As an NHS worker, my wife came within weeks of losing her job due to the viscous campaign waged by our government. Very, very few people had the integrity to defend informed consent and freedom of choice at the time.
I don't like to purity spiral, but we have a lot of voices willing to speak up when it doesn't matter.
I'm 100% with you on all counts but I support all voices, especially about this in the Uk, wherever they may be. I lost family to the jab. I never got it and my kids punished me with criticisms for it.
I went to school in France and spain, worked and lived in London for years. It stuck as somehat bold for her to be so outspoken in such an oppressive regime. Sorry if I offended you or anyone else. I also appreciate your comments. I'd never heard Anne Widdecombe until this morning.
I’m just going to leave this here. The CFTC “Commitment of Traders” (CoT) report came out Friday, Dec 5th as did the Bank Participation Report.
The results are in the link. JPM emptied its vaults of physical silver bullion to cover the short during the 11 hour “cooling failure induced downtime.”
The long was an “UNIDENTIFIED CUSTOMER” via Maquarie Futures.
“Daily Delivery Notices (Silver - Combined Nov 26/28):
Gm sir... the AI results of PRMs queries are so incredibly arcane it's hard for someone not in the business to grasp how powerful JPM is in the precious metals universe. They sit on chair or influence every relevant committee of the CME, LBMA and SGE. Vault immense quantities of metal globally and provide credit lines for the production, transportation, custody, refining, sales of gold and silver and bottom line facilitate every ascpect of the supply chain and investment flows. In a sense "the sun never sets" on JPM's empire. Silver is a colonial enterprise and its level of risk implies its allure. It always has. We haven't seen the real silver yet but it's coming...
A couple of points for other readers: the CME is an exchange. It does not buy sell or vault metals. The FCM clearing corporation, an association of clearing members, guarantees performance of futures contracts. JPM is an FCM. If there were to be a failure of the size implied by the recent episodic events in precious metals beginning in Noveber 2024 and accelerating to a tacit force majeure (8 week custodial pause) by the Bank of England in january 2025... to the annoying pustules of SLV gamma at recent OPEX blow ups... A 40 mm toz default could shake the the global exchange system. Is it a systemic TBTF event? No not yet. Silver exists in the world but it is not available at this price and "therein lies the rub"... which is why we are all bullish.
Via grok: JPMorgan's Primary Functions in Connection with COMEX, SGE, and LBMA for Gold and Silver (Physical and Futures, Including ETF Activities)JPMorgan Chase & Co. (JPM) remains a dominant bullion bank in global precious metals markets, with expanded roles in ETF custody and storage amid 2025's record gold prices and silver demand surges. Its functions integrate physical vaulting, trading, and derivatives across these exchanges, now heavily intertwined with ETFs like SPDR Gold Trust (GLD) and iShares Silver Trust (SLV), where JPM provides custody for substantial holdings. Below is an updated categorized list of primary functions, incorporating ETF-related activities for both gold and silver unless noted. These draw from JPM's operational scale, including over 700 million ounces of silver under its control via COMEX and ETFs.
COMEX (Commodity Exchange, Inc. – Part of CME Group)COMEX leads U.S. gold and silver futures with physical delivery; JPM's vaults hold ~49% of eligible silver and facilitate ETF-backed flows.Function
Description
Aspect (Physical/Futures/ETF)
Approved Vault Operator
Maintains vaults storing thousands of tonnes of physical gold/silver to back futures; holds record 171+ million ounces of silver (nearly 50% of COMEX total) and supports ETF inflows/outflows.
Physical & ETF
Physical Delivery Against Futures
Executes high-volume deliveries (e.g., 359 silver contracts in a single 2025 session) to settle futures, often sourcing from ETF holdings or leased metal amid tight supply.
Physical & Futures
Futures Trading and Clearing
Clears and trades massive gold/silver futures positions; largest short seller historically, hedging ETF exposures.
