Izintengo zensimbi eyigugu bezingathathi hlangothi. Nakuba izintengo zegolide, isiliva, iplatinum ne-palladium sezibuyile ekwehleni kwakamuva, azikakakhuphuki.
Ngaqala umsebenzi wami emakethe yensimbi eyigugu ekuqaleni kwawo-1980, ngemva nje kwengxabano ka-Nelson no-Bunker ekuphokopheleni kwabo ukuba noyedwa oyedwa. Ibhodi le-COMEX linqume ukushintsha imithetho kaHunts, owayenezela ezikhundleni zesikhathi esizayo, esebenzisa i-margin ukuze athenge okwengeziwe futhi akhuphule amanani esiliva. Ngo-1980, umthetho wokuvalwa kwezimali kuphela wamisa imakethe yezinkunzi futhi amanani ehla. Ibhodi Labaqondisi le-COMEX lihlanganisa abadayisi besitoko abanethonya kanye nezinhloko zabathengisi bensimbi eyigugu abahamba phambili. Njengoba azi ukuthi isiliva selizophahlazeka, amalungu amaningi ebhodi acwayiza futhi anqekuzisa amakhanda njengoba azisa amadeski awo okuhweba. Ngezikhathi zezinxushunxushu zesiliva, izinkampani eziholayo zenza ingcebo ngokwehla nokwenyuka. I-Philip Brothers, lapho ngasebenza khona iminyaka engu-20, yenza imali eningi ngokuhwebelana ngezinsimbi eziyigugu namafutha kangangokuthi yathenga iSalomon Brothers, isikhungo esihamba phambili sokuhweba ngamabhondi kanye nokutshalwa kwezimali kwebhange laseWall Street.
Konke kushintshile kusukela ngawo-1980. Inkinga yezimali emhlabeni wonke yango-2008 yavulela indlela ku-Dodd-Frank Act ka-2010. Izenzo eziningi ezingahle zibe nokuziphatha okubi nezingafaneleki ebezivumeleke esikhathini esidlule azikho emthethweni, nezijeziso zalabo abeqa umugqa ezisukela ezinhlawulweni ezinkulu ukuya ejele.
Khonamanjalo, intuthuko ebaluleke kakhulu ezimakethe zensimbi eyigugu ezinyangeni ezisanda kwedlula yenzeke enkantolo yombuso yase-US e-Chicago, lapho ijaji lathola khona izikhulu ezimbili eziphezulu ze-JPMorgan zinamacala ngamacala amaningana, okuhlanganisa ukukhohlisa, ukuxhaphaza amanani ezimpahla kanye nokukhwabanisela izikhungo zezimali. . indlela. Amacala kanye nokugwetshwa kuhlobene nokuziphatha okungekho emthethweni okuyihlazo nokusobala emakethe yezinsimbi eziyigugu. Umhwebi wesithathu uzobhekana necala emasontweni ezayo, futhi abahwebi abavela kwezinye izikhungo zezezimali sebevele balahlwa yicala noma batholwe benecala ngamajaji ezinyangeni ezimbalwa ezedlule neminyaka.
Izintengo zensimbi eyigugu aziyi ndawo. I-ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) iphethe izinsimbi ezine eziyigugu ezithengiswa ngezigaba ze-CME COMEX ne-NYMEX. Inkantolo yakamuva ithole abasebenzi abasezikhundleni eziphezulu benkampani ehweba ngezinsimbi eziyigugu benecala. I-ejensi yakhokha inhlawulo yerekhodi, kodwa abaphathi kanye ne-CEO baphunyule ekujezisweni okuqondile. U-Jamie Dimon ungumuntu ohlonishwayo wase-Wall Street, kodwa izinsolo ezibhekiswe ku-JPMorgan ziphakamisa umbuzo: Ingabe izinhlanzi zibolile kusukela ekuqaleni kuze kube sekugcineni?
