Kāore i te ōrite ngā utu o ngā konganuku utu nui. Ahakoa kua ora ake ngā utu o te koura, te hiriwa, te konukawata me te konukawata mai i ngā utu iti o nā tata nei, kāore anō kia piki.
I tīmata taku mahi i roto i te mākete konganuku utu nui i te tīmatanga o te tekau tau atu i 1980, i muri tata mai i te raruraru o Nelson rāua ko Bunker i tā rāua whai i te mana pupuri hiriwa. I whakatau te poari COMEX ki te whakarerekē i ngā ture mō Hunts, nāna i tāpiri atu ki ngā tūranga ā-mua, mā te whakamahi i te tawhē hei hoko atu me te pana ake i ngā utu hiriwa. I te tau 1980, i aukati te ture whakakore-anake i te mākete puru, ā, i tino heke ngā utu. Kei roto i te Poari Kaiwhakahaere o COMEX ngā kaihokohoko hea whai mana me ngā upoko o ngā kaihokohoko konganuku utu nui. I te mōhio kei te tata te hinga o te hiriwa, he maha ngā mema o te poari i kimo me te pōkaikaha i a rātou e whakamōhio ana ki ā rātou tēpu hokohoko. I ngā wā pōrearea o te hiriwa, i whiwhi ngā kamupene matua i ō rātou taonga i roto i ngā pikinga me ngā hekenga. Ko Philip Brothers, i mahi ahau mō ngā tau 20, i whiwhi moni nui i roto i te hokohoko konganuku utu nui me te hinu, ā, i hokona e rātou a Salomon Brothers, te umanga hokohoko here me te peeke haumi matua o Wall Street.
Kua rerekē ngā mea katoa mai i te tekau tau atu i 1980. Nā te raruraru pūtea o te ao i te tau 2008 i whakakapi te Ture Dodd-Frank o te tau 2010. He maha ngā mahi hē, kino hoki i whakaaetia i mua kua kore e whai ture, me ngā whiu mō te hunga e whiti ana i te rārangi mai i ngā moni whiu nui ki te wā herehere.
I taua wā tonu, ko te whanaketanga tino nui i roto i ngā mākete konganuku utu nui i ngā marama tata nei i puta i roto i te kooti ā-motu o Amerika i Chicago, i reira i kitea ai e te tiuri he hara ētahi o ngā kaiwhakahaere matua e rua o JPMorgan mō ētahi whakapae, tae atu ki te tinihanga, te whakarerekē i ngā utu o ngā taonga me te tinihanga i ngā umanga pūtea. . tikanga. E pā ana ngā whakapae me ngā whakataunga ki ngā whanonga kino me te ture kore i roto i te mākete ā-mua o ngā konganuku utu nui. Me tū he tuatoru o ngā kaihokohoko ki te whakawakanga i roto i ngā wiki e haere ake nei, ā, kua whakawakia kētia, kua kitea rānei he hara e ngā tiuri ngā kaihokohoko mai i ētahi atu umanga pūtea i roto i ngā marama me ngā tau kua pahure ake nei.
Kāore ngā utu o te konganuku utu nui e haere ki hea. E pupuri ana te ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) i ngā konganuku utu nui e whā e hokohokohia ana i ngā wehenga CME COMEX me NYMEX. I kitea e te kooti tata nei he hara ngā kaimahi rangatira o te whare hokohoko konganuku utu nui o te ao. I utua e te tari he whiu nui rawa atu, engari i mawhiti te whakahaere me te Tumu Whakarae i te whiu tika. He rangatira rongonui a Jamie Dimon i Wall Street, engari ko ngā whakapae mō JPMorgan ka ara ake te pātai: Kua pirau te ika mai i te tīmatanga ki te mutunga?
Nā te kereme a te kāwanatanga i whakawakia ai ngā kaiwhakahaere matua e rua me tētahi kaihoko a JPMorgan i whakatuwhera te matapihi ki te mana o te umanga pūtea i te mākete konganuku utu nui o te ao.
I whakatau te tari ki te kāwanatanga i mua noa atu i te tīmatanga o te whakawakanga, me te utu i te whiu $920 miriona kāore i kitea i mua. I taua wā tonu, ko ngā taunakitanga i tukuna e te Tari Ture o Amerika me ngā kaiwhakapae i whakaatu ko JPMorgan "i whiwhi hua ā-tau i waenga i te $109 miriona me te $234 miriona i waenga i te tau 2008 me te 2018." I te tau 2020, i whiwhi te peeke i te $1 piriona hua mā te hokohoko koura, hiriwa, konukawata me te palladium i te mea ka piki ake ngā utu nā te mate urutā, ā, "i waihanga i ngā whai wāhitanga arbitrage kāore i kitea i mua."
