Mitengo yesimbi yakakosha yakanga isina kwayakarerekera. Kunyangwe mitengo yegoridhe, sirivheri, platinamu uye palladium yadzoka kubva mukudzikira kwazvino, haina kukwira.
Ndakatanga basa rangu mumusika wesimbi dzakakosha mukutanga kwema1980, mushure mekufungidzirana kwaNelson naBunker mukutsvaga kwavo chigaro chesirivha. Dare reCOMEX rakafunga kushandura mitemo yevaHunts, avo vakanga vachiwedzera kune zvigaro zveramangwana, vachishandisa margin kutenga zvakawanda uye kukwidza mitengo yesirivha. Muna 1980, mutemo wekuvhara-chete wakamisa musika wenzombe uye mitengo yakaderera. Bhodhi reVatungamiriri reCOMEX rinosanganisira vatengesi vezvitoro vane simba uye misoro yevatengesi vesimbi dzinokosha. Vachiziva kuti sirivheri yakanga yava kuda kuparara, vazhinji venhengo dzebhodhi vakabwaira ndokugutsurira vachizivisa madhesiki avo ekutengesa. Munguva yekusagadzikana kwesirivheri, makambani makuru aiita hupfumi hwavo kuburikidza nekukwira nekudzika. Philip Brothers, kwandakashanda kwemakore makumi maviri, vakaita mari yakawanda kwazvo vachitengesa simbi dzinokosha neoiri zvekuti vakatenga Salomon Brothers, nzvimbo inotungamira yekutengesa mabhondi nekudyara mari muWall Street.
Zvese zvachinja kubva kuma1980. Dambudziko rezvemari repasi rose ra2008 rakapa nzira kuDodd-Frank Act of 2010. Zviitiko zvakawanda zvingangove zvounzenza uye zvisina hunhu izvo zvaitenderwa munguva yakapfuura zvave zvisiri pamutemo, nezvirango kune avo vanodarika mutsara kubva kumari zhinji kusvika kujere.
Zvichakadaro, kusimukira kwakakosha mumisika yesimbi dzakakosha mumwedzi ichangopfuura kwakaitika mudare remubatanidzwa weUS muChicago, uko dare redzimhosva rakawana vakuru vakuru veJPMorgan vaine mhosva pamhosva dzakati wandei, dzinosanganisira hunyengeri, kubiridzira mitengo yezvinhu uye kubiridzira masangano emari. . michina. Mhosva nekutongwa zvinechekuita nekuita zvisiri pamutemo uye zvisiri pamutemo mumusika weanokosha metals remangwana. Mumwe mutengesi wechitatu anofanirwa kutarisana nekutongwa mumavhiki anotevera, uye vatengesi vanobva kune mamwe masangano emari vakatopiwa mhosva kana kuwanikwa vane mhosva nejuries mumwedzi mishoma yapfuura nemakore.
Mitengo yesimbi yakakosha haina kwainoenda. Iyo ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) inobata simbi ina dzinokosha dzinotengeswa pazvikamu zveCME COMEX neNYMEX. Dare redzimhosva nguva pfupi yadarika rakawana vashandi vepamusoro-soro vekambani inotengesera simbi dzinokosha vaine mhosva. Iyo agency yakabhadhara rekodhi faindi, asi manejimendi uye CEO vakapukunyuka chirango chakananga. Jamie Dimon munhu anoremekedzwa weWall Street, asi zvinopomerwa JPMorgan zvinomutsa mubvunzo: Hove dzakaora kubva pakutanga kusvika pakupedzisira?
Mhosva yemubatanidzwa yaipokana nevakuru vakuru vaviri nemutengesi weJPMorgan yakavhura hwindo mukutonga kwesangano rezvemari pasi rose pamusika wesimbi dzakakosha.
Sangano iri rakagara nehurumende nguva refu nyaya isati yatanga, richibhadhara faindi yemadhora mazana mapfumbamwe nemakumi maviri emamiriyoni emadhora. Zvichakadaro, humbowo hwakapihwa neUS Dhipatimendi reJustice nevachuchisi hwakaratidza kuti JPMorgan "yakaita purofiti pagore inosvika pakati pemadhora zana nemakumi mapfumbamwe emamiriyoni nemadhora mazana maviri nemakumi matatu nemana pakati pa2008 na2018." Muna 2020, bhanga rakagadzira purofiti yemadhora bhiriyoni imwe yekutengesa goridhe, sirivheri, platinamu uye palladium sezvo denda rakakwidza mitengo uye "rakagadzira mikana yekupokana isati yamboitika."
