More Evidence That JPM Has Cornered Comex Gold

Sat, Aug 31, 2013 - 11:36am

If I can bring all of this together, it will go a long way toward proving correct Ted Butler's theory on JPM's current corner of the Comex gold futures market.

So, let's start with Uncle Ted and his assertions. Recall that Ted is a first-rate analyst who has been trading commodities for about 40 years. He has paid particular interest to the silver manipulation for the past 20. He writes an excellent newsletter to which you can subscribe by clicking here:

Using the CFTC-issued weekly and monthly data (Commitment of Traders & Bank Participation Report), Ted has followed along over the past eight months of position changes and, over that time, the changes have been dramatic. As you know, The Bullion Banks were caught heavily short at the initiation of QE∞ last autumn. I contend that this entire manufactured correction scheme was initiated by The Bullion Banks to give them an opportunity to get out from under their naked short positions and move net long. Ted has concluded that it's not the Bullion Banks per se. Instead, the scheme was initiated by JPM solely for the benefit of JPMand, from a net short gold position in excess of 50,000 contracts last December, JPM has now transitioned into a net long gold position of more than 65,000 contracts. IF THIS IS TRUE, there can be absolutely no doubt as to:

  • The motive behind the counter-intuitive price correction AND
  • The certainty of a very large and significant UP move for gold in the very near future.
  • I did not set out to prove or disprove Ted's assertions. After following the Comex gold and silver deliveries these past 60 days, simple curiosity led me to do some research on recent delivery patterns. What I found not only piqued my interest, I think it proves Ted correct. And again, IF TED IS CORRECT, then there is most certainly a very big move coming in gold.

    So, let's start here: After taking into their house account (again, this means stopping the metal to themselves, into their own, proprietary account) 280 of 3,922 Dec12 silver deliveries, 970 of 2,526 March13 silver deliveries, a big fat zero of 3,416 May13 silver deliveries, JPM stopped to themselves 2,824 of the 3,444 July13 silver deliveries. That's 82%. For obvious reasons, this anomaly got my attention.

    As I've been chronicling here all month, this trend continued into the August13 gold delivery period. Last Thursday alone, the final day of August deliveries, the JPM house account took down 154 of the 164 Aug13 gold deliveries. This brings their monthly total to 3,151 of the 4,075 contracts delivered. That's 77.3%! What's more, after the initial surge of 1,962 deliveries on the 1st and 2nd of the month, the JPM house account claimed for itself 1,945 of the 2,113 remaining deliveries. That's 92%!

    With this as inspiration, I went back and reviewed the previous delivery months for gold on The Comex. These delivery months in 2013 have been February, April, June and now August. What I found is startling.

    Let's start with February. Before we begin, recall that for every buyer, there is a seller...and...for every person or entity taking delivery, there is an issuer from whose vaults that metal will flow. Further, keep this in mind...If you have been naked shorting paper contracts all month, you stand the risk that the entity on the other side of your trade will stand for delivery. So, it follows that, when we see one firm taking consistently taking delivery and another firm consistently issuing the metal, we can deduce who has been shorting all along and who has been buying. Does that make sense? I hope so. If it doesn't. then please re-read that info before proceeding. It is critical that you understand this.

    OK, back to February. During that month, the Feb13 contract was in its delivery period. What initially caught everyone by surprise was the sheer volume of deliveries. After just 3,253 in Dec12, a month which is usually one of the biggest delivery months of the year, the delivery total for February surged to 13,070. Of that total, the DeutscheBank house account took 5,917 and the HSBC house account took 4,879. Between the two of them, they accounted for 82% of all Feb deliveries. And just whom was issuing this metal? JPMorgan. For the month, JPM issued 7,854 of the 13,070 delivery requests. That's 60%. Also getting in on the act was Scotia. They got clipped for the issuance of 3,644 contracts. That's 28%. So, the DB and HSBC house accounts took 82% of the deliveries while the JPM (house and customer) and Scotia house accounts supplied 88%. And don't forget, this was a lot of metal! Thirteen thousand and seventy Comex contracts is 1,307,000 troy ounces, which equates to 40.6 metric tonnes.

