muses of the moment

April 5, 2012

Blythe speaks

Filed under: Credit Derivatives, Gold and Silver Investing, Precious metals, The Banking Crisis — totallygroovygirlfriday @ 5:13 pm

Apparently, the “blogosphere” is making an impact. Rarely seen Blythe Masters marches onto CNBC to answer the tough questions for JPMorgan…can anyone say damage control?

But not all of them, Tyler Durden still has some more questions. Click here, link to CNBC clip at the end.

This brings us to the transcript of Blythe’s interview on CNBC, in which a primary topic, ironically, was whether or not Jamie Dimon’s firm manipulates the prices of precious metals, and particularly silver. What followed was the usual avalanche of platitudes that only a muppet can love.

Side musing: loved her comment about how JPM “hedges” the physical silver positions of their clients (stored at JPM vaults) around the world. With the amount of money they “hedge”, they must represent every person on the planet with any physical silver holdings. Who buys this dribble?

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2 Comments »

  1. I think Zerohedge hit the nail on the head; the Fed is JPMorgan’s biggest client.

    “… JPMorgan is merely the overt conduit by which the Fed, and specifically the New York Fed, conducts monetary policy in the commodities space, just as Brian Sack would conduct open market operations in the bond arena, and as the FRBNY uses, on occasion, Citadel, and its HFT expertise, to execute its discretionary stock trades (yes, we know about those too).”

    Comment by sw — April 7, 2012 @ 3:49 pm

  2. Mike Maloney discusses price manipulation in the gold and silver markets with Lauren Lyster on Capital Account. They discuss the Blythe Masters interview.

    Comment by sw — April 8, 2012 @ 2:31 am


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