JPMorgan inhengo yekujekesa yemusika wegoridhe weLondon, uye mitengo yenyika inotarwa nekutenga nekutengesa simbi pamutengo weLondon, kusanganisira kumabhizinesi eJPMorgan. Bhanga iri zvakare mutambi mukuru muUS COMEX neNYMEX misika yeramangwana uye dzimwe nzvimbo dzekutengesa simbi dzinokosha pasi rose. Vatengi vanosanganisira mabhanga epakati, hedge funds, vagadziri, vatengi uye vamwe vatambi vakuru vemusika.
Mukutaura nyaya yayo, hurumende yakasungira mari yebhanga kune vatengesi nevatengesi, avo vakabudirira zvikuru:
Mhosva iyi yakaratidza purofiti yakakosha uye mubhadharo panguva iyi. Bhanga rinogona kunge rakabhadhara faindi yemadhora mazana mapfumbamwe nemakumi maviri emamiriyoni, asi purofiti yacho yakapfuura kukuvadzwa. Muna 2020, JPMorgan yakaita mari yakakwana kubhadhara hurumende, ichisiya anopfuura mamirioni makumi masere emadhora.
Mhosva dzakakomba dzakatarisana nevatatu veJPMorgan dzaive RICO uye kurangana, asi vatatu vacho vakaregererwa. Dare redzimhosva rakagumisa kuti vachuchisi vehurumende vakanga vakundikana kuratidza kuti chinangwa chaiva chikonzero chekutongerwa kurangana. Sezvo Geoffrey Ruffo aingopomerwa mhosva idzi, akazonzi haana mhosva.
Michael Novak naGreg Smith imwe nyaya. Mukuburitswa kwenhau kwemusi waNyamavhuvhu 10, 2022, Dhipatimendi reJustice reUS rakanyora kuti:
Dare redzimhosva reNorthern District yeIllinois nhasi rawana vaviri vaimbove vatengesi vesimbi dzinokosha veJPMorgan vaine mhosva yekubira, kuyedza kukanganisa mitengo uye hunyengeri kwemakore masere muhurongwa hwekubiridzira musika hunosanganisira makondirakiti esimbi anokosha anosanganisira zviuru zvekutengesa zvisiri pamutemo.
Greg Smith, makumi mashanu nenomwe, wekuScarsdale, New York, aive mukuru uye mutengesi weJPMorgan's New York Precious Metals division, maererano nemagwaro edare nehumbowo hwakapihwa mudare. Michael Novak, makumi mana nemanomwe, wekuMontclair, New Jersey, maneja maneja anotungamira JPMorgan's global precious metals division.
Umbowo hwekuongorora hwakaratidza kuti kubva munenge muna Chivabvu 2008 kusvika Nyamavhuvhu 2016, vapomeri, pamwe nevamwe vatengesi muJPMorgan's precious metals division, vakaita hunyengeri hwakakura, kunyengera kwemusika, uye zvirongwa zvekubiridzira. Vadzivisi vakaisa maodha avanoda kukanzura vasati vaurayiwa kuti vasundire mutengo weoda ravaida kuzadza kune rimwe divi remusika. Vanopomerwa vanoita zviuru zvekutengesa kwehutsotsi mune ramangwana zvibvumirano zvegoridhe, sirivheri, platinamu uye palladium zvinotengeswa paNew York Mercantile Exchange (NYMEX) uye Commodity Exchange (COMEX), iyo inoshandiswa nekuchinjana kwezvinhu zvemakambani eCME Group. pinda mumusika ruzivo rwenhema uye runotsausa pamusoro pechokwadi chekupa uye kudiwa kwezvibvumirano zveramangwana zvesimbi dzakakosha.
