Government Sanctioned Theft

Rob Kirby
Dec 31, 2008

The Office of the Comptroller of the Currency just released its Q3/08 Quarterly Derivatives Fact Sheet.

Here is one of the highlights:

Take a look at J.P. Morgan's gold derivatives [futures] position, paying particular attention to how the < 1 yr. position changed from the end of Q2/08 to the end of Q3/08:

And here's what J.P. Morgan's 15 billion "addition" to their < 1 yr. gold derivatives book did to the price of gold as illustrated using GLD as a proxy for the POG:

That such a blatantly egregious act can be committed by the chief agent of the Federal Reserve, with what appears to be the complicity of regulators is a heinous pox on humanity.

Rob Kirby

email: rkirby@kirbyanalytics.com
website: Kirby Analytics

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