    Suddenly, the deliveries for March surged, too. Instead of the moribund 500 or so settlements that we typically see in this "non-delivery" month, March13 saw an incredible 4,229 made...more than last December! I'm quite certain that that has never happened before. So what happened? Why was the March total about 3,000 to 3,500 more than typical and expected? Keep reading...

    After getting clipped for 3,644 deliveries in February, Scotia immediately went on to warpath to get that gold back. For the month of March, the Scotia house account took in 3,383 deliveries while at the same time issuing 179. All totaled, Scotia net deliveries were 3,204 of the 4,229 deliveries for March. That's 76% and, if you take that away, you're left with just the typical 1,025 March deliveries. (Actually, it's not that typical. The Barclays customer account took 834 of the 1,025.) Oh, you're probably wondering which firm provided the metal for all those deliveries? JPM. For March, JPM issued 1,813 out of their house account and 2,209 out of their customer account. That's a total of 4,022 or 95% of all March deliveries.

    The next month is April and, once again, it's a delivery month. The surge in total deliveries continued as 11,632 contracts were delivered to eager buyers. Of those, HSBC was again the big winner with 3,954 deliveries into their house account. Scotia took 3,292 and Barclays got in on the act with 1,276. Between the three of them, these proprietary house accounts combined for 73% of all April13 gold deliveries. And who got stuck with the bill? DB paid out 992 and Scotia paid out 595. This left the balance with none other than JPM and they issued 9,690 contracts or 83%. 5,990 came out of JPM house and 3,700 came out of their customer accounts. Again and just for fun, 9,690 Comex settlements means that JPM had to ship out another 969,000 troy ounces or 30.1 metric tonnes.

    So now it's May and, remarkably, the trend of deliveries in traditional non-delivery months continues and, whaddayaknow, it's a near-repeat of March. Of the 3,050 total deliveries in May, the Scotia house account took 1,746 or 57%. And guess who provided the metal...again? JPM. This time they got stuck providing 97% of the metal or 2,948 of the 3,050 deliveries. What's more, they issued the vast majority of this out of their customer account, which was raided for 2,781 of the 2,948 contracts. Again, "customer" gold is metal held on deposit for JPM customers. This is registered and eligible gold and, as we've seen for years, JPM is able to shift it around wherever they see fit. (And who are JPM's "customers"? Well, wouldn't you like to know?...)

    Finally, this trend repeated one more time during the delivery month of June. For the month, 9,869 contracts were delivered. Once again, HSBC grabbed the lion's share, moving 4,935 (almost exactly half) of the deliveries directly into their house account. The Barclays house account took 2,000 and, for the first time since last December, the JPM house account claimed 547 or 5.5%. Issuing? You guessed it. JPM issued 7,425 or 75% while Barclays and DB added about 1,400.

    So, through adding all of this together we get this. For the 3 delivery months of Feb, Apr and June plus the traditional non-delivery months of March and May:

    HSBC House Account: 13,768 deliveries. Total issuance: One. Yes, you read that right. One.

    Scotia House Account: 8,932 deliveries. Total issuance: 4,259

    DeutscheBank House Account: 5,918 deliveries. Total issuance: 1,746

    Barclays House and Customer: 5,384 deliveries. Total issuance: 908

    JPM Customer: 1,444 deliveries. Total issuance: 16,758

    JPM House: 547 deliveries. Total issuance: 15,181

    OK, now before we go any further, I want you to take a second and review this excellent piece by Mark McHugh from back in April. Not only had he spotted this trend, he also goes on to explain how and why the deliveries out of the "customer" account should almost always match. There should not be a significant disparity.

    Can you see what has transpired here?

    Desperate to cover and eliminate their 50,000 contract short position but not wanting to do so through the actual buying of futures contracts for fear of disrupting the building price collapse, JPM decided to eliminate most of the position by settling and closing the short contracts in physical metal, instead. They likely made this decision in the expectation of re-acquiring the metal in the near future at lower prices. So confident were they in this eventuality, they even used customer gold to settle more than half of these obligations.