"Nhasi mutongo wevatongi unoratidza kuti avo vanoedza kukanganisa misika yedu yemari yeruzhinji vachatongwa nekuzvidavirira," akadaro Assistant Attorney General Kenneth A. Polite Jr. weDhipatimendi reJustice's Criminal Division. "Pasi pemutongo uyu, Dhipatimendi reJustice rakapa mhosva gumi vaimbove vatengesi vepaWall Street zvemari, vanosanganisira JPMorgan Chase, Bank of America/Merrill Lynch, Deutsche Bank, Bank of Nova Scotia, naMorgan Stanley. Mitongo iyi inoburitsa kuzvipira kweDhipatimendi rekutongera avo vanokanganisa kusavimbika kwevatengesi mumisika yedu yezvigadzirwa.
“Mumakore apfuura, vapomeri vanonzi vakaisa zviuru zvemaodha emanyepo ematare anokosha, vachigadzira mazano ekunyengera vamwe kuita madhiri akaipa,” akadaro Luis Quesada, mutevedzeri wemukuru weFBI’s Criminal Investigation Division. "Mutongo wanhasi unoratidza kuti kunyangwe chirongwa chakaoma sei kana kuti chenguva refu, FBI inoda kuunza mutongo kune avo vanopara mhosva dzakadai."
Mushure mekutongwa kwemavhiki matatu, Smith akawanikwa aine mhosva yekuedza kugadzirisa mutengo, imwe yekubiridzira, imwe yekubiridzira kwezvinhu, uye masere ehutsotsi hwewaya hunosanganisira sangano rezvemari. Novak akawanikwa aine mhosva yeimwe nhamba yekuedza kugadzirisa mutengo, imwe yekubiridzira, imwe yekubiridzira kwezvinhu, uye gumi yekubiridzira kwewaya inosanganisira sangano rezvemari. Zuva rekutongwa harisati ratarwa.
Vamwe vaviri vaimbove vatengesi vesimbi yakakosha yeJPMorgan, John Edmonds naChristian Trunz, vakambobatwa nemhosva mune dzimwe nyaya. Muna Gumiguru 2018, Edmonds akabvuma mhosva yekubiridzira kwekutengesa uye imwe nhamba yekurangana kuita hutsotsi hwekutumira waya, hutsotsi hwezvinhu, kugadzirisa mitengo, uye hunyengeri muConnecticut. Muna Nyamavhuvhu 2019, Trenz akabvuma mhosva yekurangana kuita chitsotsi uye imwe yehunyengeri muRuwa rwekuMabvazuva kweNew York. Edmonds naTrunz vakamirira kutongwa.
MunaGunyana 2020, JPMorgan akabvuma kuita hutsotsi hwewaya: (1) kutengesa zvisiri pamutemo kwesimbi dzakakosha zvibvumirano zveramangwana mumusika; (2) kutengesa zvisiri pamutemo muUS Treasury Futures Market neUS Treasury Secondary Market neSecondary Bond Market (CASH). JPMorgan yakapinda muchibvumirano chemakore matatu chakamisikidzwa chekuchuchisa icho chakabhadhara mari inodarika madhora mazana mapfumbamwe nemakumi maviri emamiriyoni emuripo wemhosva, kumhan’arirwa, uye kudzoreredza munhu anenge abatwa nemhosva, CFTC neSEC vachizivisa zvisungo zvakafanana pazuva rimwe chete.
Nyaya iyi yakaferefetwa nehofisi yeFBI yemuno muNew York. Commodity Futures Trading Commission’s Enforcement Division yakapa rubatsiro panyaya iyi.
Nyaya iyi iri kubatwa naAvi Perry, Mukuru weMusika Wekubiridzira uye Hutsotsi Hukuru, uye Magweta eTrial Matthew Sullivan, Lucy Jennings naChristopher Fenton veCriminal Division's Fraud Division.
Hutsotsi hwewaya hunosanganisira sangano rezvemari imhosva huru kune vakuru vakuru, inorangwa nefaindi inosvika miriyoni imwe chete yemadhora uye kugara mujeri kwemakore anosvika makumi matatu, kana zvose. Dare revatongi rakawana Michael Novak naGreg Smith vane mhosva dzakawanda, kurangana uye hunyengeri.
Michael Novak ndiye mukuru mukuru weJPMorgan, asi ane maboss kusangano rezvemari. Nyaya yehurumende iri kuenderana nehumbowo hwevanotengesa mudiki vakabvuma mhosva yavo uye vakabatsirana nevachuchisi kuti vasatongerwe mitongo yakaomarara.