He mema whakakore a JPMorgan i te mākete koura o Rānana, ā, ko ngā utu o te ao ka whakatauhia mā te hoko me te hoko atu i te konganuku i te uara o Rānana, tae atu ki ngā umanga JPMorgan. He kaitākaro nui anō hoki te peeke i ngā mākete ā-mua o te US COMEX me NYMEX me ētahi atu pokapū hokohoko konganuku utu nui huri noa i te ao. Kei roto i ngā kiritaki ko ngā peeke pokapū, ngā tahua ārai, ngā kaihanga, ngā kaihoko me ētahi atu kaitākaro mākete nui.
I te whakatakoto i tana take, i herea e te kāwanatanga te moni whiwhi a te peeke ki ngā kaihokohoko takitahi, ā, i tino hua mai ā rātou mahi:
I roto i te keehi i kitea he nui ngā hua me ngā utu i taua wā. Ahakoa i utua e te peeke he moni whiu $920 miriona, he nui ake ngā hua i ngā kino. I te tau 2020, i whiwhi a JPMorgan i te nui o te moni hei utu i te kāwanatanga, ā, neke atu i te $80 miriona te toenga.
Ko ngā whakapae tino nui i pā ki te tokotoru JPMorgan ko te RICO me te whakatakoto kaupapa here, engari i whakakorea te tokotoru. I whakatau te hūri kāore ngā kaiwhakapae tūmatanui i whakaatu ko te whāinga te pūtake mō te whakataunga mō te whakatakoto kaupapa here. Nā te mea ko ēnei anake ngā whakapae i whakapaetia ai a Geoffrey Ruffo, i whakakorea ia.
He kōrero anō tā Michael Novak rāua ko Greg Smith. I roto i tētahi panuitanga pāpāho i te 10 o Ākuhata, 2022, i tuhituhi te Tari Ture o Amerika:
I te rā nei, i kitea e te hūri ā-motu mō te Rohe Raki o Illinois e rua ngā kaihokohoko konganuku utu nui o mua a JPMorgan he hara mō te tinihanga, te ngana ki te whakarerekē i ngā utu me te mānumanu mō ngā tau e waru i roto i tētahi kaupapa whakarerekē mākete e uru ana ki ngā kirimana konganuku utu nui ā-mua e uru ana ki ngā mano tini o ngā tauhokohoko ture kore.
E ai ki ngā tuhinga me ngā taunakitanga a te kooti i tukuna ki te kooti, ​​ko Greg Smith, 57 tau te pakeke, nō Scarsdale, New York, te tumuaki me te kaihokohoko o te wehenga Utu Nui a JPMorgan i New York. Ko Michael Novak, 47 tau te pakeke, nō Montclair, New Jersey, he kaiwhakahaere matua e ārahi ana i te wehenga utu nui o te ao a JPMorgan.
E whakaatu ana ngā taunakitanga tirotiro ture, mai i te marama o Mei 2008 ki Ākuhata 2016, i uru ngā kaiwhakapae, me ētahi atu kaihokohoko i te wehenga konganuku utu nui a JPMorgan, ki te tinihanga nui, ki te whakahaere mākete, me ngā mahi tinihanga. I whakatakoto ngā kaiwhakapae i ngā ota i whakaaro rātou ki te whakakore i mua i te whakatinanatanga hei pana i te utu o te ota i whakaaro rātou ki te whakakī ki tērā taha o te mākete. I uru ngā kaiwhakapae ki ngā mano tini o ngā hokohoko tinihanga i roto i ngā kirimana ā-mua mō te koura, te hiriwa, te konukawata me te palladium e hokohokohia ana i runga i te New York Mercantile Exchange (NYMEX) me te Commodity Exchange (COMEX), e whakahaerehia ana e ngā whakawhitinga taonga o ngā kamupene CME Group. Ka uru ki te mākete ngā kōrero teka me te tinihanga mō te tuku me te tono pono mō ngā kirimana ā-mua mō ngā konganuku utu nui.
