marché de l'or /Comex Jpm récupére le carnet de positions sur les futures de l'or- comex de Bear stearns, anatomie d'un meutre / Rob Kirby
Bear Stearns: Murdered at the Golden Gates ( passionnant et édifiant)http://news.goldseek.com/GoldSeek/1223619420.php
Bear Stearns: Murdered at the Golden Gates
Much has already been written about the untimely demise of investment bank
Bear Stearns. Most, if not all, that has been written to date – deals with
issues related to equities / expiring options – or the share price.
Recently, new information has come to light which allows us to forensically
examine the demise of Bear Stearns from a completely different angle – GOLD
No-one should be surprised by this development. Up until the untimely demise
of Bear Stearns, the most celebrated and at the same time misreported and
misunderstood financial collapse in American History was that of Long Term
Capital Management [LTCM] back in 1998. The treatment – or more properly stated,
the decision to bail-out LTCM – was all motivated by GOLD. For a primer on the
LTCM / GOLD nexus, readers can gain a nuts-and-bolts background in these two
articles:The Anatomy of a Fictional Hedge Fund Collapse
LTCM Revisited - A Forensic Account
That Bear Stearns and LTCM should be mentioned in the same breath should also
come as no surprise for another reason; Bear Stearns was the only major player
invited by the NY Fed / Treasury to participate in the “then bail-out of LTCM”
who refused to participate. Not participating, or bearing a portion of the
financial burden, in the suppression of the gold price effectively made Bear
Stearns “an enemy of the State”.
So, it’s an ironic twist of fate that while LTCM’s demise was cloaked because
they were secretively and nefariously “short gold”; Bear Stearns was brought to
heel [assassinated, more likely] because they were “long” – at a minimum -
roughly 12 billion dollars worth of gold derivatives [futures].
At Their Demise, Bear Stearns Was Categorically “Long” Gold
That Bear would be “long gold” would only be consistent with the utterances
of their former senior economist, Conrad
– who on Jan. 12, 2008 stated,
<BLOCKQUOTE>“Approaching $900 an ounce does cause us to be
significantly concerned about the inflation outlook, particularly because there
doesn't seem to be a lot of concern from [Federal Reserve Chairman Ben]
<BLOCKQUOTE>“…recent statements from Bernanke suggest the Fed has put
inflation on the backburner as it frets about the possibility the United States
is slipping into recession.”
Bear Stearns was clearly bullish on gold.
Contrast this to the [cough] official line
[or double talk, perhaps?]
at J.P. Morgan back in Dec. 14th, 2007,
<BLOCKQUOTE>JP Morgan analysts Steve Shepherd expects gold to trade
around $820 an ounce in 2008 if its “intrinsic value remains unchanged” but
considers it not “best of class” as a hedge except in the debasement of paper
Pretty gutsy call, eh, considering gold was already trading at 815 bucks per
ounce two days before this article was published:
But it is not until one analyzes the gold derivatives [futures] positions of
J.P. Morgan – comparing Q4/07 versus Q1/08 versus Q2/08 – that the true picture
of the extent to which Bear Stearns was involved in the gold trade truly
Here’s the relevant timeline that encompasses Q4/07 [baseline reference],
Q1/08 and Q2/08 [capturing the closing/co-mingling/netting of Bear – Morgan
assets in April 08].
accordance with the NYSE rule providing that exception, the Audit Committee of
Bear Stearns' Board of Directors has expressly approved, and the full Board of
Directors has unanimously concurred with, Bear Stearns' intended use of the
exception. The closing of the sale of the 95 million shares is expected to be
completed upon the conclusion of a shareholder notice period required by the
NYSE, which is expected to occur on or about April 8,
A full forensic reconstruction of the events surrounding the collapse /
bail-out of Bear Stearns has not been possible until recently, with the passage
of time and the recent release of Q2/08 derivatives report from the Office of
the Comptroller of the Currency of the U.S. Here is the progression of J.P.
Morgan’s gold derivatives position from Q4/07 [baseline] through to Q2/08:
The 12 billion drop in J.P.Morgan’s 1 – 5 yr. maturity is representative of
the “netting effect” from co-mingling Bear Stearns derivatives book.
What folks need to realize is that a 12 billion injection [long or short]
into the ‘relatively illiquid’ medium-term gold futures complex [1 – 5 yrs.] –
has much more market influence than 9 billion notional [or a like amount] in
< than 1 yr. - as occurred in March 08. Cumulatively, the shorts added by
J.P. Morgan over a very short period of time, like days or a couple of weeks, is
utterly mind numbing – akin to having an elephant jumping through a key-hole.
That the gold market was able to absorb this almost unthinkable, intentional,
premeditated “criminal shellacking” at the hands of J.P. Morgan Chase is a
testament to how enormous global investment demand really is for GOLD
That J.P. Morgan Chase – an institution with historic and deep links to the
Federal Reserve – acted in a criminal fashion is beyond-a-shadow-of-a-doubt.
They are and have unquestionably engaged in “INSIDER TRADING
completely desecrated the COMMODITIES TRADING LAW BOOK.
Not surprisingly, the financial world is now waking-up to the fact that
high-stakes games are being played in the “paper” [futures] gold arena. This is
why the fraudulent futures prices of gold and silver have become bifurcated from
the physical markets.
Sadly, when this criminal experiment fails completely – which it will - the
perpetrators are going to “wrap themselves in the flag” and claim that they were
conducting these operations in the name of NATIONAL SECURITY –
reality to save the bankers and “un-savable” U.S. Dollar.
Bear Stearns and its employees got in the way of this criminal enterprise –
largely because they were long gold.
Just remember, you heard it here first.
The J.P. Morgan Chase / Federal Reserve edifice is being run like a CRACK-HOUSE
. For the sake of humanity, it needs to be shut down - NOW
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