    The month of June marked the bottom for the manufactured "correction" with price beginning the month at $1390 before trading down to a low of $1179 and closing out the month at $1224. Price has since continued to recover to a last of $1375.

    Not coincidentally, June was also when Uncle Ted first noticed the change of position for JPM and he reported it in early July after reviewing the Bank Participation Report changes from June. Ted got me all worked up so I did some of my own research and wrote about it here. ( The gist of it is this: After years of being net short, the U.S bullion banks were net long, so much so that on the July BPR, they were suddenly net long almost 45,000 Comex gold contracts! This trend then continued onto the August BPR ( which showed the four largest U.S. banks to be net long an astounding 59,473 contracts.

    It's important to note here that the BPR does not provide specifics. It simply aggregates the positions of the four largest U.S. bullion banks and the 20 largest non-U.S. bullion banks. So, it's impossible to say with certainty how the 59,473 contract net long position is divided. But consider this:

    On the BPR dated 2/5/13, the 4 U.S. banks had a combined net short position of 69,300 contracts. After five months of deliveries and a $500 price drop, the 4 banks had flipped to 59,473 contracts net long. Now, go back up and reconsider all of the delivery totals listed above. Can you connect the dots??? If not, I'll do it for you.

    JPMorgan decided late last year to rig the gold market lower in order to create the ideal conditions under which they could flip a 50,000 net short position to a sizeable net long position. Price, delivery notices and the CFTC-supplied reports document that they accomplished this feat by covering and delivering shorts while at the same time initiating and buying longs. They have no doubt been on the buy side of the record-setting Large Spec selling:

    And here is where it begins to come together...

    If this is the case, and JPM is now net long a massive amount of gold futures, we should expect a complete change in the recent delivery pattern on The Comex. Instead of JPM being the primary issuer, they should be the primary stopper. Additionally, instead of the other banks being the stoppers, they should now be the issuers, particularly the non-U.S. banks as the August BPR showed them to have a net short position in excess of 22,000 contracts.

    And what has happened this month? Exactly that! As stated above, of the 4,075 total contracts deliveries in August, and noting the huge dropoff from the volume of the three previous delivery months, 3,414 were stopped by JPM with 3,151 specifically designated for the JPM house account. And which firms have been issuing? Deutsche issued 1,116, Barclays has done 447 and Scotia accounted for 463. That's a total of 2026 or 49.7%. Note that all three are non-U.S. banks!

    To me, this proves that Ted is correct. Not only is JPM net long the entire 59,473 shown on the August BPR, their position is likely even higher, offset in the net total by a net short position held by the other three U.S. banks included in the report.

    And's the rub. The Big Kahuna. The Grand Finale. JPM is likely going to want back most, if not all, of the 3,193,900 ounces of gold that they delivered earlier this year. (16,758 customer + 15,181 house = 31,939 contracts = 3,193,900 troy ounces = 99.341 metric tonnes of gold) But the other banks aren't least not yet. There were only 4,075 total deliveries in August! And note that HSBC has taken delivery of 13,768 contracts so far in 2013 while delivering just ONE. And who is HSBC??? Yes, they're an English company but what do the "H" and "S" stand for? Do you really think that they are going to be in any hurry to return this 1,376,700 ounces of gold to The Comex and JPMorgan??? I'd say that this is pretty unlikely. Think about it. If HSBC would have simply played ball and handed back to JPM the 4,935 contracts that it settled to itself in June, total deliveries for August would have been at 9,000 not 4,000, a pace that would have matched February, April and June. Instead, total delivery volume came in at just 4,075 and JPM was left grasping to deliver any contract it can get its grubby little hands on as the final two delivery days saw JPM House stop 395 of the 419 remaining deliveries (19 out of every 20).

    So, most importantly, what happens next?