Futures & ETF
ETF Custody and Integration
Acts as custodian for SLV (holding 300+ million ounces of silver) and portions of GLD; absorbs ETF "churn" (net stable holdings with high turnover) to accumulate physical metal without price spikes.
ETF & Physical
SGE (Shanghai Gold Exchange)SGE drives China's RMB-denominated physical trading; JPM's role supports ETF-linked international flows, though less direct than in Western markets.Function
Description
Aspect (Physical/Futures/ETF)
International Member Trading
Executes spot, forward, and swap trades on SGE International Board; facilitates ETF arbitrage by linking RMB physical buys to global ETF demand.
Physical & Futures
Market Participation and Cooperation
Collaborates on liquidity and innovation; 2025 leasing of 4,000 tons of silver from ICBC (SGE-linked) aids ETF supply chains amid export restrictions.
Physical & ETF
Physical Delivery and Vaulting Support
Enables delivery into SGE vaults; supports indirect ETF funding via leased metal from Chinese sources to COMEX/LBMA inventories.
Physical & ETF
LBMA (London Bullion Market Association)LBMA governs global OTC physical markets and benchmarks; JPM's vaults now dominate ETF custody, with 2025 expansions capturing >50% price gains in storage fees.Function
Description
Aspect (Physical/Futures/ETF)
Market Making
Provides two-way OTC quotes for physical gold/silver; hedges ETF creations/redemptions to maintain liquidity.
Physical & ETF
Price Auction Participant
Contributes to LBMA Gold/Silver Price auctions; influences benchmarks used for ETF valuations (e.g., GLD/SLV pricing).
Physical & ETF
Physical Storage and Vaulting
Operates largest commercial vaults in London; stores ETF holdings (e.g., substantial GLD portion alongside HSBC) and central bank reserves.
Physical & ETF
Leasing and Lending
Leases physical metal (e.g., 4,000 tons silver to ICBC in 2025) to bridge ETF demand-supply gaps; earns fees on leased bars potentially backing unallocated ETF positions.
Physical & ETF
Forwards and OTC Trading
Trades unallocated forwards/swaps; nets positions to balance ETF physical conversions and futures hedges.
Futures (OTC) & ETF
JPM's ETF activities amplify its exchange roles, generating revenue from custody fees (millions annually for GLD alone) while enabling market control—e.g., using SLV churn to amass physical silver. Amid 2025's U.S.-China trade tensions and BRICS shifts, these functions hedge risks but face scrutiny over manipulation, as in past $920M spoofing settlements. Global ETF AUM hit $472bn in Q3 2025, with JPM central to holdings nearing 3,838 tonnes of gold.
I was just going to reply with “If you’re going to a Diddy party and the only place you could reliably get 1500 metric tonnes of baby oil was JPM…” Your response seems better. Should be its own post.
the current institutional view of free speech is, you can say anything you want as long as I agree with it, otherwise it is a crime and punishable by whatever we choose.
Your Jeff Gundlach reference is "pure gold", thank you for this. We are seeing the long end of the yield curve steepen. DXY trend is "sideways". Trump won't get control of the Fed until Hassett is appointed in May. The QE cycle buy down that Gundlach forecasts has to be in force this summer to have a Trump positive effect on the Nov. '26 mid-term election cycle. So do you feel that from Dec to June, gold and silver are going to face headwinds as yields and DXY have increasing trends and this stops when long end yield approaches 5.5 to 6% yield? Are we facing a six month headwind in precious metals markets while the Fed transitions from Powell to Hassett?
My benchmark for judging a proponent of free speech is their approach to the COVID 'vaccine' and I'm afraid on that score Anne Widdecombe loses my vote, https://x.com/CharlotteEmmaUK/status/1762206863179894847?s=20
As an NHS worker, my wife came within weeks of losing her job due to the viscous campaign waged by our government. Very, very few people had the integrity to defend informed consent and freedom of choice at the time.
I don't like to purity spiral, but we have a lot of voices willing to speak up when it doesn't matter.
I'm 100% with you on all counts but I support all voices, especially about this in the Uk, wherever they may be. I lost family to the jab. I never got it and my kids punished me with criticisms for it.
