Amaxabiso esinyithi axabisekileyo ayengathathi hlangothi. Nangona amaxabiso egolide, isilivere, iplatinam kunye nepalladium sele ebuyile kukwehla kwamva nje, awakanyuki.
Ndaqala umsebenzi wam kwimakethi yentsimbi exabisekileyo ekuqaleni kweminyaka yoo-1980, kanye emva koqhankqalazo lukaNelson noBunker kwiphulo labo lokuba nesilivere. Ibhodi ye-COMEX yagqiba ekubeni itshintshe imithetho ye-Hunts, eyayisongeza kwizithuba zexesha elizayo, isebenzisa i-margin ukuthenga ngaphezulu kunye nokunyuka kwamaxabiso esilivere. Ngomnyaka we-1980, umthetho wokuvala kuphela wamisa imarike yenkunzi kwaye amaxabiso ehla. Ibhodi yabaLawuli ye-COMEX ibandakanya abarhwebi abaneempembelelo kunye neentloko zabathengisi bentsimbi exabisekileyo. Esazi ukuba isilivere yayisele iza kuwa, uninzi lwamalungu ebhodi lwaqhwanyaza lwaza lwanqwala njengoko lwalusazisa iidesika zabo zokurhweba. Ngexesha lesiphithiphithi sesilivere, iinkampani eziphambili zenza ubutyebi ngokunyuka nokuhla. UPhilip Brothers, apho ndasebenza khona iminyaka engama-20, benza imali eninzi kakhulu ngokurhweba ngeentsimbi ezixabisekileyo kunye ne-oyile kangangokuba bathenga iSalomon Brothers, iziko eliphambili lorhwebo lwebhondi kunye notyalo-mali eWall Street.
Yonke into itshintshile ukusukela ngoo-1980. Ingxaki yezemali yehlabathi ka-2008 yanikezela kuMthetho we-Dodd-Frank ka-2010. Izenzo ezininzi ezinokuthi zibe nokuziphatha okubi nezingamkelekanga ebezivumeleke kwixesha elidlulileyo ziye zaba semthethweni, kwaye izohlwayo zabo bawela umgca ukusuka kwisohlwayo esikhulu ukuya kwixesha lentolongo.
Ngeli xesha, olona phuhliso lubalulekileyo kwiimarike zesinyithi ezixabisekileyo kwiinyanga zamva nje lwenzeka kwinkundla yaseMelika eChicago, apho ijaji yafumana abaphathi ababini abaphezulu beJPMorgan benetyala ngezityholo ezininzi, ezibandakanya ubuqhetseba, ukukhohlisa kwexabiso lempahla kunye nokuqhatha amaziko emali. . isixhobo. Izityholo kunye nezigwebo zinxulumene nokuziphatha okungekho mthethweni kunye nokuziphatha okungekho mthethweni kwimarike yentsimbi yexabiso yexesha elizayo. Umrhwebi wesithathu kufuneka abhekane necala kwiiveki ezizayo, kwaye abarhwebi abavela kwamanye amaziko emali sele begwetywe okanye bafunyenwe benetyala ngabagwebi kwiinyanga ezimbalwa ezidlulileyo kunye neminyaka.
Amaxabiso entsimbi axabisekileyo akayi ndawo. I-ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) iphethe iintsimbi ezine zexabiso ezithengiswe kwi CME COMEX kunye ne NYMEX izahlulo. Inkundla yakutsha nje ifumanise abasebenzi abakwizikhundla eziphezulu zeyona ndlu iphambili yokurhweba ngesinyithi esixabisekileyo emhlabeni benetyala. I-arhente ihlawule intlawulo yerekhodi, kodwa abaphathi kunye ne-CEO basinde kwisohlwayo esithe ngqo. UJamie Dimon ngumntu ohloniphekileyo waseWall Street, kodwa izityholo ezichasene noJPMorgan ziphakamisa umbuzo: Ngaba intlanzi ibolile ukususela ekuqaleni ukuya ekupheleni?
Isimangalo somdibaniso ngokuchasene nabaphathi ababini abaphezulu kunye nomthengisi weJPMorgan wavula ifestile kulawulo lwehlabathi lweziko lezemali kwimarike yeentsimbi ezixabisekileyo.
Le arhente yazinza norhulumente kwakude kudala ngaphambi kokuba kuqale ityala, ihlawula imali engazange ibonwe ngaphambili kwiidola ezingama-920 ezigidi. Ngeli xesha, ubungqina obunikelwe liSebe lezoBulungisa laseMelika kunye nabatshutshisi babonisa ukuba iJPMorgan "yenza inzuzo yonyaka phakathi kwe-109 yezigidi zeedola kunye ne-234 yezigidi zeedola phakathi kuka-2008 no-2018." Ngo-2020, ibhanki yenze i-1 yeebhiliyoni zeedola zokurhweba ngegolide, isilivere, iplatinam kunye ne-palladium njengoko ubhubhane wenyusa amaxabiso kwaye "wadala amathuba okugweba angazange abonwe ngaphambili."
