tag:blogger.com,1999:blog-6089228851855763774.post2199445729120902177..comments2024-03-29T07:10:06.022+08:00Comments on Gold Chat: Time to give up on the CFTCBron Sucheckihttp://www.blogger.com/profile/00530576934994289879noreply@blogger.comBlogger17125tag:blogger.com,1999:blog-6089228851855763774.post-80301754268491076092013-05-31T12:27:35.623+08:002013-05-31T12:27:35.623+08:00@Anon
You have articulated the reason I gave up o...@Anon<br /><br />You have articulated the reason I gave up on the JPM net short silver crowd.<br /><br />If it were true Boaz Weinstein, with some help from former JPM employees, would have nailed them.<br /><br />It would show up here: <br /><br />http://www.nasdaq.com/quotes/institutional-portfolio/saba-capital-management-lp-848035<br /><br />a bit of background:<br /><br />http://www.bloomberg.com/news/2011-09-01/weinstein-s-saba-is-said-to-hire-jpmorgan-s-maitland-hudson-for-cmbs-swaps.html<br /><br />http://dealbook.nytimes.com/2013/03/21/to-boaz-weinstein-betting-against-jpmorgans-trade-was-easy/<br /><br />S Rochehttps://www.blogger.com/profile/18070519576321568415noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-17826510132057239652013-05-27T02:41:41.564+08:002013-05-27T02:41:41.564+08:00While the London Whale episode doesn't say any...While the London Whale episode doesn't say anything, one way or the other, about whether JPM takes large directional positions in silver, it does stand in rather stark contrast to the scenario the more suspicious PM bulls offer (i.e., that JPM and others have been carrying a huge naked short on the PMs in a sinister multi-year effort to suppress PM prices). <br /><br />The London Whale trades that cost JPM billions and led to three execs getting cashiered. They were also detected by smart HFs soon after the augmented positions were put on and blew up a few months later. All in market far deeper than that for silver. <br /><br />Given the way the London Whale played out, would the silver suppressionistas have us believe JPM would be so blase and loss-insensitive as to sit on billions of unrealized losses for years and simply Martingale the position until ... when, exactly?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-66789786051050664632013-05-27T00:49:53.879+08:002013-05-27T00:49:53.879+08:00??? I never made such a comment. ??? I never made such a comment. Buster Brownnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-27170654067426123082013-05-27T00:22:57.689+08:002013-05-27T00:22:57.689+08:00Buster -
The London Whale had nothing to do with...Buster - <br /><br />The London Whale had nothing to do with large directional silver positions. It was about hedging interest rate and credit exposure - something JP Morgan has massive amounts of.<br /><br />I don't think debating interest rate convexity trades with metal heads is going to prove to be a good use of my time.<br /><br />let's try to get back on topic: the topic of my comments here is that futures positions in precious metals get marked to market daily, and that there's no such thing as "entities who don't want to realize their losses"<br /><br />once you understand that, you can start to realize that JP Morgan wasn't/isn't actually carrying a big directional silver position.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-82225665180995389392013-05-26T23:41:41.210+08:002013-05-26T23:41:41.210+08:00Kid-
Just so you admit that the statement you ma...Kid-<br /><br /> Just so you admit that the statement you made<br />"JPMorgan is not in the business of taking billions of ounces of short positions (or long positions) in silver. they are market makers. intermediaries" is false. The London Whale is strong evidence to the contraryBuster Brownnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-51822180646078838852013-05-26T08:45:35.559+08:002013-05-26T08:45:35.559+08:00Buster -
I have made a very specific claim: JP M...Buster - <br /><br />I have made a very specific claim: JP Morgan does not have a massive directional short position in silver, even though they may be short COMEX silver futures.<br /><br />despite what you have been misled to believe by people trying to sell you precious metals, ALL of the evidence supports my claim.<br /><br />i'm guessing that I am the only one commenting on this thread who has actually managed a risk book in the prop trading arm of a major bank, so i don't need you to explain it to me based on what you read on the internet.<br /><br /><br />-KDKid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-18425582202627776182013-05-26T07:56:46.513+08:002013-05-26T07:56:46.513+08:00Hey Kid Dynamite-
You said:
