JPMorgan Said to End Proprietary Trading to Meet Volcker Rule

[DMac]

This could be HUGE NEWS for Gold and in particular, SILVER!

JPMorgan Said to End Proprietary Trading to Meet Volcker Rule (http://www.bloomberg.com/news/2010-08-31/jpmorgan-is-said-to-shut-proprietary-trading-to-comply-with-volcker-rule.html)

Also, http://jessescrossroadscafe.blogspot.com/

[DMac]

Volcker Rule:

A proposal to restrict United States banks from making certain kinds of speculative investments if they are not on behalf of their customers.

Proprietary trading:

"Prop desk" - term used in banking to describe when the firm's traders actively trade stocks, bonds, currencies, commodities, their derivatives or other financial instruments with its own money as opposed to its customers' money, so as to make a profit for itself.

The closure of the JPM prop desk - what effect will this have on the JPM silver short??

[DMac]

JPMorgan Pretends To Shut Down All Prop Trading Desks, In Latest Smoke Screen Act Of Volcker Rule "Compliance" (http://www.zerohedge.com/article/jpmorgan-shutting-down-all-prop-trading-desks)



Also, back on August 3rd:

JPMorgan's Masters Urges No `Panic' as Commodities Unit Slips (http://www.bloomberg.com/news/2010-08-03/blythe-masters-says-don-t-panic-over-jpmorgan-commodities-loss-job-cuts.html)

[MAGNES]

It is hard to separate JPM and the FED since it is all Rockfeller,
both family owned banks, lol, nothing will come of these rules,
one day the collars will come off, but they have too much control
they will not give up, and when they lose it they will make money,
don't think we are here yet, they make money too, key is control.

If JPMChase doesn't trade others will as agents of FED and US gov.

Remember, ABX didn't give a sh*t about it's shareholders and was
working as an agent for the FED, as agent it claimed "sovereign immunity"
when sued by a relatively small gold shop for manipulating gold prices.

GS was the main player I watched on gold from 2006 and TOCOM
was watched daily almost and analyzed, they left TOCOM, but never
left, lol, LeMetro did a good job all 2006 on analysis and COT especially,
watching GS.

Remember Bear Stearns, many partners out there, lol .

First of all JPM is the market maker, they shouldn't be trading for their accounts anyways.
"chinese walls" for sure, rofl .
On NY Stock exchange that would be illegal but on Nasdaq it is daily practice to screw everyone
this way. Far less rules for MM's, Bernie ran that atrocity, founding member too, 1997
$1.7 BILLION FINE, "market of the future", bend over. They still make the rules.



Also, back on August 3rd:

JPMorgan's Masters Urges No `Panic' as Commodities Unit Slips (http://www.bloomberg.com/news/2010-08-03/blythe-masters-says-don-t-panic-over-jpmorgan-commodities-loss-job-cuts.html)


"The 41-year-old banker, who helped develop credit-default swaps while at JPMorgan in the 1990s,
delivered her talk from a conference room in New York,"