Mitengo yesimbi dzinokosha yakanga isina kwayakarerekera. Kunyangwe mitengo yegoridhe, sirivha, platinum nepalladium yakawedzera kubva pamitengo yakaderera munguva pfupi yapfuura, haina kukwira.
Ndakatanga basa rangu mumusika wesimbi dzinokosha kutanga kwema1980, mushure mekunge Nelson naBunker vatanga kutsvaga mari yavo yesirivha. Bhodhi reCOMEX rakasarudza kuchinja mitemo yeHunts, iyo yaiwedzera nzvimbo dzemangwana, ichishandisa mari shoma kutenga zvakawanda uye kukwidza mitengo yesirivha. Muna 1980, mutemo wekubvisa mari chete wakamisa musika wemombe uye mitengo yakadonha. Bhodhi reVatungamiriri veCOMEX rinosanganisira vatengesi vemasheya vane simba nevatungamiriri vevatengesi vesimbi dzinokosha. Vachiziva kuti sirivha yakanga yava kuda kuparara, vazhinji venhengo dzebhodhi vakabwaira maziso ndokugutsurira musoro pavakazivisa madhesiki avo ekutengeserana. Munguva dzematambudziko esirivha, makambani anotungamira akaita rombo ravo kuburikidza nekukwira nekudzika. Philip Brothers, kwandakashanda kwemakore makumi maviri, yakawana mari yakawanda ichitengesa simbi dzinokosha nemafuta zvekuti yakatenga Salomon Brothers, iyo inotungamira mukutengeserana kwebond nebhangi rekudyara mari muWall Street.
Zvese zvakachinja kubva kuma1980. Dambudziko remari repasi rose ra2008 rakapa nzvimbo kuDodd-Frank Act ya2010. Mabasa mazhinji angave asina hunhu uye asina hunhu aibvumirwa kare ave pamutemo, uye zvirango kune avo vanodarika muganhu zvinotangira pamari yakawanda kusvika kujeri.
Zvichakadaro, chiitiko chakakosha mumisika yesimbi dzinokosha mumwedzi yapfuura chakaitika mudare reUS muChicago, uko dare redzimhosva rakawana vakuru vaviri veJPMorgan vaine mhosva pamhosva dzakasiyana siyana, dzinosanganisira kunyengera, kushandura mitengo yezvinhu uye kubiridzira masangano emari. Mhosva idzi dzine chekuita nemaitiro akashata uye asiri pamutemo mumusika wezvinokosha zvesimbi dzinodhura. Mutengesi wechitatu ari kutarisirwa kutongwa mumavhiki anotevera, uye vatengesi vanobva kune mamwe masangano emari vakatowanikwa vaine mhosva kana kuwanikwa vaine mhosva nemajaji mumwedzi mishoma yapfuura nemakore.
Mitengo yesimbi inokosha haisi kuenda chero kupi. ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) ine simbi ina dzinokosha dzinotengeswa muCME COMEX neNYMEX divisions. Dare redzimhosva rapfuura rakawana vashandi vepamusoro-soro vekambani inotungamira mukutengeserana kwesimbi dzinokosha pasi rose vaine mhosva. Sangano iri rakabhadhara faindi yakakura, asi manejimendi neCEO vakapukunyuka chirango chakananga. Jamie Dimon munhu anoremekedzwa zvikuru muWall Street, asi kupomerwa kwakaitwa JPMorgan kunomutsa mubvunzo wekuti: Hove dzakaora kubva pakutanga kusvika pakupera here?
Nyaya yehurumende yaipomerwa vakuru vaviri vepamusoro pamwe nemutengesi weJPMorgan yakavhura mukana wekuona kuti sangano rezvemari riri kutonga pasi rose mumusika wesimbi dzinokosha.
Sangano iri rakabvumirana nehurumende kare kare kutongwa kwenyaya kusati kwatanga, richibhadhara faindi yemadhora mazana mapfumbamwe nemakumi maviri emamiriyoni emadhora. Zvichakadaro, humbowo hwakapihwa neDhipatimendi reJustice reUS nevachuchisi hwakaratidza kuti JPMorgan "yakawana purofiti yegore negore iri pakati pemadhora zana nemakumi mapfumbamwe nemapfumbamwe emamiriyoni emadhora nemadhora mazana maviri nemakumi matatu nemana emamiriyoni emadhora pakati pa2008 na2018." Muna 2020, bhangi iri rakawana purofiti yemadhora bhiriyoni rimwe chete richitengesa goridhe, sirivha, platinum nepalladium sezvo denda iri rakasimudzira mitengo kukwira uye "rakagadzira mikana yekusawirirana isingawanzoitiki."