"JPMorgan is not...Hey Kid Dynamite-<br /><br />You said:<br />"JPMorgan is not in the business of taking billions of ounces of short positions (or long positions) in silver. they are market makers. intermediaries"<br /><br />Have you never heard of prop trading or the London Whale?Buster Brownnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-61981006664658112692013-05-26T07:19:10.942+08:002013-05-26T07:19:10.942+08:00anon - financial statement are not just "at J...anon - financial statement are not just "at JPM's word"... you should call the SEC - i'm sure they'd be exceptionally grateful for your insights that JP Morgan is short billions of ounces of silver that they are hiding losses on...<br /><br />I wish you luck - you're going to need it when you're trading off of bad theses...<br /><br />but hey - Max Keiser appreciates your blind loyalty and ignorance: don't forget to buy your silver from his shop as you try in vain to crash JP Morgan...Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-10373291847445996632013-05-26T04:09:57.293+08:002013-05-26T04:09:57.293+08:00Bron,
Here is Ted's new approach to the CFTC
...Bron,<br /><br />Here is Ted's new approach to the CFTC<br /><br />http://www.silverseek.com/commentary/busting-perfect-crime-11916Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-50047684522021756262013-05-26T04:07:58.671+08:002013-05-26T04:07:58.671+08:00Kid,
You take JPM at its word? I suppose you belie...Kid,<br />You take JPM at its word? I suppose you believed Libor was set by an honest bunch of gents too. Oh, well I guess one is born every minute. I shall not waste my time responding to you again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-6020657793049722812013-05-26T00:13:08.194+08:002013-05-26T00:13:08.194+08:00anon -
ah hah - NOW you're starting to get it...anon -<br /><br />ah hah - NOW you're starting to get it...<br /><br />http://kiddynamitesworld.com/so-you-still-think-jp-morgan-is-short-billions-of-ounces-of-silver/<br /><br />THEY ARE NOT NET SHORT SILVER! that is the ENTIRE point... <br /><br />also see:<br /><br />http://kiddynamitesworld.com/congratulations-silver-warriors-thats-called-sarcasm/<br /><br />JPMorgan is not in the business of taking billions of ounces of short positions (or long positions) in silver. they are market makers. intermediaries.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-25437556988324661912013-05-25T22:47:15.063+08:002013-05-25T22:47:15.063+08:00Kid-
So exactly where in JPM's financial stat...Kid-<br /><br />So exactly where in JPM's financial statement were the losses in short silver positions reported as silver skyrocketed to $50 an ounce? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-89509874723610732502013-05-25T20:30:12.669+08:002013-05-25T20:30:12.669+08:00anon - that is false. reporting of losses on metal...anon - that is false. reporting of losses on metals futures contracts has nothing to do with if, when, or whether the positions have been closed.Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-77793412554149261772013-05-24T07:08:25.378+08:002013-05-24T07:08:25.378+08:00Kid
In that sense, they get marked. But as to wha...Kid<br /><br />In that sense, they get marked. But as to what is reported on financial statements as a loss, that's another matter. And until short positions are closed, no such admission need be made.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-75602783520155902862013-05-24T05:33:36.235+08:002013-05-24T05:33:36.235+08:00anon - futures positions get marked to market nigh...anon - futures positions get marked to market nightly. there's no such thing as "entities who don't want to realize their losses"... it doesn't work like that.<br /><br />Kid Dynamitehttps://www.blogger.com/profile/17475987512856310577noreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-1121499155570951322013-05-24T03:33:55.210+08:002013-05-24T03:33:55.210+08:00Bron-
You emphasize the difference between manipul...Bron-<br />You emphasize the difference between manipulation and suppression, a fair point. But why can't all those JPM short contracts be the residue of past repeated manipulations by entities who don't want to realize their loses? And at some point doesn't repeated manipulation become suppression?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6089228851855763774.post-30153992634829672872013-05-24T02:03:46.755+08:002013-05-24T02:03:46.755+08:00Your articles are clear, concise, readable and inf...Your articles are clear, concise, readable and informative. Please don't ever stop publishing this blog.<br /><br />- A devoted readerAnonymousnoreply@blogger.com