Icala likahulumeni elibhekene nabaphathi ababili abaphezulu kanye nomdayisi we-JPMorgan bavule iwindi lokubusa emhlabeni jikelele kwesikhungo sezezimali emakethe yezinsimbi eziyigugu.
Lesi sikhungo sahlala nohulumeni kudala ngaphambi kokuba kuqale ukuqulwa kwamacala, sakhokha inhlawulo engakaze ibonwe eyizigidi ezingama- $920. Khonamanjalo, ubufakazi obuhlinzekwe uMnyango Wezobulungiswa wase-US nabashushisi bubonise ukuthi i-JPMorgan “yenza inzuzo yonyaka ephakathi kwezigidi ezingu-109 zamaRandi nezigidi ezingu-234 phakathi kuka-2008 no-2018.” Ngo-2020, ibhange lenze inzuzo engu-$1 billion yokuhweba ngegolide, isiliva, iplatinamu kanye ne-palladium njengoba ubhubhane lwenyusa amanani entengo futhi “lwakha namathuba angakaze abonwe ngaphambili okuxazululeka.”
U-JPMorgan uyilungu elihlanzekile lemakethe yegolide yaseLondon, futhi amanani omhlaba anqunywa ngokuthenga nokudayisa izinsimbi ngenani laseLondon, okuhlanganisa namabhizinisi e-JPMorgan. Ibhange liphinde libe ngumdlali omkhulu e-US COMEX kanye nezimakethe zesikhathi esizayo ze-NYMEX nezinye izikhungo zokuhweba ngezinsimbi eziyigugu emhlabeni jikelele. Amaklayenti afaka amabhange amakhulu, ama-hedge funds, abakhiqizi, abathengi kanye nabanye abadlali bemakethe abakhulu.
Ekwethuleni udaba lwakhe, uhulumeni wabophela imali engenayo yebhange kubathengisi ngabanye nabathengisi, imizamo yabo ibe nemiphumela emihle:
Icala lidalule inzuzo enkulu kanye nezinkokhelo phakathi naleso sikhathi. Kungenzeka ukuthi ibhange likhokhe inhlawulo eyizigidi ezingu-920, kodwa inzuzo ingaphezu komonakalo. Ngo-2020, uJPMorgan wenza imali eyanele ukukhokhela uhulumeni, washiya ngaphezulu kwezigidi ezingama- $ 80.
Izinsolo ezibucayi kakhulu i-JPMorgan trio ebhekene nazo kwakuyi-RICO nozungu, kodwa laba abathathu bakhululwa. Ijaji liphethe ngokuthi abashushisi bomphakathi bahlulekile ukukhombisa ukuthi inhloso yayiyisisekelo sokutholwa enecala lokwakha itulo. Njengoba uGeoffrey Ruffo ebekwe amacala kuphela, uhoxisiwe.
UMichael Novak noGreg Smith enye indaba. Enkulumweni yabezindaba yango-Agasti 10, 2022, uMnyango Wezobulungiswa wase-US wabhala:
Ijaji lombuso wesifunda saseNyakatho ye-Illinois namuhla lithole abahwebi ababili bangaphambili be-JPMorgan bensimbi eyigugu benecala lokukhwabanisa, ukuzama ukukhohlisa amanani kanye nokukhohlisa iminyaka eyisishiyagalombili ohlelweni lokukhohlisa imakethe olubandakanya izinkontileka zesikhathi esizayo zensimbi eyigugu ezibandakanya izinkulungwane zemisebenzi engekho emthethweni.
UGreg Smith, 57, waseScarsdale, eNew York, ubeyisikhulu esiphezulu futhi engumhwebi weJPMorgan's New York Precious Metals Division, ngokwamaphepha asenkantolo nobufakazi obethulwe enkantolo. UMichael Novak, 47, waseMontclair, eNew Jersey, ungumqondisi ophethe ohola ingxenye ye-JPMorgan yomhlaba wonke yezinsimbi eziyigugu.