I-JPMorgan ilungu lokucoca kwimarike yegolide yaseLondon, kwaye amaxabiso ehlabathi anqunywe ngokuthenga nokuthengisa isinyithi kwixabiso laseLondon, kubandakanywa namashishini eJPMorgan. Ibhanki ikwangumdlali ophambili kwi-US COMEX kunye neemarike zekamva le-NYMEX kunye namanye amaziko okurhweba ngeentsimbi ezixabisekileyo kwihlabathi jikelele. Abathengi baquka iibhanki ezingundoqo, iimali zeheji, abavelisi, abathengi kunye nabanye abadlali abakhulu beemarike.
Ekuboniseni imeko yakhe, urhulumente wabophelela ingeniso yebhanki kubathengisi ngabanye kunye nabarhwebi, abamigudu yabo yahlawula kakuhle:
Eli tyala libonakalise inzuzo ebalulekileyo kunye neentlawulo ngeli xesha. Ibhanki isenokuba ihlawule isohlwayo sezigidi ezingama-920 zeerandi, kodwa ingeniso ibe ngaphaya komonakalo. Ngo-2020, uJPMorgan wenze imali eyaneleyo yokuhlawula urhulumente, eshiya ngaphezulu kwe-80 yezigidi zeedola.
Ezona zityholo zinzima kakhulu i-JPMorgan trio ejongene nayo yayiyi-RICO kunye neyelenqe, kodwa i-trio yakhululwa. Ijuri yagqiba kwelokuba abatshutshisi boluntu basilele ukubonisa ukuba injongo yayisisiseko sokugwetyelwa iyelenqe. Ekubeni uGeoffrey Ruffo wayemangalelwe ngezi zityholo kuphela, wakhululwa.
UMichael Novak noGreg Smith lelinye ibali. Kwingxelo yeendaba yomhla we-10 ka-Agasti 2022, iSebe lezoBulungisa laseMelika labhala:
Iqumrhu labagwebi kwiSithili esiseMantla e-Illinois namhlanje lifumene ababini ababesakuba ngabarhwebi besinyithi esixabisekileyo beJPMorgan benetyala lobuqhophololo, bazame ukukhohlisa amaxabiso kunye nokuqhatha iminyaka esibhozo kwiskim sokukhohlisa semarike esibandakanya iikhontrakthi zentsimbi ezixabisekileyo zekamva ezibandakanya amawaka entengiselwano engekho mthethweni.
UGreg Smith, 57, waseScarsdale, eNew York, wayengumphathi oyintloko kunye nomrhwebi wecandelo le-JPMorgan's New York Precious Metals, ngokwamaxwebhu enkundla kunye nobungqina obuthiwe thaca enkundleni. UMichael Novak, oneminyaka engama-47, waseMontclair, eNew Jersey, ngumlawuli olawulayo okhokela icandelo leentsimbi ezixabisekileyo zeJPMorgan.
Ubungqina basenkundleni bubonise ukuba ukususela malunga noMeyi 2008 ukuya ku-Agasti 2016, abamangalelwa, kunye nabanye abarhwebi kwicandelo leentsimbi ezixabisekileyo zeJPMorgan, babandakanyeka kwinkohliso ebanzi, ukukhwabanisa kweemarike, kunye namacebo okukhwabanisa. Abamangalelwa bafake ii-odolo ababezimisele ukuzirhoxisa ngaphambi kokubulawa ukuze batyhale ixabiso lomyalelo ababezimisele ukuwugcwalisa kwelinye icala lemarike. Abamangalelwa babandakanyeka kumawaka okuthengisa ngobuqhetseba kwiikontraka zexesha elizayo zegolide, isilivere, iplatinam kunye nepalladium ethengiswa kwiNew York Mercantile Exchange (NYMEX) kunye neCommodity Exchange (COMEX), eziqhutywa ngotshintshiselwano lwempahla yeenkampani zeCME Group. ngena kwimarike ulwazi olungeyonyani nolulahlekisayo malunga nonikezelo oluyinyani kunye nemfuno yeekontraka zexesha elizayo zeentsimbi ezixabisekileyo.