"E whakaatu ana te whakataunga a te hunga whakawā i tēnei rā, ko te hunga e ngana ana ki te whakahaere i ā tātou mākete pūtea tūmatanui ka whakawakia, ā, ka whai kawenga," te kī a te Roia Tuarua a Kenneth A. Polite Jr. o te Wehenga Taihara o te Tari Ture. "I raro i tēnei whakataunga, i whakawakia e te Tari Ture tekau ngā kaihokohoko umanga pūtea o mua o Wall Street, tae atu ki a JPMorgan Chase, Bank of America/Merrill Lynch, Deutsche Bank, Bank of Nova Scotia, me Morgan Stanley. E whakaatu ana ēnei whakataunga i te whakapau kaha a te Tari ki te whakawakia te hunga e whakararu ana i te whakapono o ngā kaipupuri moni ki te pono o ā tātou mākete taonga."
"I roto i ngā tau, e ai ki ngā whakapae kua tukuna e ngā tāngata whakapae he mano tini ota rūpahu mō ngā konganuku utu nui, e hanga ana i ngā mahi tinihanga hei kukume i ētahi atu ki ngā mahi kino," te kī a Luis Quesada, te kaiāwhina kaiwhakahaere o te Wehenga Tirotiro Taihara a te FBI. "E whakaatu ana te whakataunga o te rā nei ahakoa te uaua, te roa rānei o te kaupapa, e whai ana te FBI ki te kawe i te hunga e whai wāhi ana ki aua hara ki te whakawa."
I muri i te whakawakanga e toru wiki te roa, i kitea he hara a Smith mō te kotahi whakapae mō te ngana ki te whakarite utu, te kotahi whakapae mō te tinihanga, te kotahi whakapae mō te tinihanga taonga, me ngā whakapae e waru mō te tinihanga waea e pā ana ki tētahi umanga pūtea. I kitea he hara a Novak mō te kotahi whakapae mō te ngana ki te whakarite utu, te kotahi whakapae mō te tinihanga, te kotahi whakapae mō te tinihanga taonga, me ngā whakapae tekau mō te tinihanga waea e pā ana ki tētahi umanga pūtea. Kāore anō kia whakaritea he rā whiu.
Tokorua atu anō ngā kaihokohoko konganuku utu nui o mua o JPMorgan, a John Edmonds rāua ko Christian Trunz, i whakawakia i mua i roto i ngā kēhi e pā ana. I te marama o Oketopa 2018, i whakaae a Edmonds ki te hara mō te tinihanga taonga me te hara mō te whakatakoto mahere ki te mahi tinihanga whakawhiti waea, tinihanga taonga, whakarite utu, me te tinihanga i Connecticut. I te marama o Ākuhata 2019, i whakaae a Trenz ki te hara mō te whakatakoto mahere ki te mahi tinihanga me te hara mō te tinihanga i te Rohe Rawhiti o New York. Kei te tatari a Edmonds rāua ko Trunz kia whiua.
I te marama o Hepetema 2020, i whakaae a JPMorgan ki te mahi tinihanga waea: (1) te hokohoko ture kore o ngā kirimana ā-mua o ngā konganuku utu nui i te mākete; (2) te hokohoko ture kore i te Mākete Ā-mua o ngā Taonga Putea o Amerika me te Mākete Tuarua o ngā Taonga Putea o Amerika me te Mākete Here Tuarua (CASH). I uru a JPMorgan ki tētahi whakaaetanga whakawākanga whakaroa e toru tau te roa, i raro i tēnā i utua ai e ia neke atu i te $920 miriona i roto i ngā whiu taihara, ngā whakawākanga, me te utu mō ngā patunga, me te panuitanga a te CFTC me te SEC i ngā whakataunga ōrite i te rā kotahi.
I tirotirohia te take e te tari FBI ā-rohe i New York. Nā te Wāhanga Whakamana o te Komihana Hokohoko Ā-Motu o Commodity Futures i āwhina i tēnei take.
Kei te whakahaerehia te keehi e Avi Perry, te Tumuaki o te Tinihanga Mākete me te Tinihanga Nui, me ngā Roia Whakawa a Matthew Sullivan, Lucy Jennings, me Christopher Fenton o te Wehenga Tinihanga o te Wāhanga Taihara.
He hara nui te tinihanga waea e pā ana ki tētahi umanga pūtea mā ngā āpiha, ka taea te whiu ki te whaina tae atu ki te $1 miriona me te mauherehere tae atu ki te 30 tau, e rua rānei. I kitea e te tiuri he hara a Michael Novak rāua ko Greg Smith mō ngā hara maha, te whakatakoto mahere me te tinihanga.