JPMorgan inhengo inobuda pachena mumusika wegoridhe weLondon, uye mitengo yepasi rose inotsamira pakutenga nekutengesa simbi nemutengo weLondon, kusanganisira kumakambani eJPMorgan. Bhangi iri rinonyanya kushanda mumisika yeUS COMEX neNYMEX futures nedzimwe nzvimbo dzekutengesa simbi dzinokosha pasi rose. Vatengi vanosanganisira mabhanga makuru, mari dzekuchengetedza goridhe, vagadziri, vatengi nevamwe vatambi vakuru mumusika.
Pakutaura nyaya yayo, hurumende yakabatanidza mari inowanikwa nebhangi nevatengesi vega vega, avo vakashanda nesimba ravo vakabudirira zvikuru:
Nyaya iyi yakaratidza purofiti yakakura uye muripo mukati menguva iyoyo. Bhangi iri ringangodaro rakabhadhara faindi yemadhora mazana mapfumbamwe nemakumi maviri emamiriyoni, asi purofiti yacho yakadarika kukuvara kwacho. Muna 2020, JPMorgan yakawana mari yakakwana yekubhadhara hurumende, zvichisiya mari inodarika mamiriyoni makumi masere emadhora.
Zvipomerwa zvakakomba zvikuru zvakasangana nevatatu veJPMorgan ndezveRICO nekurangana, asi vatatu ava vakasunungurwa. Dare redzimhosva rakagumisa kuti vachuchisi vehurumende vakakundikana kuratidza kuti chinangwa ndicho chaive chikonzero chekutongerwa mhosva yekurangana. Sezvo Geoffrey Ruffo akangopomerwa mhosva idzi chete, akasunungurwa.
Michael Novak naGreg Smith inyaya imwe. Mumashoko akaburitswa nevezvenhau musi wa10 Nyamavhuvhu, 2022, Dhipatimendi reJustice reUS rakanyora kuti:
Dare redzimhosva reNorthern District reIllinois nhasi rawana vatengesi vaviri vezvinhu zvesimbi zvinokosha veJPMorgan vaine mhosva yekubiridzira, kuedza kushandura mitengo uye kunyengera kwemakore masere muchirongwa chekugadzirisa musika chinosanganisira zvibvumirano zvemangwana zvesimbi zvinokosha zvinosanganisira zviuru zvekutengeserana zvisiri pamutemo.
Greg Smith, ane makore makumi mashanu nemanomwe, wekuScarsdale, New York, ndiye aive mukuru mukuru uye mutengesi wechikamu cheJPMorgan cheNew York Precious Metals, zvichienderana nemagwaro edare nehumbowo hwakapihwa mudare. Michael Novak, ane makore makumi mana nemanomwe, wekuMontclair, New Jersey, ndiye maneja mukuru anotungamira chikamu chepasi rose chesimbi dzinokosha cheJPMorgan.
Humbowo hwekuongorora hunoratidza kuti kubva muna Chivabvu 2008 kusvika Nyamavhuvhu 2016, vapomerwi, pamwe chete nevamwe vatengesi muchikamu chesimbi dzinokosha cheJPMorgan, vakaita manyepo makuru, kunyengera musika, uye zvirongwa zvekunyengera. Vapomerwi vakaisa mirairo yavakaronga kukanzura vasati vaurayiwa kuti vasundire mutengo weodha yavakaronga kuzadza kune rimwe divi remusika. Vapomerwi vanoita zviuru zvekutengeserana kwenhema mumakondirakiti emangwana egoridhe, sirivha, platinum nepalladium zvinotengeswa paNew York Mercantile Exchange (NYMEX) neCommodity Exchange (COMEX), ayo anofambiswa nemakambani eCME Group. vanopinda mumusika neruzivo rwenhema uye runotsausa nezve kuwanikwa kwechokwadi uye kudiwa kwemakondirakiti emangwana esimbi dzinokosha.
