Government Sanctioned Theft


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Government Sanctioned Theft

-- Posted Tuesday, 30 December 2008 | Digg This Article Digg It! | Source: GoldSeek.com

By: Rob Kirby

The Office of the Comptroller of the Currency just released its Q3/08 Quarterly Derivatives Fact Sheet today. Here is one of the highlights:

Take a look at J.P. Morgan’s gold derivatives [futures] position, paying particular attention to how the < 1 yr. position changed from the end of Q2/08 to the end of Q3/08:

source: Office of the Comptroller of The Currency pg. 30

source: Office of the Comptroller of the Currency pg. 31

And here’s what J.P. Morgan’s 15 billion “addition” to their < 1 yr. gold derivatives book did to the price of gold as illustrated using GLD as a proxy for the POG:

That such a blatantly egregious act can be committed by the chief agent of the Federal Reserve, with what appears to be the complicity of regulators is a heinous pox on humanity.

Subscribers to Kirbyanalytics.com are profiting from paid in-depth research reports, analysis and commentary on rapidly unfolding economic developments. Subscribe here.

-- Posted Tuesday, 30 December 2008 | Digg This Article

| Source: GoldSeek.com

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