    Right now, the total open interest for the typically slow delivery month of October is just 23,758. Of that total, how many do you think are held long by JPM? 5,000? I'll guess we'll see when the deliveries begin next month. More significantly, the total open interest of the December contract stands at 229,838 (that's 60% of the entire Comex gold complex) and this is where JPM likely holds the majority of its net long position. If that's correct...and it most likely is...what the heck is going to happen in December? Is JPM going to simply roll into the Feb14 and the Apr14 OR are they going to stand for delivery AND, if they stand for delivery, are they going to attempt to extract 20,000 contracts or more worth of gold from the other BBs? And if the other BBs get wind of this, are they just going to sit idly by and wait to deliver or will they begin to move net long before it even gets that far? And then you're only left with Spec Shorts who don't have the capability to deliver 2,000,000 ounces of gold because they don't have it. They're just short the paper!

    All of this could and should set off a buying frenzy/short-covering spree like no one has ever seen. Not only could and should price move higher in the weeks and months ahead, it should move dramatically higher, catching nearly everyone (except the readers of this site) by complete surprise.

    Of course, all sorts of unforeseen events could come along and derail this plan so caution is always warranted. War could erupt in the MENA. Another Financial Collapse could materialize. Maybe India really will dump 200 metric tonnes onto the market. Any of these things could happen and nullify this forecast. However, I firmly believe that it is highly likely that this plays out almost exactly as I've described above.

    I hope you're ready. Prepare accordingly.


    About the Author

    turd [at] tfmetalsreport [dot] com ()


    Sep 1, 2013 - 12:09pm

    Pump up the Jam

    "jammed down everyone's throat, Constitution be damned".

    Famously, she said, with a straight face, "after we vote on it, we can read whats in it".

    LMAO!!!! MAKE MY DAY!!

    Technotronic - Pump Up The Jam

    But we have to pass the bill so that you can find out what is in it, away from the fog of the controversy.

    The pandering party in power was going to pass that bill, regardless of any full debate or constitutionality. Its all about sustaining political party power, aka, JAMMED.

    But lets be fair, the Republican are really no different, aka "Dem lights", the slow drag, the "cave-in" party, but not different in kind, its all about party power, the people and the constitution be damned, both looking always for tree chopping for political party gain. So, uh, what are the odds of a debt limit increase, in that cesspool, aka DC.

    the money is corrupted, the courts are corrupted, the constitution has been corrupted, the markets are corrupted, the politicians are corrupt, as corruption permeates the entire econ-political complex. Its time for a revolution!

    USA Political Hotter Colder Game

    Currently, I am devising detailed political plans for the civil take over. :o

    This is going to be wild. I plan to stay with TFMR until the 2016 election.

    Stay tuned. :o

    Sep 1, 2013 - 12:13pm


    I live in Europe and yes, most places nobody cares if you're naked or not.

    But your rule applies 100%: the people you do see naked are NOT people that you would want to see naked.

    BagOfGold ReachWest
    Sep 1, 2013 - 12:20pm


    I'll give you a hint!...

    Can you see him now?!?...

    Bag Of Gold

    Sep 1, 2013 - 12:28pm

    Great piece

    TF and an incredible amount of research, but you should have written a separate paragraph on "War News" to support most of this discussion and have two threads.

    Spartacus Rex
    Sep 1, 2013 - 12:33pm

    Got Physical? From Jesse's:

    Potential Claims Per Deliverable (Registered) Ounce Remains Elevated On the Comex Potential claims against deliverable supply on the COMEX remains elevated at about 52 per ounce as the Exchange muddled through the end of the August delivery period.

    The claims spread out over every available ounce stored at COMEX warehouses, whether it is for sale or not, is also high at 5.46 per ounce. There is an incentive to store one's bullion in a registered COMEX warehouse because one does not have to go through the re-evaluation process and expense if they decide to sell their gold bullion there.

    It will take higher prices to encourage eligible bullion into the deliverable category.