"Mutongo wedare redzimhosva nhasi unoratidza kuti avo vanoedza kushandisa misika yedu yemari yeruzhinji vachatongwa uye vachapomerwa mhosva," akadaro Mutevedzeri weGweta Guru Kenneth A. Polite Jr. weDhipatimendi reZvemhosva reJustice Department. "Pasi pemutongo uyu, Dhipatimendi reZvemhosva rakapa mhosva vaimbova vatengesi vemari gumi vekuWall Street, kusanganisira JPMorgan Chase, Bank of America/Merrill Lynch, Deutsche Bank, Bank of Nova Scotia, naMorgan Stanley. Mhosva idzi dzinoratidza kuzvipira kweDhipatimendi kupomera avo vanokanganisa chivimbo chevanoisa mari mukuvimbika kwemisika yedu yezvinhu."
"Mumakore apfuura, vanopomerwa mhosva vakaisa zviuru zvemaodha enhema esimbi dzinokosha, vachigadzira manomano ekukwezva vamwe kuti vaite zvibvumirano zvakaipa," akadaro Luis Quesada, mutevedzeri wemukuru weFBI's Criminal Investigation Division. "Mutongo wanhasi unoratidza kuti zvisinei nekuti chirongwa chakaoma sei kana kuti chenguva refu, FBI iri kutsvaga kuunza kumatare edzimhosva avo vanobatanidzwa mumhosva dzakadaro."
Mushure mekutongwa kwemavhiki matatu, Smith akawanikwa aine mhosva yekuedza kugadzirisa mitengo, mhosva imwe yekubiridzira, mhosva imwe yekubiridzira zvinhu, uye mhosva sere dzekubiridzira pawaya dzine chekuita nesangano rezvemari. Novak akawanikwa aine mhosva yekuedza kugadzirisa mitengo, mhosva imwe yekubiridzira, mhosva imwe yekubiridzira zvinhu, uye mhosva gumi dzekubiridzira pawaya dzine chekuita nesangano rezvemari. Zuva rekutongwa harisati rasvika.
Vamwe vaviri vaimbove vatengesi vezvinhu zvesimbi zvinokosha zveJPMorgan, John Edmonds naChristian Trunz, vakambotongerwa mhosva munyaya dzakabatana. Muna Gumiguru 2018, Edmonds akabvuma mhosva imwe chete yekubiridzira zvinhu uye imwe yekurangana nekubiridzira kutengesa zvinhu newaya, kubiridzira zvinhu, kugadzirisa mitengo, uye kunyengera muConnecticut. Muna Nyamavhuvhu 2019, Trenz akabvuma mhosva imwe chete yekubiridzira uye imwe yekunyengera muEastern District yeNew York. Edmonds naTrunz vari kumirira mutongo.
MunaGunyana 2020, JPMorgan yakabvuma kuti yakaita hutsotsi hwewaya: (1) kutengeserana zvisiri pamutemo kwezvibvumirano zvemangwana zvesimbi dzinokosha mumusika; (2) kutengeserana zvisiri pamutemo muUS Treasury Futures Market neUS Treasury Secondary Market neSecondary Bond Market (CASH). JPMorgan yakapinda muchibvumirano chemakore matatu chekupomerwa mhosva chakanonoka icho chakabhadhara mari inodarika $920 miriyoni mufaindi dzemhosva, kupomerwa mhosva, uye kudzoserwa kwemunhu akakuvadzwa, neCFTC neSEC vachizivisa zvibvumirano zvakafanana pazuva rimwe chete.
Nyaya iyi yakaferefetwa nehofisi yeFBI yemuno muNew York. Dhipatimendi reCommodity Futures Trading Commission's Enforcement Division rakapa rubatsiro panyaya iyi.
Nyaya iyi iri kutungamirwa naAvi Perry, Mukuru weKubiridzira Mumusika uye Major Fraud, pamwe neMagweta eTrial Matthew Sullivan, Lucy Jennings naChristopher Fenton veCriminal Division's Fraud Division.
Kubiridzira panhare kunosanganisira sangano rezvemari imhosva huru kune vakuru vakuru, inorangwa nefaindi inosvika miriyoni imwe chete yemadhora uye kugara mujeri kwemakore anosvika makumi matatu, kana zvese zviri zviviri. Dare redzimhosva rakawana Michael Novak naGreg Smith vaine mhosva dzakawanda dzemhosva, kuronga uye kunyengera.
Michael Novak ndiye mukuru weJPMorgan, asi ane vakuru vakuru mukambani yemari. Nyaya yehurumende yakavakirwa pauchapupu hwevatengesi vadiki vakabvuma mhosva uye vakashanda pamwe chete nevachuchisi kudzivirira mitongo yakaoma.