“Isigwebo sanamhlanje sejaji sibonisa ukuba abo bazama ukukhohlisa iimalike zethu zezimali zoluntu baza kutshutshiswa kwaye baphendule,” utshilo uMncedisi weGqwetha Jikelele uKenneth A. Polite Omnci. weCandelo loLwaphulo-mthetho kwiSebe lezoBulungisa. “Ngaphantsi kwesi sigwebo, iSebe lezoBulungisa ligwebe abarhwebi abalishumi ababesakuba ngabarhwebi beziko lezemali laseWall Street, kuquka uJPMorgan Chase, iBhanki yaseMelika/iMerrill Lynch, iDeutsche Bank, iBhanki yaseNova Scotia kunye noMorgan Stanley. Ezi zigwebo ziqaqambisa ukuzinikela kweSebe ekutshutshiseni abo bajongela phantsi ukuzithemba kwabatyali-zimali kwisidima seemarike zethu zorhwebo.”
Ukutyhubela iminyaka, abamangalelwa batyholwa ukuba babeke amawaka ee-odolo zomgunyathi zesinyithi esixabisekileyo, besenza amaqhinga okurhwebesha abanye kwizivumelwano ezingalunganga,” utshilo uLuis Quesada, usekela mlawuli weCandelo loPhando loLwaphulo-mthetho leFBI. “Isigqibo sanamhlanje sibonisa ukuba, nokuba intsonkothe ​​kangakanani okanye ithatha ixesha elide kangakanani na, iFBI ifuna ukubagweba abo babandakanyeka kulwaphulo-mthetho olunjalo.”
Emva kwetyala leeveki ezintathu, uSmith wafunyaniswa enetyala lokuzama ukulungisa amaxabiso, elobuqhophololo, elobuqhophololo kwimpahla yorhwebo, kunye namatyala asibhozo obuqhophololo obubandakanya iziko lezemali. UNovak ufunyaniswe enetyala lokuzama ukulungisa amaxabiso, elobuqhophololo, elobuqhophololo kwimpahla yorhwebo, kunye neshumi lobuqhophololo obubandakanya iziko lezemali. Umhla wesigwebo awukabekwa.
Abanye ababini ababesakuba ngabarhwebi besinyithi esixabisekileyo beJPMorgan, uJohn Edmonds kunye noChristian Trunz, babekhe bagwetywa kumatyala anxulumeneyo. Ngo-Okthobha ka-2018, u-Edmonds wavuma ityala elinye lorhwaphilizo kwintengiso kunye nokubala elinye iyelenqe lokwenza ubuqhophololo bokudlulisa ucingo, ubuqhophololo bempahla, ukulungisa amaxabiso, kunye nokuqhatha eConnecticut. Ngo-Agasti ka-2019, uTrenz wavuma ityala elinye leyelenqe lobuqhophololo kunye nelinye icala lenkohliso kwiSithili esiseMpuma saseNew York. U-Edmonds noTrunz balindele ukugwetywa.
NgoSeptemba wama-2020, uJPMorgan wavuma ukuba wenza ubuqhophololo ngocingo: (1) ukurhweba ngokungekho mthethweni kweekontraka zexesha elizayo zesinyithi esixabisekileyo kwindawo yentengiso; (2) ukurhweba ngokungekho mthethweni kwi-US Treasury Futures Market kunye ne-US Treasury Secondary Market kunye ne-Second Bond Market (CASH). I-JPMorgan ingene kwisivumelwano sotshutshiso esirhoxisiweyo seminyaka emithathu apho yahlawula ngaphezulu kwe-920 yezigidi zeerandi kwizigwebo zolwaphulo-mthetho, ukutshutshiswa, kunye nokubuyiselwa kwexhoba, kunye ne-CFTC kunye ne-SEC ibhengeze izisombululo ezifanayo ngosuku olufanayo.
Eli tyala laphandwa yiofisi yeFBI yaseNew York. ICandelo lokuNyanzeliswa kweKomishoni yoRhwebo lweXesha loRhwebo lweMveliso libonelele ngoncedo kulo mba.
Eli tyala liphethwe ngu-Avi Perry, iNtloko yoBuqhetseba kwiMarike kunye noBuqhetseba obuKhulu, kunye namaGqwetha eTyala uMatthew Sullivan, uLucy Jennings kunye noChristopher Fenton weCandelo loBuqhetseba kwiCandelo loLwaphulo-mthetho.
Ubuqhophololo ngocingo obubandakanya iziko lezemali lityala elibi kumagosa, ohlwaywa ngesohlwayo sokuya kuthi ga kwi-1 yezigidi zeedola kunye nokuvalelwa entolongweni ukuya kutsho kwiminyaka engama-30, okanye zombini. Ijaji yamfumana uMichael Novak noGreg Smith benetyala lolwaphulo-mthetho oluninzi, iyelenqe kunye nobuqhetseba.
