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JPMorgan Chase & Co. Message Board

  • bocarat3 bocarat3 Dec 24, 2003 5:36 PM Flag

    Gold, Gold, Who's Got the Gold?

    Most Recent Data on Gold Derivatives.

    On November 12, 2003, the BIS
    released its regular semi-annual report on the OTC derivatives of
    major banks and dealers in the G-10 countries for the period ending
    June 30, 2003

    www.bis.org/publ/otc_hy0311.htm

    The total notional
    value of all gold derivatives, which had risen from $279 billion at
    mid-year 2002 to $315 billion by year-end, declined to $304 billion
    as of June 30 this year. Translated into estimated tonnes, these
    figures are as follows:
    forwards and swaps ($134 billion versus $136
    billion at year-end 2002) and options ($169 billion versus $180
    billion at year-end 2002) as reported in table 22A of the recently
    published December issue of the BIS Quarterly Review

    www.bis.org/press/p031208.htm

    Also released are the gold derivatives in tonnes held by U.S. commercial
    banks as of September 30, 2003, as reported by the Office of the
    Comptroller of the Currency

    www.occ.treas.gov/deriv/deriv.htm

    Held almost entirely by J.P. Morgan Chase, Citibank and HSBC USA, the
    total notional value of these gold derivatives rose in the third
    quarter to $80.9 billion from the roughly $70 billion level where
    they had been holding since year-end 2002. The third quarter increases were spread across all
    three major U.S. bullion banks.

    _______________________________________________

    So JPM increased its gold derivative position, eh? What do you suppose will happen if gold goes to $450?

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