Zvichakadaro, Novak naSmith vane mabhosi kusangano rezvemari, vakabata zvinzvimbo kusvika uye kusanganisira CEO uye sachigaro Jamie Dimon. Parizvino pane nhengo gumi neimwe pabhodhi revatungamiriri vekambani, uye faindi yemadhora 920 miriyoni zvirokwazvo chiitiko chakamutsa nhaurirano mubhodhi revatungamiriri.
Mutungamiri Harry Truman akamboti, "Basa rinopera pano." Parizvino, zvinotendwa naJPMorgan hazvisati zvaziviswa pachena, uye bhodhi nasachigaro / CEO vakaramba vakanyarara panyaya iyi. Kana iyo dhora ikamira pamusoro peketani, zvino maererano nehutongi, bhodhi revatungamiri rine zvimwe mutoro kuna Jamie Dimon, uyo akabhadhara $ 84,4 mamiriyoni muna 2021. Mhosva dzenguva imwe chete dzemari dzinonzwisisika, asi dzinodzokorora mhosva dzinopfuura masere. makore kana kupfuura ndeimwe nyaya. Parizvino, zvese zvatakanzwa kubva kumasangano ezvemari ane mari yemusika inosvika mabhiriyoni mazana matatu nemakumi matanhatu emadhora makiriketi.
Kubata musika hakusi chinhu chitsva. Mukuzvidzivirira kwavo, magweta eNovak naVaSmith vakatsigira kuti kunyengera ndiyo nzira chete iyo vatengesi vebhangi, pasi pekumanikidzwa kubva kuvatungamiri kuti vawedzere purofiti, vaigona kukwikwidzana nemakombiyuta algorithms mune ramangwana. Dare redzimhosva harina kugamuchira nharo dzekudzivirira.
Kunyengedza kwemusika hachisi chinhu chitsva musimbi dzinokosha uye zvigadzirwa, uye pane zvikonzero zviviri zvakanaka nei zvichizoenderera mberi:
Muenzaniso wekupedzisira wekushaikwa kwekudyidzana kwepasirese pazvinhu zvekutonga uye zvemutemo zvine chekuita nemusika wepasi rose nickel. Muna 2013, kambani yeChinese yakatenga London Metal Exchange. Mukutanga kwa2022, apo Russia yakapinda nechisimba kuUkraine, mitengo yenickel yakakwira kusvika pakakwirira kudarika zviuru zana zvemadhora patani. Kuwedzera kwacho kwakakonzerwa nekuti kambani yeChinese nickel yakavhura nzvimbo yakakura pfupi, ichifungidzira pamutengo wesimbi isina-ferrous. Kambani yeChinese yakatumira kurasikirwa kwemabhiriyoni masere emadhora asi yakaguma yabuda nekurasikirwa kwemadhora bhiriyoni imwe chete. Kutsinhana kwakambomira kutengesa nickel nekuda kwedambudziko rakakonzerwa nenhamba huru yezvinzvimbo zvipfupi. China neRussia vatambi vakakosha mumusika nickel. Sezvineiwo, JPMorgan iri muhurukuro dzekudzikisa kukuvadzwa kubva mudambudziko re nickel. Pamusoro pezvo, chiitiko chenguva pfupi yapfuura chenickel chakave chiito chekunyengera chakakonzera kuti vatori vechikamu vazhinji vemusika varasikirwe kana kuderedza purofiti. Purofiti yekambani yeChinese nevatsigiri vayo yakakanganisa vamwe vatori vechikamu pamusika. Iyo kambani yeChinese iri kure nemabatiro evatongi nevachuchisi muUS neEurope.
Nepo nhevedzano yematare edzimhosva achipomera vatengesi kubiridzira, kubiridzira, kukanganisa musika uye zvimwe zvinopomerwa zvichaita kuti vamwe vafunge kaviri vasati vaita zvisiri pamutemo, vamwe vatori vechikamu vemusika kubva munzvimbo dzisina kudzorwa vacharamba vachishandisa musika. Kuipa kuri kuita geopolitical landscape kunogona kungowedzera hunhu hwehunyengeri sezvo China neRussia dzinoshandisa musika sechombo chehupfumi kurwisa vavengi veWestern Europe neAmerica.
