Thursday, August 8, 2013

Hilarity and Desperation In The (Real) Money Pits (Part 2)


If this is not a confirmation that the comment that if you own paper promises for bullion you don't own squat, I don't know what is.

What with all the fines for manipulation and fraud Jamie's JP Morgan has been accumulating lately one has to wonder if his magic White House cuff link shields will protect him when all those gold  naked shorts (about $520,000,000 worth at current price of $1,300 toz.) come up empty because HSBC and Scotia don't have any more or simply refuse to deliver from their own inventory to cover his and Blyth Masters' highly exposed and pimply backsides. 

And then the questions will start on their even larger naked short position in silver.

All those who scoffed (you know who you are, my "usual suspects) at the several years worth of warnings that this is precisely where we have been headed my just have to soon develop a taste for crow when JP Morgan becomes the "new" Lehman Brothers and suddenly is not "too big too fail" after all.  I can almost hear Dick Fuld Jr. having a good laugh at Jamie Dimon's expence..

No comments:

Post a Comment

Comments are of course welcome. Please stay on topic. Comments with links to commercial sites unrelated to the post or the general theme of this blog will be deleted as spam.