Ko Michael Novak te kaiwhakahaere matua o JPMorgan, engari he rangatira anō ōna kei te whare pūtea. Ko te take a te kāwanatanga e whakawhirinaki ana ki ngā taunakitanga a ngā kaihokohoko iti kua whakaae hara, ā, kua mahi tahi me ngā kaiwhakapae kia kore ai e whiua he whiu nui ake.
I tēnei wā, kei a Novak rāua ko Smith ngā rangatira i te whare pūtea, tae atu ki te Tumu Whakahaere me te heamana a Jamie Dimon. Tekau mā tahi ngā mema o te poari whakahaere o te kamupene i tēnei wā, ā, ko te whiu $920 miriona he kaupapa i puta ai he kōrero i roto i te poari whakahaere.
I kī te Perehitini Harry Truman, "Ka mutu te kawenga i konei." Tae noa ki tēnei wā, kāore anō kia whakapuakina ngā whakapono a JPMorgan, ā, kāore te poari me te heamana/Tumu Whakarae i te kōrero mō tēnei kaupapa. Mena ka mutu te tāra i te tihi o te mekameka, kāti, mō te whakahaere, he kawenga tō te poari whakahaere mō Jamie Dimon, nāna i utu $84.4 miriona i te tau 2021. He mārama ngā hara pūtea kotahi, engari he take kē ngā hara e rua i roto i ngā tau e waru, neke atu rānei. Tae noa ki tēnei wā, ko ngā kirikiti anake ngā mea kua rongohia e tātou mai i ngā umanga pūtea me te whakapaipai mākete tata ki te $360 piriona.
Ehara i te mea hou te whakahaere i te mākete. Hei tiaki i a rātou, i tautohe ngā rōia mō Novak rāua ko Mr. Smith ko te tinihanga anake te huarahi e taea ai e ngā kaihokohoko peeke, i raro i te pēhanga a te whakahaere ki te whakapiki i ngā hua, te whakataetae ki ngā rauropi rorohiko i ngā wā o mua. Kāore te hūri i whakaae ki ngā tautohe a te tiaki.
Ehara i te mea hou te whakahaere mākete i ngā konganuku utu nui me ngā taonga hokohoko, ā, e rua pea ngā take pai mō tēnei mea ka haere tonu:
Ko tētahi tauira whakamutunga o te korenga o te mahi tahi ā-ao mō ngā take ture me ngā ture e pā ana ki te mākete nikara o te ao. I te tau 2013, i hokona e tētahi kamupene Haina te London Metal Exchange. I te tīmatanga o te tau 2022, i te wā i whakaekea ai a Ukraine e Rūhia, i piki ake ngā utu nikara ki te taumata teitei rawa atu i te $100,000 ia tana. Nā te whakatuwheratanga o te kamupene nikara Hainamana i tētahi tūranga poto nui, me te whakapae mō te utu o ngā konganuku kore-ferrous i puta ai te pikinga. I puta te mate $8 piriona i te kamupene Haina engari i mutu me te mate tata ki te $1 piriona anake. I whakamutua te hokohoko nikara e te mākete mō tētahi wā poto nā te raruraru i puta mai i te maha o ngā tūranga poto. He kaitākaro nui a Haina me Rūhia i te mākete nikara. He mea whakamīharo, kei te kōrero a JPMorgan ki te whakaiti i te kino o te raruraru nikara. Hei tāpiri, ko te aituā nikara tata nei i puta he mahi tinihanga i hua ai he maha ngā kaiuru mākete iti ake i pāngia e ngā mate, i tapahia rānei ngā hua. I pāngia ētahi atu kaiuru mākete e te hua o te kamupene Haina me ōna kaipupuri moni. Kei tawhiti te kamupene Haina i ngā ringaringa o ngā kaiwhakahaere me ngā kaiwhakapae i te US me Uropi.
Ahakoa ka whakaaroarohia e ētahi atu ētahi atu i mua i te whai wāhi atu ki ngā mahi ture kore e pā ana ki ngā kereme ture e whakapae ana i ngā kaihokohoko mō te tinihanga, te tinihanga, te whakahaere i te mākete me ētahi atu whakapae, ka haere tonu ngā kaiuru mākete mai i ngā mana whakahaere kāore i raro i te ture ki te whakahaere i te mākete. Ka piki ake te whanonga whakahaere i te kino haere o te whenua tōrangapū i te mea ka whakamahia e Haina me Rūhia te mākete hei patu ōhanga ki ngā hoariri o Ūropi me Amerika.
