LIVE Gold Prices $  | E-Mail Subscriptions | Update GoldSeek | GoldSeek Radio 

Commentary : Gold Review : Markets : News Wire : Quotes : Silver : Stocks - Main Page >> News >> Story  Disclaimer 
Latest Headlines to Launch New Website

Is Gold Price Action Warning Of Imminent Monetary Collapse Part 2?
By: Hubert Moolman

Gold and Silver Are Just Getting Started
By: Frank Holmes, US Funds

Silver Makes High Wave Candle at Target – Here’s What to Expect…
By: Clive Maund

Gold Blows Through Upside Resistance - The Chase Is On
By: Avi Gilburt

U.S. Mint To Reduce Gold & Silver Eagle Production Over The Next 12-18 Months
By: Steve St. Angelo, SRSrocco Report

Gold's sharp rise throws Financial Times into an erroneous sulk
By: Chris Powell, GATA

Precious Metals Update Video: Gold's unusual strength
By: Ira Epstein

Asian Metals Market Update: July-29-2020
By: Chintan Karnani, Insignia Consultants

Gold's rise is a 'mystery' because journalism always fails to pursue it
By: Chris Powell, GATA


GoldSeek Web

OCC derivatives report suggests U.S. govt. has seized all commodity markets

By: Chris Powell, Secretary/Treasurer, GATA

 -- Published: Tuesday, 30 June 2015 | Print  | Disqus 

Dear Friend of GATA and Gold:

Citing the latest quarterly report of the U.S. Office of the Comptroller of the Currency, Zero Hedge concludes tonight that JPMorganChase has "cornered the commodity derivative market," the notional value of the investment bank's commodity derivative position having just exploded from around $200 billion to nearly $4 trillion.

The OCC report, Zero Hedge adds, has ceased distinguishing gold derivatives from foreign exchange derivatives, but the combined total of gold and FX derivatives held by investment banks is shown to have exploded as well.

Zero Hedge's analysis is headlined "JPMorgan Just Cornered the Commodity Derivative Market, and This Time There Is Proof" and it's posted here:

Your secretary/treasurer is, of course, inclined to construe this astounding anomaly as comprehensive intervention in the markets by the U.S. government using Morgan as its broker, since it's unlikely that a single investment bank would have the wherewithal to establish such fantastic positions on its own. The OCC report may mean that, with the fiat currency system cracking under the weight of years of abuse, the U.S. government has felt compelled to seize emergency control of all markets to bolt the exits from the system, gold being the primary exit, and to forestall hyperinflation.

This would signify the government's belief that only totalitarian means -- "financial repression" squared -- can sustain the system now.

Venezuela already has shortages and rationing. Today Greece got capital controls, if indeed there is any capital left there. But before Americans snicker too much at those troubled countries, they should ponder the meaning of their country's huge trade deficit, a privilege of issuance of the world reserve currency, a currency that is in effect a great tax on the world, a tax that, if Zero Hedge gets the OCC report right, now encompasses the destruction of all markets worldwide.

Immoral as it would be, it's almost certainly all legal under the Gold Reserve Act of 1934 as amended in the 1970s --

-- the Trading with the Enemy Act of 1917, and the International Emergency Economic Powers Act of 1977:

It just hasn't been conducted in the open yet. But maybe with the OCC report we're almost there, and pushing this totalitarianism into the open is probably the best we can hope for.

Of course the Financial Times, Wall Street Journal, and the other mainstream financial news organizations will report it only to rationalize it and make excuses for it, whereupon they will sound a bit like the old Daily Worker. Barron's may have a little more trouble with it. But they're all going to look pretty silly -- not that they care.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Wednesday-Saturday, October 28-31, 2015

Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:

Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:

Or by purchasing a colorful GATA T-shirt:

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

To contribute to GATA, please visit:

| Digg This Article
 -- Published: Tuesday, 30 June 2015 | E-Mail  | Print  | Source:

comments powered by Disqus


Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to >> Story

E-mail Page  | Print  | Disclaimer 

© 1995 - 2019 Supports

©, Gold Seek LLC

The content on this site is protected by U.S. and international copyright laws and is the property of and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Live GoldSeek Visitor Map | Disclaimer


The views contained here may not represent the views of, Gold Seek LLC, its affiliates or advertisers., Gold Seek LLC makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of, Gold Seek LLC, is strictly prohibited. In no event shall, Gold Seek LLC or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.