I went to school in France and spain, worked and lived in London for years. It stuck as somehat bold for her to be so outspoken in such an oppressive regime. Sorry if I offended you or anyone else. I also appreciate your comments. I'd never heard Anne Widdecombe until this morning.
Not offended 🙂.
I remember the protests in London well, the ones the MSM never reported.
I’m just going to leave this here. The CFTC “Commitment of Traders” (CoT) report came out Friday, Dec 5th as did the Bank Participation Report.
The results are in the link. JPM emptied its vaults of physical silver bullion to cover the short during the 11 hour “cooling failure induced downtime.”
The long was an “UNIDENTIFIED CUSTOMER” via Maquarie Futures.
“Daily Delivery Notices (Silver - Combined Nov 26/28):
• ISSUER (The Seller/Short):
• J.P. MORGAN SECURITIES LLC (House): 4,850
• J.P. MORGAN SECURITIES LLC (Customer): 1,200
• HSBC BANK USA (House): 1,100
• SCOTIA CAPITAL (House): 900
• STOPPER (The Buyer/Long):
• UNIDENTIFIED "CUSTOMER" (via Macquarie Futures): 6,500
• P.N.F. (Principal Not Named): 1,805”
“UNIDENTIFIED CUSTOMER” is theorized to be either India (aka the “I” in BRICS) or… the US Government.
Further analysis reveals there is no chance to survive another redemption of this size. Info in the link below.
https://g.co/gemini/share/a92649b0a880
Why does JPM even mess with silver. Seems like small fries for them
Gm sir... the AI results of PRMs queries are so incredibly arcane it's hard for someone not in the business to grasp how powerful JPM is in the precious metals universe. They sit on chair or influence every relevant committee of the CME, LBMA and SGE. Vault immense quantities of metal globally and provide credit lines for the production, transportation, custody, refining, sales of gold and silver and bottom line facilitate every ascpect of the supply chain and investment flows. In a sense "the sun never sets" on JPM's empire. Silver is a colonial enterprise and its level of risk implies its allure. It always has. We haven't seen the real silver yet but it's coming...
A couple of points for other readers: the CME is an exchange. It does not buy sell or vault metals. The FCM clearing corporation, an association of clearing members, guarantees performance of futures contracts. JPM is an FCM. If there were to be a failure of the size implied by the recent episodic events in precious metals beginning in Noveber 2024 and accelerating to a tacit force majeure (8 week custodial pause) by the Bank of England in january 2025... to the annoying pustules of SLV gamma at recent OPEX blow ups... A 40 mm toz default could shake the the global exchange system. Is it a systemic TBTF event? No not yet. Silver exists in the world but it is not available at this price and "therein lies the rub"... which is why we are all bullish.
Via grok: JPMorgan's Primary Functions in Connection with COMEX, SGE, and LBMA for Gold and Silver (Physical and Futures, Including ETF Activities)JPMorgan Chase & Co. (JPM) remains a dominant bullion bank in global precious metals markets, with expanded roles in ETF custody and storage amid 2025's record gold prices and silver demand surges. Its functions integrate physical vaulting, trading, and derivatives across these exchanges, now heavily intertwined with ETFs like SPDR Gold Trust (GLD) and iShares Silver Trust (SLV), where JPM provides custody for substantial holdings. Below is an updated categorized list of primary functions, incorporating ETF-related activities for both gold and silver unless noted. These draw from JPM's operational scale, including over 700 million ounces of silver under its control via COMEX and ETFs.
COMEX (Commodity Exchange, Inc. – Part of CME Group)COMEX leads U.S. gold and silver futures with physical delivery; JPM's vaults hold ~49% of eligible silver and facilitate ETF-backed flows.Function
Description
Aspect (Physical/Futures/ETF)
Approved Vault Operator
Maintains vaults storing thousands of tonnes of physical gold/silver to back futures; holds record 171+ million ounces of silver (nearly 50% of COMEX total) and supports ETF inflows/outflows.