Zvichakadaro, hukama hwakaputsika, inflation padanho rayo repamusoro mumakumi emakore, uye kupa uye kudiwa zvakakosha zvinoratidza kuti simbi yakakosha, iyo yave iri bhiziri kweanopfuura makumi maviri emakore, icharamba ichidzika yakakwira yakaderera uye yakakwirira yakakwirira. Ndarama, iyo simbi yakakosha, yakadzikiswa muna 1999 pamadhora mazana maviri nemakumi mashanu neshanu paaundi. Kubva ipapo, kururamisa kukuru kwega kwega kwave kuri mukana wekutenga. Russia inopindura zvirango zvehupfumi nekuzivisa kuti gramu imwe yegoridhe inotsigirwa ne5,000 rubles. Pakupera kwezana remakore rapfuura, mutengo wesirivha pa $19.50 wakanga uri pasi pemadhora matanhatu paaundi. Platinamu ne palladium zvinotorwa kubva kuSouth Africa neRussia, izvo zvinogona kukonzera nyaya dzekupa. Chinonyanya kukosha ndechekuti simbi dzakakosha dzinoramba dziri chinhu chinobatsira kubva mukukwira kwemitengo uye geopolitical turmoil.
Girafu inoratidza kuti GLTR ine goridhe remuviri, sirivheri, palladium uye platinamu mabara. GLTR inobata pamusoro pe $ 1.013 bhiriyoni muzvinhu pa $ 84.60 per share. ETF inotengesa avhareji yezvikamu makumi mana neshanu nemazana maviri nemakumi mapfumbamwe nerimwe pazuva uye inochaja muripo weutariri we0.60%.
Nguva ichataura kana JPMorgan CEO achibhadhara chero chinhu chingangoita $1 faindi uye kutendwa kwevaviri vepamusoro vatengesi vesimbi inokosha. Panguva imwecheteyo, chimiro cheimwe yemasangano makuru ezvemari anobatsira kuchengetedza mamiriro ezvinhu. Mutongi wemubatanidzwa achatonga Novak naSmith muna 2023 pazano redhipatimendi rekuongororwa vasati vapihwa mutongo. Kushaikwa kwegwaro remhosva kunogona kuita kuti mutongi ape vaviri ava mutongo uri pasi pepamusoro pepamusoro, asi kuverengwa kunoreva kuti vachapedza mutongo wavo. Vatengesi vanobatwa vachityora mutemo uye ivo vachabhadhara mutengo. Zvakadaro, hove dzinowanzoora kubva pakutanga kusvika pakupera, uye manejimendi anogona kubva neinoda kusvika bhiriyoni imwe yemadhora muequity capital. Zvichakadaro, kunyengera kwemusika kunoenderera mberi kunyangwe JPMorgan nemamwe masangano makuru emari akaita.
Chirevo cheHecht Commodity nderimwe remishumo yakazara yezvigadzirwa zviripo nhasi kubva kuvanyori vanotungamira muminda yezvigadzirwa, mari yekunze uye simbi dzinokosha. Mishumo yangu yevhiki nevhiki inovhara mafambiro emusika ezvinopfuura makumi maviri nepfumbamwe ezvigadzirwa uye inopa kusimudzira, kubhebhisa uye kwaakarerekera kurudziro, matipi ekutengesa ekutungamira uye ruzivo runoshanda kune vatengesi. Ini ndinopa mitengo mikuru uye muyedzo wemahara kwenguva shoma kune vanyoreri vatsva.
Andy akashanda paWall Street kweanoda kusvika makore makumi matatu nemashanu, kusanganisira makore makumi maviri ari mudhipatimendi rekutengesa raPhilip Brothers (gare gare Salomon Brothers uyezve chikamu cheCitigroup).
Kuzivisa: Ini / isu hatina stock, sarudzo kana zvakafanana zvinobva kune chero emakambani ataurwa uye hatironge kutora zvigaro zvakadaro mukati meawa 72 anotevera. Ndakanyora chinyorwa ichi pachangu uye chinotaura maonero angu. Ini handina muripo (kunze kweKutsvaga Alpha). Ini handina hukama hwebhizinesi nechero yemakambani akanyorwa muchinyorwa chino.
Kuwedzera Kuziviswa: Munyori akabata zvinzvimbo mune ramangwana, sarudzo, ETF/ETN zvigadzirwa, uye zvigadzirwa mumisika yezvigadzirwa. Aya marefu uye mapfupi nzvimbo anowanzo chinja zuva rese.