Panguva iyi, Novak naSmith vane vakuru vakuru mukambani yezvemari, vane zvinzvimbo kusvika kuCEO nasachigaro Jamie Dimon. Pari zvino kune nhengo gumi neimwe mubhodhi revatungamiriri vekambani, uye faindi yemadhora mazana mapfumbamwe nemakumi maviri emamiriyoni yaive chiitiko chakakonzera hurukuro mubhodhi revatungamiriri.
Mutungamiri Harry Truman akamboti, “Kutarisira basa kunogumira pano.” Kusvika pari zvino, zvinotendwa naJPMorgan hazvisati zvatomboburitswa pachena, uye bhodhi nasachigaro/CEO vakaramba vakanyarara panyaya iyi. Kana dhora rikamira pamusoro penyaya, saka maererano nekutonga, bhodhi revatungamiriri rine mutoro weJamie Dimon, uyo akabhadhara $84.4 miriyoni muna 2021. Mhosva dzemari dzakamboitwa kamwe chete dzinonzwisisika, asi mhosva dzinodzokororwa kwemakore masere kana kupfuura inyaya yakasiyana. Kusvika pari zvino, zvese zvatakanzwa kubva kumasangano emari ane mari inosvika mabhiriyoni mazana matatu nemakumi matanhatu emadhora inyaya yemakiriketi.
Kunyengedzwa kwemusika hakusi chinhu chitsva. Mukudzivirira kwavo, magweta aNovak naVaSmith akataura kuti kunyengera uku ndiko chete nzira iyo vatengesi vemabhangi, vachimanikidzwa nevatungamiriri kuti vawedzere purofiti, vaigona kukwikwidzana nema algorithms emakombiyuta mune ramangwana. Dare remagweta harina kugamuchira pfungwa dzevadziviriri.
Kuchinja musika hakusi chinhu chitsva musimbi dzinokosha nezvinhu zvinotengeswa, uye pane zvikonzero zviviri zvakanaka nei zvichizoramba zvichienderera mberi:
Muenzaniso wekupedzisira wekushomeka kwekuwirirana kwenyika dzepasi rose panyaya dzemitemo nedzemutemo une chekuita nemusika wepasi rose wenickel. Muna 2013, kambani yekuChina yakatenga London Metal Exchange. Pakutanga kwa2022, Russia payakapinda muUkraine, mitengo yenickel yakakwira kusvika pakakwirira kupfuura $100,000 patani. Kuwedzera uku kwakakonzerwa nekuti kambani yenickel yekuChina yakavhura nzvimbo yakakura pfupi, ichifungidzira nezvemutengo wesimbi dzisina feri. Kambani yekuChina yakawana kurasikirwa kwemadhora mabhiriyoni masere asi yakazopedzisira yabuda nekurasikirwa kwemadhora mabhiriyoni imwe chete. Exchange iyi yakambomisa kutengeserana kwenickel kwenguva pfupi nekuda kwedambudziko rakakonzerwa nehuwandu hwakawanda hwenzvimbo pfupi. China neRussia vatambi vakakosha mumusika wenickel. Zvinoshamisa kuti, JPMorgan iri muhurukuro dzekuderedza kukuvara kwakakonzerwa nedambudziko renickel. Pamusoro pezvo, chiitiko chenickel chazvino chakazove chiito chekunyengedza chakaita kuti vazhinji vevatori vechikamu vemusika varasikirwe kana kuderedzwa purofiti. Purofiti yekambani yekuChina nevanopa mari vakakanganisa vamwe vatori vechikamu mumusika. Kambani yekuChina iri kure nekubata kwevatongi nevachuchisi muUS neEurope.
Kunyange hazvo nyaya dzakawanda dziri kupomerwa vatengesi mhosva yekubiridzira, hutsotsi, kushandura musika nezvimwe zvichaita kuti vamwe vafunge kaviri vasati vaita zvinhu zvisiri pamutemo, vamwe vatori vechikamu mumusika vanobva munzvimbo dzisina kutongwa vacharamba vachichinja musika. Kuipa kwemamiriro ezvematongerwo enyika kunogona kungowedzera maitiro ekunyengera sezvo China neRussia dzichishandisa musika sechombo chehupfumi kurwisa vavengi vekuMadokero kweEurope neAmerica.