Ubufakazi bezobunhloli bubonise ukuthi kusukela cishe ngoMeyi 2008 kuya ku-Agasti 2016, abamangalelwa, kanye nabanye abadayisi be-JPMorgan's precious metals division, bahlanganyela ekukhohliseni okukhulu, ukukhohlisa izimakethe, kanye nezinhlelo zokukhwabanisa. Abamangalelwa bafake ama-oda ababehlose ukuwakhansela ngaphambi kokubulawa ukuze baphushele inani le-oda ababehlose ukuligcwalisa ngaphesheya kwemakethe. Abamangalelwa bahlanganyela ezinkulungwaneni zokuhweba ngomgunyathi ezinkontilekeni zesikhathi esizayo zegolide, isiliva, iplatinamu ne-palladium ezihwetshwa ku-New York Mercantile Exchange (NYMEX) kanye ne-Commodity Exchange (COMEX), eziqhutshwa ukushintshana kwempahla yezinkampani ze-CME Group. ngena emakethe ulwazi olungamanga noludukisayo mayelana nokuhlinzekwa kweqiniso kanye nesidingo sezinkontileka zesikhathi esizayo zezinsimbi eziyigugu.
"Isinqumo sanamuhla samajaji sibonisa ukuthi labo abazama ukukhohlisa izimakethe zethu zezimali zomphakathi bazoshushiswa futhi baphendule," kusho Umsizi Wommeli-Jikelele u-Kenneth A. Polite Jr. Wophiko Lwezobugebengu Lomnyango Wezobulungiswa. “Ngaphansi kwalesi sinqumo, uMnyango Wezobulungiswa ugwebe abadayisi abayishumi bangaphambili besikhungo sezimali saseWall Street, okuhlanganisa uJPMorgan Chase, Bank of America/Merrill Lynch, Deutsche Bank, Bank of Nova Scotia, noMorgan Stanley. Lawa macala agqamisa ukuzibophezela koMnyango ekushushiseni labo ababukela phansi ukuzethemba kwabatshalizimali ngobuqotho bezimakethe zethu zezimpahla.”
“Eminyakeni edlule, abamangalelwa kusolakala ukuthi bafaka izinkulungwane zama-oda mbumbulu ezinsimbi eziyigugu, benza amaqhinga okuyenga abanye ngamadili amabi,” kusho uLuis Quesada, umsizi womqondisi we-FBI's Criminal Investigation Division. “Isinqumo sanamuhla sibonisa ukuthi kungakhathaliseki ukuthi uhlelo oluyinkimbinkimbi noma oluthatha isikhathi eside kangakanani, i-FBI ifuna ukuletha enkantolo labo abathintekayo emacaleni anjalo.”
Ngemuva kokuqulwa kwecala amasonto amathathu, uSmith utholwe enecala elilodwa lokuzama ukulungisa amanani, elokukhwabanisa, elokukhwabanisa kwempahla, kanye namacala ayisishiyagalombili okukhwabanisa athinta isikhungo sezimali. UNovak utholwe enecala elilodwa lokuzama ukulungisa amanani, elokukhwabanisa, elokukhwabanisa kwempahla, nangu-10 okukhwabanisa athinta isikhungo sezimali. Idethi yesigwebo ayikabekwa.
Abanye ababili ababengabahwebi bensimbi eyigugu be-JPMorgan, uJohn Edmonds noChristian Trunz, bagwetshwe ngaphambilini emacaleni ahlobene. Ngo-Okthoba 2018, u-Edmonds walivuma icala elilodwa lokukhwabanisa kwempahla ethengiswayo kanye nelokwakha uzungu lokukhwabanisa, ukukhwabanisa kwempahla, ukulungisa amanani, kanye nokukhohlisa e-Connecticut. Ngo-August 2019, u-Trenz wavuma icala elilodwa lokwakha itulo lokukhwabanisa kanye nelinye lokukhohlisa Esigodini Esisempumalanga yaseNew York. U-Edmonds noTrunz balinde ukugwetshwa.
