  And if you believe that I have a bridge to sell you ....   Given the high level of inflation, the crashing stock market, the housing market that just fell off a cliff, and the bleak future for food, I would say bullion banks are taking extra ordinary measures to make it look like nothing is happening in the gold market.  Buy with both hands.  
We checked the previous OCC report for the quarter ending December 31, 2021. It showed that at year-end 2021, JPMorgan Chase had reported only $28.182 billion in precious metals derivatives versus $330.123 billion three months later – a staggering increase of 1,071 percent.

 

There was a footnote that attempted to explain the bizarre picture of what was going on in the gold market. It read as follows:

 

“Beginning January 1, 2022, the largest banks are required to calculate their derivative exposure amount for regulatory capital purposes using the Standardized Approach for Counterparty Credit Risk (SA-CCR). Under SA-CCR gold derivatives are considered precious metals derivative contracts rather than an exchange rate derivative contract resulting in an increase in reported precious metals derivative contracts compared to prior quarters….”
 

 
 
 
 


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Replies
Msg # Subject Author Recs Date Posted
257096 Re: "JPMorgan Chase, Citibank = 90 Percent of All Gold, PM Derivatives in US banks fundamental 0 6/29/2022 1:53:31 PM
257099 Re: "JPMorgan Chase, Citibank = 90 Percent of All Gold, PM Derivatives in US banks budfox47 13 6/29/2022 3:03:28 PM




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