Zvichakadaro, hukama hwakaputsika, kukwira kwemitengo kwakakwira mumakumi emakore, uye nheyo dzekupa nekudiwa kwemari zvinoratidza kuti simbi inokosha, iyo yave ichikwira kwemakumi maviri emakore, icharamba ichiita kukwira kwakakwirira uye kukwira kwakakwirira. Ndarama, simbi huru inokosha, yakaderera muna 1999 pamadhora mazana maviri nemakumi mashanu nemaviri nemakumi mashanu emadhora paaunzi. Kubva ipapo, kugadzirisa kwese kukuru kwave kuri mukana wekutenga. Russia inopindura zvirango zvehupfumi nekuzivisa kuti gramu imwe yegoridhe inotsigirwa ne5,000 rubles. Pakupera kwezana remakore rapfuura, mutengo wesirivha pamadhora gumi nemapfumbamwe nemakumi mashanu waive pasi pemadhora matanhatu paaunzi. Platinum nepalladium zvinotorwa kubva kuSouth Africa neRussia, izvo zvinogona kukonzera matambudziko ekupa. Chinhu chikuru ndechekuti simbi dzinokosha dzicharamba dziri pfuma inobatsirwa nekukwira kwemitengo uye kusagadzikana kwezvematongerwo enyika.
Girafu inoratidza kuti GLTR ine goridhe, sirivha, palladium neplatinum bars. GLTR inotarisira zvinhu zvinodarika $1.013 bhiriyoni pamadhora $84.60 pagove rega rega. ETF inotengesa avhareji yemasheya 45,291 pazuva uye inobhadharisa muripo wekutarisira we0.60%.
Nguva icharatidza kana CEO weJPMorgan akabhadhara chero chinhu chefaindi inosvika $1 uye mhosva dzevatengesi vaviri vepamusoro vesimbi dzinokosha. Panguva imwe chete, mamiriro ezvinhu aripo eimwe yemasangano emari anotungamira pasi rose anobatsira kuchengetedza mamiriro ezvinhu aripo. Mutongi wehurumende achatonga Novak naSmith muna 2023 nerubatsiro rwedhipatimendi rekuongorora vasati vapa mutongo. Kushaikwa kwenhoroondo yemhosva kunogona kuita kuti mutongi ape vaviri ava mutongo uri pasi pemutemo, asi huwandu hwenyaya hunoreva kuti vachapedza mutongo wavo. Vatengesi vanobatwa vachityora mutemo uye vachabhadhara mutengo wacho. Zvisinei, hove dzinoora kubva pakutanga kusvika pakupera, uye manejimendi anogona kupukunyuka nemari inosvika $1 bhiriyoni mumari yemasheya. Panguva ino, kushambadzira musika kucharamba kuripo kunyangwe JPMorgan nedzimwe masangano makuru emari zvikaita.
Hecht Commodity Report ndeimwe yemishumo yakazara yezvinhu zviripo nhasi kubva kuvanyori vanotungamira muminda yezvinhu, mari yekunze uye simbi dzinokosha. Mishumo yangu yevhiki nevhiki inofukidza mafambiro emusika wezvinhu zvinopfuura makumi maviri nepfumbamwe zvakasiyana uye inopa mazano ekubudirira, kuderera uye kusapindirana, mazano ekutengeserana uye ruzivo runoshanda kune vatengesi. Ndinopa mitengo yakanaka uye kuyedza kwemahara kwenguva pfupi kune vanyoreri vatsva.
Andy akashanda paWall Street kwemakore anoda kusvika makumi matatu nemashanu, kusanganisira makore makumi maviri mudhipatimendi rekutengesa rePhilip Brothers (rakazotevera Salomon Brothers uye rakazove chikamu cheCitigroup).
Kuzivisa: Ini/Isu hatina masheya, sarudzo kana zvimwe zvakafanana zvemakambani ataurwa uye handironge kutora masheya akadaro mukati memaawa makumi manomwe nemaviri anotevera. Ini ndakanyora chinyorwa ichi ini pachangu uye chinoratidza maonero angu. Handina kuwana muripo (kunze kweSeeking Alpha). Handina hukama hwebhizinesi nechero makambani akanyorwa muchinyorwa chino.
Kuziviswa Kwekuwedzera: Munyori ane zvinzvimbo mumakambani emangwana, sarudzo, zvigadzirwa zveETF/ETN, uye masheya emidziyo mumisika yezvinhu. Zvinzvimbo izvi zvakareba uye zvipfupi zvinowanzo shanduka mukati mezuva.