You are here
JPMorgan has made deep cuts to metals business after nickel crisis
By Alfred Cang, Jack Farchy, and Eddie Spence
Bloomberg News
Thursday, April 13, 2023
JPMorgan Chase & Co. has cut dozens of base metals clients and slashed bankers' bonuses, as the business remains under harsh internal scrutiny in the wake of last yea's nickel crisis.
JPMorgan, Wall Street's biggest player in metals, has been reviewing its commodity exposure for over a year after it played a prominent role as the biggest counterparty of the Chinese company at the center of the nickel short squeeze on the London Metal Exchange. It was also a financier of the top Chinese copper trader whose business ground to a halt after a liquidity crisis last year.
... Dispatch continues below ...
... ADVERTISEMENT ...
Bullion Star Opens in the U.S., Selling and Vaulting Gold and Silver
Bullion Star is now open in the United States, offering gold and silver bullion at extremely competitive prices with free delivery. Bullion Star also offers customers a year of free vault storage along with free delivery as well as storage in its secure precious metals vault in Dallas, Texas.
Storing precious metals is challenging. Homeowner's insurance seldom covers precious metals, and safe deposit boxes offered by banks are neither insured nor covered by the government deposit insurance. Bullion Star's vault is an independently run, Class III UL-rated vault with uncompromising surveillance and round-the-clock security.
With Bullion Star you can transact and store your metals securely and confidentially. Your bullion is fully insured against all risks at full replacement value. Bullion Star uses five audit methods to verify the existence and correctness of your stored bullion.
For more information, please visit:
While the review is ongoing, JPMorgan has already scaled back its base metals business substantially, according to people familiar with the matter, and the moves are being felt across the industry. ...
... For the remainder of the report:
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
