Report: JPMorgan Chase and Citibank Hold 90 Percent of All Gold and Other Precious Metals Derivatives Held by All U.S. Banks
By Pam Martens and Russ Martens: June 29, 2022 ~ Last Tuesday, the Office of the Comptroller of the Currency (OCC) released its quarterly report on derivatives held at the megabanks on Wall Street. As we browsed through the standard graphs that are included in the quarterly report, one graph jumped out at us. It showed a measured growth in precious metals derivatives at insured U.S. commercial banks and savings associations over the past two decades and then an explosion in growth between the last quarter of 2021 and the end of the first quarter of this year. In just one quarter, precious metals derivatives had soared from $79.28 billion to $491.87 billion. That’s a 520 percent increase in a span of three months. (See Figure 18 at this link. The last ten years of the graph is shown above.) Having studied these quarterly reports since the 2008 financial crash, we … Continue reading →
Source: http://silveristhenew.com/2022/06/29/report-jpmorgan-chase-and-citibank-hold-90-percent-of-all-gold-and-other-precious-metals-derivatives-held-by-all-u-s-banks/
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