    Sep 1, 2013 - 12:33pm


    I've just watched Kerry on ABC (Pacific time zone). When George S. asked him about Putin he reached behind his neck into his collar with his right hand. So was he subconsciously loosening his collar because it was getting too hot, because Putin has told them he knows Assad is not the source of Sarin gas?

    BagOfGold Doctor J
    Sep 1, 2013 - 12:39pm

    Dr Jerome...

    Making these pictures is a labour of the biggest "stress reliever" I know of...& the satisfaction I get...cannot be measured in time...or space!...Oh!...Oh!...Don't look now...but...

    Bag Of Gold

    Spartacus Rex
    Sep 1, 2013 - 12:45pm

    Apparently, Homeschooling Is A Serious Crime In Germany...

    Children Seized in Shocking Raid At 8:00 a.m. on Thursday, August 29, 2013, in what has been called a “brutal and vicious act,” a team of 20 social workers, police officers, and special agents stormed a homeschooling family’s residence near Darmstadt, Germany, forcibly removing all four of the family’s children (ages 7-14). The sole grounds for removal were that the parents, Dirk and Petra Wunderlich, continued to homeschool their children in defiance of a German ban on home education.

    The children were taken to unknown locations. Officials ominously promised the parents that they would not be seeing their children “anytime soon.”

    HSLDA obtained and translated the court documents that authorized this use of force to seize the children. The only legal grounds for removal were the family’s continuation of homeschooling their children. The papers contain no other allegations of abuse or neglect. Moreover, Germany has not even alleged educational neglect for failing to provide an adequate education. The law ignores the educational progress of the child; attendance—and not learning—is the object of the German law.

    Judge Koenig, a Darmstadt family court judge, signed the order on August 28 authorizing the immediate seizure of Dirk and Petra Wunderlich’s children. Citing the parents’ failure to cooperate “with the authorities to send the children to school,” the judge also authorized the use of force “against the children” if necessary, reasoning that such force might be required because the children had “adopted the parents’ opinions” regarding homeschooling and that “no cooperation could be expected” from either the parents or the children. Cont. @

    1MercuryPerGallon Irene
    Sep 1, 2013 - 12:54pm

    She also said... "We have to

    She also said... "We have to start this war to find out who's in it..."

    Down Range Irene
    Sep 1, 2013 - 12:57pm

    One Day In The "Vault"

    and cris is on ignore. It is not that I cannot tolerate dissenting opinions, just dissenting opinions that are posted by someone who, in my opinion, is wasting bandwith and is not well informed!

    cris Irene
    Sep 1, 2013 - 1:03pm


    Your argument is very jumbled and incoherent.

    on the one hand, you talk about the Constitution's check and balances. And then on the other hand, you say that all three branches lied to the American people. Doesn't this acknowledge that a process was followed, but that you simply disagree with the result?

    i get it. You don't like Obamacare. I am equally sure that you probably don't understand it. That's OK; I am a physician and live it, and find it difficult to understand and assess whether it will be an improvement. But clearly SOMETHING had to be done to attempt to fix our broken system.

    and it is a shame you are participating in this hyper partisanship that is killing our society. You latch on to the quote attributed to Pelosi about not knowing what was in the bill. This notion that the bill was rammed through without anyone reading it has no basis - it is exactly the type of "talking point" that you are complaining about. And if some members of Congress did not read it, that is an indictment on those members, not on the process. You want to make it sound like it was the old Soviet Politburo, and it wasn't, no mater how much you whine.

    We are where we are as a country bc BOTH parties have screwed us over - the Replubicrats, as they are called here.

    if you really think this is the most corrupt administration in US history, you don't know much about US history.

    once again, it is a shame to see what Turdville has degenerated into. I started commenting on this thread to applaud Obama for getting back to Constitutional principles by asking for Congressional approval to attack Syria. Another poster calls me a fool for believing Obama really respects the Constitution. Yet another refers to him using the oxymoronic description of a "socialistic, fascist racist"; I guess it escaped that person that fascism and socialism are diametrically opposite. Whatever.

    now the rant about Obamacare. Reminds me of the cliched couple who bring in grievances from years in the past to argue current day problems. Just as dysfunctional.

    oh well...guess the weekend brings out the cranks.

    peace out

    Spartacus Rex
    Sep 1, 2013 - 1:03pm
    Sep 1, 2013 - 1:05pm

    India to use gold reserves to secure IMF loan?