NgoSepthemba 2020, u-JPMorgan wavuma ukuthi wenze ukukhwabanisa ngocingo: (1) ukuhweba okungekho emthethweni kwezinkontileka zesikhathi esizayo zensimbi eyigugu emakethe; (2) ukuhweba okungekho emthethweni e-US Treasury Futures Market kanye nase-US Treasury Secondary Market kanye neSecondary Bond Market (CASH). U-JPMorgan ungene esivumelwaneni sokushushiswa esihlehlisiwe seminyaka emithathu lapho akhokha ngaphansi kwaso imali engaphezu kwezigidi ezingu-920 zamarandi ngezinhlawulo zobugebengu, ukushushiswa, kanye nokubuyiselwa kwabahlukunyeziwe, lapho i-CFTC kanye ne-SEC bememezela izinqumo ezifanayo ngosuku olufanayo.
Icala laphenywa yihhovisi lendawo le-FBI eNew York. I-Commodity Futures Trading Commission's Enforcement Commission inikeze usizo kulolu daba.
Icala liphethwe u-Avi Perry, Inhloko Yezokukhwabanisa Kwezimakethe Nokukhwabanisa Okukhulu, kanye Nabameli Becala u-Matthew Sullivan, uLucy Jennings kanye noChristopher Fenton woPhiko Lwezokukhwabanisa Lwe-Criminal Division.
Ukukhwabanisa ngocingo okubandakanya isikhungo sezezimali kuyicala elibi kuzikhulu, okungajeziswa ngenhlawulo efinyelela ku-$1 million nokuboshwa iminyaka efika kwengama-30, noma kokubili. Ijaji lithole uMichael Novak noGreg Smith benecala lamacala amaningi, uzungu kanye nokukhohlisa.
UMichael Novak uyisikhulu esiphezulu ku-JPMorgan, kodwa unabaphathi esikhungweni sezezimali. Udaba lukahulumeni luncike ebufakazini babahwebi abancane abawavumile amacala futhi basebenzisane nabashushisi ukugwema izigwebo ezinzima.
Khonamanjalo, uNovak noSmith banabaphathi esikhungweni sezimali, babambe izikhundla kuze kufike ku-CEO kanye nosihlalo uJamie Dimon. Njengamanje kunamalungu angu-11 ebhodini labaqondisi benkampani, futhi inhlawulo yamaRandi ayizigidi ezingu-920 ngokuqinisekile kwakuyisenzakalo esasusa ingxoxo ebhodini labaqondisi.
UMongameli uHarry Truman wake wathi, "Isibopho siphela lapha." Kuze kube manje, izinkolelo zika-JPMorgan azikakadalulwa, futhi ibhodi kanye nosihlalo/i-CEO abakaze bakhulume ngale ndaba. Uma idola liyeka phezulu kweketanga, ngakho-ke mayelana nokubusa, ibhodi labaqondisi linomthwalo wemfanelo okungenani kaJamie Dimon, owakhokhela amaRandi ayizigidi ezingu-84.4 ngo-2021. Ubugebengu bezezimali besikhathi esisodwa buyaqondakala, kodwa ubugebengu obuphindaphindiwe obungaphezu kuka-8. iminyaka noma ngaphezulu ingenye indaba. Kuze kube manje, konke esikuzwile ezikhungweni zezimali ezinemali emakethe ecishe ibe ngamabhiliyoni angama-360 amakhilikithi.
Ukukhohlisa imakethe akuyona into entsha. Ekuzivikeleni kwabo, abameli bakaNovak noMnu Smith baphikisana ngokuthi ukukhohlisa kwakuyindlela kuphela abahwebi basebhange, ngaphansi kwengcindezi evela kubaphathi ukuze bakhulise inzuzo, bangaqhudelana ne-algorithms yekhompyutha esikhathini esizayo. Ijaji alizange lizamukele izimpikiswano zokuzivikela.
