From profits to pay, JPMorgan’s gold secrets spill out in court

Bloomberg/Eddie Spence and Jack Farchy/7-31-2022

Image of gold stacked in storage at the New York Federal Reserve“The trial of JPMorgan Chase & Co.’s former head of precious metals has offered unprecedented insights into the trading desk that dominates the global gold market.”

USAGOLD note: Inside the gold market……Much of long-term value to gold market participants is spelled out in this Bloomberg article, and the revelations from this trial will confirm the level of market concentration many have suspected for years. JP Morgan, it seems, has a deep financial interest in the shiny rock that just sits there and does nothing. It clears 40% of all transactions in the gold market and pulled in a cool $1 billion in profit from trading precious metals in 2020.

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