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Jobs, Gold, and Manipulation

Friday, December 4, 2009, 11:18 AM
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There have been a lot of rumors floating around that JPM and other large banks are deeply underwater on their precious metals trades.  For example, JPM may be short up to twice the total known available stockpiles of tradable silver, meaning that if the people they had sold all their paper promises to demanded delivery, there would be no possible way to deliver.  So JPM would enter into default on the contracts, which would be a bad thing.  In truth, the CFTC would step in and change the rules to protect JPM, but it would be a bad moment for all the big players.

 

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