Bix Weir Updates
Someone pointed out to me that bullion trader David R. laid out a challenge to our crowd to check the JPM financial statements where they state the value of physical commodities they hold in their "contango" game. Remember he said that JPM has a matched book where they buy a COMEX short for every Physical long?
So I decided to take his challenge.
Here's the results:
In the JP Morgan 2011 Annual Report it states they hold $26B worth of all physical commodities (including oil, gold, silver, etc). (See page 189)
If David R.'s theory is TRUE then JPM would hold a similar value of derivatives related to these commodities.
So I went to the Office of Comptroller of Currencies (OCC) to find the answer which should not surprise anyone EXCEPT David R...
JP Morgan holds $497B in commodity derivatives! (See Tables 9 & 10)
I've added this point to my arguments here:
The battles continue and the dis-information campaign is ramping up.
May the Road you choose be the Right Road.
Bix Weir
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