JP Morgan is waiving goodbye to physical commodity trading and at quite a fortuitous time with physical gold holdings at record lows. The recent Congress meeting into whether banks should be in the warehousing business, may have also prompted their decision. I postulate that the banksters are getting out before the fraud is unveiled, when gold contracts are unable to be settled with physical delivery, then we’ll have fireworks when 100 people have claims to 1 bar.
New York, July 26, 2013 – JPMorgan Chase & Co. (NYSE: JPM) announced today that it has concluded an internal review and is pursuing strategic alternatives for its physical commodities business, including its remaining holdings of commodities assets and its physical trading operations.
To maximize value, the firm will explore a full range of options over time including, but not limited to: a sale, spin off or strategic partnership of its physical commodities business. During the process, the firm will continue to run its physical commodities business as a going concern and fully support ongoing client activities.
J.P. Morgan has built a leading commodities franchise in recent years, achieving a top-ranked revenue position. The business has been consistently named as a top client business in Greenwich Associates’ annual client surveys and was recently named Derivatives House of the Year by Energy Risk magazine.
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.
I feel warm inside knowing that JPM are returning back to traditional banking activities such as shadow banking, laundering drug money, embezzling, funding wars, mass fraud through derivatives and futures, market manipulation and destroying the economy one day at a time.