Ukukhohlisa izimakethe akuyona into entsha ezinsimbini eziyigugu nasezimpahleni, futhi kunezizathu okungenani ezimbili ezinhle zokuthi kungani kuzoqhubeka:
Isibonelo sokugcina sokuntuleka kokuxhumana kwamazwe ngamazwe ezindabeni zokulawula nezomthetho sihlobene nemakethe ye-nickel yomhlaba wonke. Ngo-2013, inkampani yaseShayina yathenga iLondon Metal Exchange. Ekuqaleni kuka-2022, lapho iRussia ihlasela i-Ukraine, amanani e-nickel eqa afinyelela phezulu ngaphezu kuka-$100,000 ithani. Ukwenyuka kwakungenxa yokuthi inkampani yaseShayina ye-nickel ivule isikhundla esikhulu esifushane, iqagela ngentengo yezinsimbi ezingenayo insimbi. Inkampani yaseShayina ithumele ukulahleka kwezigidigidi eziyisi-8 zamarandi kodwa yagcina iphumile ngokulahleka cishe kwebhiliyoni elilodwa kuphela. Ukushintshana kumise okwesikhashana ukuhweba nge-nickel ngenxa yenkinga edalwe inani elikhulu lezikhundla ezimfushane. I-China neRussia abadlali ababalulekile emakethe ye-nickel. Okuxakayo ukuthi, uJPMorgan usezingxoxweni zokunciphisa umonakalo ovela enkingeni ye-nickel. Ngaphezu kwalokho, isigameko sakamuva se-nickel siphenduke isenzo esikhohlisayo esibangele ukuthi abahlanganyeli abaningi bemakethe encane balahlekelwe noma banciphise inzuzo. Inzuzo yenkampani yaseShayina kanye nabaxhasi bayo bezimali bathinte abanye ababambiqhaza bemakethe. Inkampani yaseShayina ikude nezintambo zabalawuli nabashushisi e-US naseYurophu.
Nakuba uchungechunge lwamacala asola abahwebi ngokukopela, ukukhwabanisa, ukukhohlisa imakethe nezinye izinsolo kuzokwenza abanye bacabange kabili ngaphambi kokwenza imisebenzi engekho emthethweni, abanye ababambiqhaza bemakethe abavela ezindaweni ezingalawulwa bazoqhubeka nokukhohlisa imakethe. Isimo sezwe esiba sibi kakhulu singakhuphula kuphela ukuziphatha okukhohlisayo njengoba i-China ne-Russia zisebenzisa imakethe njengesikhali sezomnotho ngokumelene nezitha zaseNtshonalanga Yurophu neMelika.
Khonamanjalo, ubudlelwano obuphukile, ukwehla kwamandla emali ezingeni eliphezulu kakhulu emashumini eminyaka, kanye nokuhlinzeka nokufunwa okuyisisekelo kusikisela ukuthi insimbi eyigugu, osekuyiminyaka engaphezu kwamashumi amabili, izoqhubeka yenza ukwehla okuphezulu nokuphezulu. Igolide, insimbi eyigugu eyinhloko, yaphuma ngo-1999 ngo-$252.50 iwunsi. Kusukela lapho, konke ukulungiswa okukhulu bekuyithuba lokuthenga. I-Russia iphendula unswinyo lwezomnotho ngokumemezela ukuthi igremu elilodwa legolide lisekelwa ama-ruble angu-5,000. Ekupheleni kwekhulu leminyaka elidlule, intengo yesiliva ku-$19.50 yayingaphansi kwama-$6 iwunsi. IPlatinum kanye ne-palladium kuthengwa eNingizimu Afrika naseRussia, okungase kudale izinkinga zokuhlinzekwa kwezidingo. Iphuzu elibalulekile ukuthi izinsimbi eziyigugu zizohlala ziyimpahla ezuzayo ekwehleni kwamandla emali kanye nesiyaluyalu sezwe.