    Lots of talk about the possibility of leasing its gold last week. This is the first I have read about the outright sale of India's gold reserves.

    BagOfGold benque
    Sep 1, 2013 - 1:10pm


    Yes we all stack...& sometimes we only wrestle our stress from within...& don't have a venue to let it out!!!...

    Bag Of Gold

    Sep 1, 2013 - 1:13pm

    @ Dr. cris

    This notion that the bill was rammed through without anyone reading it has no basis

    The bill was published in full something like 72 hours before it was voted on, so no, it wasn't read.

    And please don't accuse me of polarization when this bill was passed without a single Republican vote that wasn't bought through corruption.

    Anybody who believes that over 20% of our economy should become subject to the political process without ANY support from the other side of the aisle is delusional.

    Doctor, heal thyself.

    maravich44 BagOfGold
    Sep 1, 2013 - 1:18pm


    you might be certified crazy....and i find it oddly attractive. If i suffer your wrath...please find me a goddess.

    Sep 1, 2013 - 1:22pm

    By changing how we deal with our own demons within...

    we can change our view of "the big picture"!!!...

    Bag Of Gold

    Sep 1, 2013 - 1:34pm


    Dr Jerome portrayed as having sex outside of his wit; with a walrus.

    Bag Of Gold! How could you?!

    Mr. Fix
    Sep 1, 2013 - 1:37pm

    Is Obama suddenly a constitutionalist?

    Investors and traders in the precious metals, usually have a higher level of mistrust for government and in particular the current administration than the general public at large. That being said, to believe that Barack Obama has suddenly “found God” and is seeking to ascribe to the principles in the U.S. Constitution is laughable, and dangerously naïve. I can only assume that he either plans on ignoring the Congress as he has done in the past, or is currently working on his next false flag that so he can demonstrate that Syria poses a “clear and present danger” to the United States.

    Either way, it is a stall. I find views from both sides of the argument at least informative in mildly entertaining, but these are serious matters, and if someone wants to come here and ascribed to Obama the motive of “doing the right thing for the nation”, that is just flat out wrong. I've also seen it argued above that he is losing in the polls, and this is why he wishes to delay. just like the Constitution, Obama does not care about the polls anymore, and if he thinks he can destroy America single-handedly, he will. I think it is just more advantageous for him to wait and let our enemies get both their offenses and defenses weaponry in place before the big show begins.

    I have no doubt that as always, every decision Obama makes is carefully designed to have the worst possible outcome for the United States. I just have to assume that by waiting a week or so, he has a guarantee that the retaliation on our country and its military assets will be far more devastating and effective.

    I also have to assume that there are some in the military that are not on board with his suicidal plans, and putting our brave men and women in certain danger for no other reason then to put our men and women in certain danger. Obviously, the Pentagon and the White House are not on the same page here.

    Dissenter's within the military ranks will need to be culled in the next couple of weeks, before he can be assured that they will brainlessly walk into a fight that has been designed to destroy them.

    Either Way, Obama needs a war, and he will do what ever it takes to start one. The most obvious benefit that I can see in Obama's delay, is that it greatly increases the odds that he will still be the tyrannical ruler of the United States a couple of months from now.

    I suspect that talk of a military coup, or a genuine impeachment hearing is his only motivation for this delay , aside from the distinct possibility that he is giving our enemies a chance to coalesce against us.

    Dr. Jerome,

    yes, you do need to post more often, I enjoy reading what you write, and I do find posting here both relaxing and a great way to pass the time.

    Happy Labor Day Weekend everyone, especially if you still have a job.

    BagOfGold benque
    Sep 1, 2013 - 1:41pm


    I am just a "remote viewer"!'s all your fault!!!...

