Avery Goodman: Morgan runs Fed’s gold operations at Comex, Fed guarantees exchange
TND Guest Contributor: Chris Powell |
Recent reports from the U.S. Commodity Futures Trading Commission and the CME Group, operator of the New York Commodity Exchange, indicate that JPMorganChase & Co. is administering the Federal Reserve’s gold swapping and lending operations and that for the time being the exchange’s gold contracts are being guaranteed by the U.S. government.
That analysis is published today by Colorado securities lawyer Avery B. Goodman, who draws heavily on GATA’s documentation of U.S. government intervention in the gold market.
Goodman’s conclusion arises largely from the unnecessarily disproportionate assignment to JPMorganChase of Comex gold deliveries, as recorded in the CFTC’s June 2 bank participation report for gold futures. Essentially, Goodman writes, last month the Fed rescued the Comex from a gold delivery deficiency, but the U.S. gold reserve, now guaranteeing the Comex, will not last forever.
Goodman’s may prove to be the most important analysis written about the gold “market” this year. If they meant to provide the world with any serious journalism, mainstream financial news organizations quickly would put questions about Goodman’s analysis to the Federal Reserve, CME Group, and JPMorgan Chase.
Goodman’s analysis is headlined “Did Comex Just Receive A Physical Gold Bailout from the Fed?” and it’s posted at Seeking Alpha; click here to read.
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About Chris Powell:
Mr. Powell has been managing editor of the Journal Inquirer, a daily newspaper in Manchester, Connecticut, since 1974. He serves as the secretary/treasurer and a director of the Gold Anti-Trust Action Committee (GATA). Mr. Powell publishes GATA “dispatches” on stories relevant to the precious metals community: click here to access them and the GATA website. For additional information about precious metals, financial markets and the economy a 2 week free trial to GATA chairman Bill Murphy’s subscription service is available by clicking here. This article is reprinted on The News Doctors with permission.
Source: http://thenewsdoctors.com/avery-goodman-morgan-runs-feds-gold-operations-at-comex-fed-guarantees-exchange/
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