Physical & ETF
Physical Delivery Against Futures
Executes high-volume deliveries (e.g., 359 silver contracts in a single 2025 session) to settle futures, often sourcing from ETF holdings or leased metal amid tight supply.
Physical & Futures
Futures Trading and Clearing
Clears and trades massive gold/silver futures positions; largest short seller historically, hedging ETF exposures.
Futures & ETF
ETF Custody and Integration
Acts as custodian for SLV (holding 300+ million ounces of silver) and portions of GLD; absorbs ETF "churn" (net stable holdings with high turnover) to accumulate physical metal without price spikes.
ETF & Physical
SGE (Shanghai Gold Exchange)SGE drives China's RMB-denominated physical trading; JPM's role supports ETF-linked international flows, though less direct than in Western markets.Function
Description
Aspect (Physical/Futures/ETF)
International Member Trading
Executes spot, forward, and swap trades on SGE International Board; facilitates ETF arbitrage by linking RMB physical buys to global ETF demand.
Physical & Futures
Market Participation and Cooperation
Collaborates on liquidity and innovation; 2025 leasing of 4,000 tons of silver from ICBC (SGE-linked) aids ETF supply chains amid export restrictions.
Physical & ETF
Physical Delivery and Vaulting Support
Enables delivery into SGE vaults; supports indirect ETF funding via leased metal from Chinese sources to COMEX/LBMA inventories.
Physical & ETF
LBMA (London Bullion Market Association)LBMA governs global OTC physical markets and benchmarks; JPM's vaults now dominate ETF custody, with 2025 expansions capturing >50% price gains in storage fees.Function
Description
Aspect (Physical/Futures/ETF)
Market Making
Provides two-way OTC quotes for physical gold/silver; hedges ETF creations/redemptions to maintain liquidity.
Physical & ETF
Price Auction Participant
Contributes to LBMA Gold/Silver Price auctions; influences benchmarks used for ETF valuations (e.g., GLD/SLV pricing).
Physical & ETF
Physical Storage and Vaulting
Operates largest commercial vaults in London; stores ETF holdings (e.g., substantial GLD portion alongside HSBC) and central bank reserves.
Physical & ETF
Leasing and Lending
Leases physical metal (e.g., 4,000 tons silver to ICBC in 2025) to bridge ETF demand-supply gaps; earns fees on leased bars potentially backing unallocated ETF positions.
Physical & ETF
Forwards and OTC Trading
Trades unallocated forwards/swaps; nets positions to balance ETF physical conversions and futures hedges.
Futures (OTC) & ETF
JPM's ETF activities amplify its exchange roles, generating revenue from custody fees (millions annually for GLD alone) while enabling market control—e.g., using SLV churn to amass physical silver. Amid 2025's U.S.-China trade tensions and BRICS shifts, these functions hedge risks but face scrutiny over manipulation, as in past $920M spoofing settlements. Global ETF AUM hit $472bn in Q3 2025, with JPM central to holdings nearing 3,838 tonnes of gold.
I was just going to reply with “If you’re going to a Diddy party and the only place you could reliably get 1500 metric tonnes of baby oil was JPM…” Your response seems better. Should be its own post.
Thank you. That was some reply :)
the current institutional view of free speech is, you can say anything you want as long as I agree with it, otherwise it is a crime and punishable by whatever we choose.
Von Der Leyen, the vile dictator
JJ:
Your Jeff Gundlach reference is "pure gold", thank you for this. We are seeing the long end of the yield curve steepen. DXY trend is "sideways". Trump won't get control of the Fed until Hassett is appointed in May. The QE cycle buy down that Gundlach forecasts has to be in force this summer to have a Trump positive effect on the Nov. '26 mid-term election cycle. So do you feel that from Dec to June, gold and silver are going to face headwinds as yields and DXY have increasing trends and this stops when long end yield approaches 5.5 to 6% yield? Are we facing a six month headwind in precious metals markets while the Fed transitions from Powell to Hassett?