Igrafu ibonisa ukuthi i-GLTR iqukethe amabha egolide, isiliva, i-palladium kanye neplatinamu. I-GLTR iphethe ngaphezu kuka-$1.013 webhiliyoni wezimpahla ngo-$84.60 ngesheya ngalinye. I-ETF ihweba ngokwesilinganiso samasheya angu-45,291 ngosuku futhi ikhokhisa imali yokuphatha engu-0.60%.
Isikhathi sizosho ukuthi ngabe i-CEO ye-JPMorgan ikhokha noma yini ngenhlawulo ecishe ibe ngu-$1 kanye nokugwetshwa abadayisi ababili bensimbi eyigugu abaphezulu. Ngesikhathi esifanayo, isimo se-quo yesinye sezikhungo zezezimali ezihamba phambili emhlabeni sisiza ukugcina isimo sikhona. Ijaji lizogweba uNovak noSmith ngo-2023 ngezeluleko zomnyango wezokuhlolwa ngaphambi kokugwetshwa. Ukushoda kwerekhodi lobugebengu kungaholela ekutheni ijaji linikeze umbhangqwana isigwebo esingaphansi kakhulu kwesilinganiso, kodwa isibalo sisho ukuthi bazosidonsa isigwebo sabo. Abathengisi babanjwa bephula umthetho futhi bazokhokha inani. Kodwa-ke, izinhlanzi zivame ukubola kusukela ekuqaleni kuze kube sekugcineni, futhi abaphathi bangathola imali ecishe ibe yizigidi eziyizinkulungwane eziyi-1 yemali yokulingana. Okwamanje, ukukhohlisa kwemakethe kuzoqhubeka noma ngabe i-JPMorgan nezinye izikhungo zezezimali ezinkulu zenza.
Umbiko we-Hecht Commodity ungomunye wemibiko egcwele kakhulu yempahla etholakalayo namuhla evela kubabhali abaphambili emkhakheni wezimpahla, imali yangaphandle kanye nezinsimbi eziyigugu. Imibiko yami yamasonto onke ihlanganisa ukunyakaza kwemakethe kwezimpahla ezihlukene ezingaphezu kuka-29 futhi inikeza izincomo ze-bullish, ze-bearish nezingathathi hlangothi, amathiphu okuhweba okuqondisayo kanye nokuqonda okusebenzayo kwabahwebi. Nginikeza izintengo ezinhle kanye nesivivinyo samahhala sesikhathi esilinganiselwe kwababhalisile abasha.
U-Andy wasebenza eWall Street iminyaka ecishe ibe ngu-35, kuhlanganise neminyaka engu-20 emnyangweni wezentengiso wePhilip Brothers (kamuva owaba nguSalomon Brothers owaba yingxenye yeCitigroup).
Ukudalula: Mina/asinaso isitoko, izinketho noma izikhundla ezifanayo zokuphuma kunoma yiziphi izinkampani ezishiwo futhi angihleli ukuthatha lezo zikhundla emahoreni angama-72 alandelayo. Ngibhale lesi sihloko ngokwami ​​futhi siveza owami umbono. Angikayitholi isinxephezelo (ngaphandle kokuthi Ukufuna i-Alpha). Anginabo ubudlelwano bebhizinisi nanoma yiziphi izinkampani ezibalwe kulesi sihloko.
Ukudalula Okwengeziwe: Umbhali ube nezikhundla esikhathini esizayo, izinketho, imikhiqizo ye-ETF/ETN, kanye namasheya ezimpahla ezimakethe zezimpahla. Lezi zikhundla ezinde nezifushane zivame ukushintsha usuku lonke.