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U.S. government — er, JPM — rescues Comex gold contract
TND Guest Contributor: Chris Powell |
Zero Hedge reports that a U.S. government agency — that is, JPMorganChase & Co. — rescued the New York Commodities Exchange gold contract from a default this week with a massive reclassification of metal from the “eligible” to “registered” category of warehoused metal. Zero Hedge’s report is headlined “JPMorgan Helps Comex Avoid Gold Depletion, Boosts Registered Gold By 78% Overnight.” Click here to read the story.
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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/u-s-government-er-jpm-rescues-comex-gold-contract/