    Bag Of Gold

    Sep 1, 2013 - 1:43pm

    In my persona

    as walrus, I find the experience; oddly, unmoving.

    And, BOG, shame on you for blaming a poor dumb animal.

    Urban Roman Mr. Fix
    Sep 1, 2013 - 2:03pm

    Constitution? What's That?

    No. He doesn't give a sh!7 about it. He's just looking for a way to weasel out of starting this war, since it looks less and less like it's going to happen the way he wants it to. So, the plan is to back out and blame Congress.

    The arrogance, greed, narcissism, and contempt at work here is hard to fathom. We haven't seen it so bad since the Cheney/Bush administration. Or the one before that ... or before that ... or ...

    Response to: Is Obama suddenly a constitutionalist?

    Sep 1, 2013 - 2:18pm

    from WSJ rag #2

    What part of this proof implicates Syria? No one is saying there wasn't a gas attack. The question is who delivered it?

    WASHINGTON—The Obama administration has physical proof that the regime of Syrian President Bashar al-Assad used sarin gas in an Aug. 21 attack outside Damascus that it says killed more than 1,400 people, including more than 400 children, Secretary of State John Kerry said Sunday.

    The U.S. obtained samples of hair and blood "independently" and through "an appropriate chain of custody," and those samples tested positive for sarin gas, Mr. Kerry said on CNN's "State of the Union" program.

    "Blood and hair samples that have come to us through an appropriate chain of custody from east Damascus from first responders—it has tested positive for signatures of sarin," Mr. Kerry said. "Each day that goes by, this case is even stronger." He made similar comments on other news programs Sunday.

    Sep 1, 2013 - 2:39pm
    Sep 1, 2013 - 2:40pm

    Thanks BOG - I also see my

    Thanks BOG - I also see my own lovely visage there now. Oh my.

    One alarming part of your image is that Jamie Dimon seems to keep popping out of the screen at me. Maybe it's just my imagination or I have been thinking about JPM too much.

    Again - great work - always liked those "where's Waldo" type of images. This one is an excellent Turdville version!

    Sep 1, 2013 - 2:44pm

    This remark has received 9 hat tips... And counting

    Quoting Mr. Fix:

    "I have no doubt that as always, every decision Obama makes is carefully designed to have the worst possible outcome for the United States."

    and also:

    "Dissenter's (sic) within the military ranks will need to be culled in the next couple of weeks, before he can be assured that they will brainlessly walk into a fight that has been designed to destroy them."

    That's some bat shit crazy talk. POTUS is a Manchurian candidate treasonist. Wow.

    Guess that says it all about the crowd hanging out in Turdville over the weekend.

    You know, it's one thing to believe that Obama needs a war to spark the economy, and that he has done far too little to curb the banksters. At least there is some evidence for that, albeit only presented in the alternative media.

    but to say the POTUS is actively trying to destroy the US? If you really believe that... Well, that's a little too fringe. It's a shame to see that's what Turdville has come to. Hopefully it's just a weekend effect. Or maybe just people disgruntled about the pay wall.

    Sep 1, 2013 - 2:47pm

    To get the physical back

    In order to get the physical back that JPM utilized for this maneuver wouldn't they ant to keep price as low as possible for as long as possible to buy as much back as they can?

    If you corner a market you can push it either way really, correct? So isn't it more likely we see a stagnant market until JPM decides it just can't get anymore physical?

    Sep 1, 2013 - 2:50pm



    All can be heard on a quiet night...


    John Galt
    Sep 1, 2013 - 2:52pm

    Bill O''Reilly Paging cris; Bill O'Reilly Paging cris

    @ cris

    Bill O'Reilly has a little assignment for you.

    Apparently Libero called in with a sore throat today.

    edit: My hat tip was #11 for Mr. Fix

    Sep 1, 2013 - 2:54pm

    East Germany's "FKK Culture"...

    ...Sure makes a long layover in Frankfurt verrry interesting.


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    5/10 8:30 ET Consumer Price Index (CPI)

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