I taua wā tonu, ko ngā whanaungatanga pakaru, te pikinga utu i tōna taumata teitei rawa atu i roto i ngā tekau tau, me ngā kaupapa matua o te tuku me te tono e kī ana ko te konganuku utu nui, kua piki ake te utu mō ngā tekau tau neke atu i te rua tekau, ka haere tonu ki te hanga i ngā hekenga teitei me ngā hekenga teitei ake. Ko te koura, te konganuku utu nui matua, i tae ki raro i te tau 1999 i te $252.50 te aune. Mai i taua wā, ko ia whakatikatika nui he whai wāhitanga hoko. Ka whakautu a Rūhia ki ngā whiu ōhanga mā te kī ko te kotahi karamu o te koura e tautokona ana e te 5,000 rubles. I te mutunga o te rautau kua hipa, ko te utu o te hiriwa i te $19.50 he iti iho i te $6 te aune. Ko te konukawata me te konukawata i ahu mai i Āwherika ki te Tonga me Rūhia, ka raru pea te tuku. Ko te mea nui ko te noho tonu o ngā konganuku utu nui hei rawa e whai hua ana mai i te pikinga utu me te raruraru ā-ao.
E whakaatu ana te kauwhata kei roto i te GLTR he koura tūturu, he hiriwa, he palladium me ngā pae platinum. Neke atu i te $1.013 piriona ngā rawa e whakahaerehia ana e te GLTR, ā, e $84.60 ia hea. Ko te toharite o te hokohoko a te ETF he 45,291 hea ia rā, ā, he 0.60% te utu whakahaere.
Mā te wā e whakaatu mēnā ka utua e te Tumu Whakahaere o JPMorgan tētahi utu mō te whiu tata ki te $1 me ngā whakataunga hara mō ētahi o ngā kaihokohoko konganuku utu nui e rua. I taua wā anō, ko te āhua o tētahi o ngā umanga pūtea matua o te ao ka āwhina ki te pupuri i te āhua o nāianei. Ka whiua e te kaiwhakawā ā-motu a Novak rāua ko Smith i te tau 2023 i runga i te tohutohu a te tari tirotiro i mua i te whiunga. Mēnā kāore he rekoata taihara, ka tukuna pea e te kaiwhakawā he whiu ki te tokorua i raro iho i te mōrahi, engari ko te tapeke te tikanga ka mahi rāua i tā rāua whiunga. Ka mau ngā kaihokohoko i te takahi i te ture, ā, ka utua e rāua te utu. Heoi, ka pirau te ika mai i te tīmatanga ki te mutunga, ā, ka taea e te whakahaere te mawhiti me te tata ki te $1 piriona i roto i te whakapaipai hea. I taua wā tonu, ka haere tonu te tinihanga mākete ahakoa ka mahi a JPMorgan me ētahi atu umanga pūtea nui.
Ko te Pūrongo Taonga Hecht tētahi o ngā pūrongo taonga tino whānui e wātea ana i ēnei rā mai i ngā kaituhi matua i roto i ngā mara o ngā taonga, te moni ke me ngā konganuku utu nui. E kapi ana aku pūrongo ā-wiki i ngā nekehanga mākete o neke atu i te 29 ngā momo taonga rerekē, ā, e tuku ana i ngā taunakitanga piki, heke me te koretake, ngā tohutohu hokohoko aronga me ngā tirohanga whai hua mō ngā kaihokohoko. E tuku ana ahau i ngā utu pai me te whakamātautau kore utu mō te wā poto mō ngā kaiohauru hou.
E tata ana ki te 35 tau a Andy i mahi ai i Wall Street, tae atu ki te 20 tau i roto i te tari hokohoko o Philip Brothers (nō muri mai ko Salomon Brothers, ā, nō muri mai ko Citigroup).
Whakakitenga: Kāore āku/mātou hea, kōwhiringa, tūranga rite rānei i roto i tētahi o ngā kamupene kua whakahuatia, ā, kāore au e whakaaro ki te tango i aua tūranga i roto i ngā haora 72 e whai ake nei. Nāku anō tēnei tuhinga i tuhi, ā, e whakaatu ana i aku ake whakaaro. Kāore au i whiwhi utu (haunga a Seeking Alpha). Kāore āku hononga pakihi ki tētahi o ngā kamupene kua whakarārangihia i roto i tēnei tuhinga.
Whakakitenga Tāpiri: Kua pupuri te kaituhi i ngā tūranga i roto i ngā mākete hokohoko ā-mua, ngā kōwhiringa, ngā hua ETF/ETN, me ngā hea taonga. Ka rerekē haere ēnei tūranga roa me te poto puta noa i te rā.