A Freebie from Uncle Ted
Ted Butler's "New Year" newsletter was released to subscriber's on Wednesday. He's made it public today through the SilverSeek site.
Here's the link to the full report at SilverSeek: http://www.silverseek.com/commentary/2013-–-year-jpmorgan-12815
You should be sure to read the entire report but I want to C&P and highlight two paragraphs below. As regular know, I've been tracking JPM's hoarding of Comex gold and silver deliveries since July of last year. Ted has, too, and these two paragraphs get to the crux of the matter:
"Here’s something new I’ve been meaning to mention. The CME Group (owner-operator of the COMEX) lists a spot month position limit and monthly limit on actual deliveries of 7.5 million silver oz and 300,000 gold ounces by any one trader. Yet the CME is reporting that JPMorgan in its house account took delivery of more than double the amount of gold allowed in any one month. Since JPMorgan held the 6254 gold contracts from first delivery day forward, it also means that JPM was in violation of CME rules limiting spot month holdings in gold futures of 3000 contracts for the entire month. The violations in silver were less egregious but were violations nonetheless.
I’m sure if pressed the CME could come up with some cockamamie excuse why JPMorgan was allowed to hold and take delivery of so many gold and silver contracts in one month, but the real reason is that JPMorgan is above all rules and law. The CFTC backed down on policing JPMorgan and it would be foolish to think the CME would restrict its most important client in any way. Far from a band of brothers, this is a brotherhood of criminals. Besides, rules are for the little people, not JPMorgan."
If you're looking for something to do this weekend, perhaps you should C&P these two paragraphs yourself and send them off to the CFTC for an answer...
Again, to subscribe to Ted's excellent service, simply click here: http://www.butlerresearch.com/subscribe.asp