UMichael Novak ngoyena mlawuli uphezulu weJPMorgan, kodwa unabo abaphathi kwiziko lezemali. Ityala likarhulumente lixhomekeke kubungqina babarhwebi abancinci abavume ityala kwaye basebenzisane nabatshutshisi ukunqanda izigwebo eziqatha.
Okwangoku, uNovak noSmith banabaphathi kwiziko lezemali, babambe izikhundla ukuya kuthi ga kwi-CEO kunye nosihlalo uJamie Dimon. Sithetha nje kukho amalungu ali-11 kwibhodi yabalawuli benkampani, kwaye isohlwayo se-$920 sezigidi ngokuqinisekileyo yayisisiganeko esavusa ingxoxo kwibhodi yabalawuli.
UMongameli uHarry Truman wakhe wathi, "Uxanduva luphela apha." Ukuza kuthi ga ngoku, iinkolelo zikaJPMorgan azizange zenziwe esidlangalaleni, kwaye ibhodi kunye nosihlalo / i-CEO baye bathula kulo mbandela. Ukuba idola liyeka phezulu kwikhonkco, ngoko ngokubhekiselele kulawulo, ibhodi yabalawuli inomsebenzi ubuncinane kuJamie Dimon, owahlawula i-$ 84,4 yezigidi kwi-2021. Ulwaphulo-mthetho lwexesha elinye luyaqondakala, kodwa ulwaphulo-mthetho oluphindaphindiweyo ngaphezu kwesibhozo. iminyaka nangaphezulu ngomnye umcimbi. Ukuza kuthi ga ngoku, konke esikuvileyo kumaziko emali anemali yemalike ephantse ibe ngama-360 eebhiliyoni zeerandi ngamaqakamba.
Ukusetyenziswa kwemarike akuyonto intsha. Ekukhuseleni kwabo, amagqwetha kaNovak kunye noMnu Smith baxela ukuba ukukhohlisa kwakukuphela kwendlela abahwebi bebhanki, phantsi kwengcinezelo evela kulawulo lokunyusa inzuzo, banokukhuphisana ne-algorithms yekhompyutheni kwixesha elizayo. I-jury ayizange ivume iingxoxo zokukhusela.
Ukuphathwa kwemarike akuyonto intsha kwiintsimbi ezixabisekileyo kunye neemveliso, kwaye kukho izizathu ezibini ezilungileyo zokuba kutheni iya kuqhubeka:
Umzekelo wokugqibela wokungabikho kolungelelwaniso lwamazwe ngamazwe kwimiba yolawulo nezomthetho inxulumene nemarike ye-nickel yehlabathi. Ngo-2013, inkampani yaseTshayina yathenga iLondon Metal Exchange. Ekuqaleni kuka-2022, xa iRussia yahlasela iUkraine, amaxabiso enickel atsiba ukuya kutsho ngaphezulu kwe-100,000 yeedola ngetoni. Ukonyuka kwakungenxa yokuba inkampani ye-nickel yaseTshayina yavula indawo enkulu emfutshane, iqikelelwa kwixabiso leentsimbi ezingenayo i-ferrous. Inkampani yaseTshayina yathumela ilahleko ye-8 yeebhiliyoni zeedola kodwa yaphela ngelahleko emalunga ne-1 yeebhiliyoni zeedola. Utshintshiselwano lwanqumamisa okwethutyana ukurhweba nge-nickel ngenxa yobunzima obubangelwa inani elikhulu lezikhundla ezimfutshane. I-China kunye neRashiya ngabadlali ababalulekileyo kwimarike ye-nickel. Okumangalisayo kukuba, i-JPMorgan ikwiintetho zokunciphisa umonakalo ovela kwingxaki ye-nickel. Ukongeza, isiganeko samva nje se-nickel siye saba sisenzo sobuqili esibangele ukuba abathathi-nxaxheba abaninzi beemarike ezincinci balahlekelwe yilahleko okanye ukunciphisa inzuzo. Inzuzo yenkampani yaseTshayina kunye nabaxhasi bayo bemali bachaphazela abanye abathathi-nxaxheba kwimarike. Inkampani yaseTshayina ikude kwiintambo zabalawuli kunye nabatshutshisi e-US naseYurophu.
Ngelixa uthotho lwamatyala atyhola abarhwebi ngokuqhatha, ubuqhetseba, ukuguqulwa kweemarike kunye nezinye izityholo ziya kwenza abanye bacinge kabini ngaphambi kokwenza imisebenzi engekho mthethweni, abanye abathathi-nxaxheba beemarike abavela kwimimandla engalawulwayo baya kuqhubeka beqhuba imarike. Ubume belizwe bezopolitiko esiba mandundu bunokonyusa kuphela indlela yokuziphatha ekhohlisayo njengoko iTshayina neRussia zisebenzisa imakethi njengesixhobo soqoqosho ngokuchasene neentshaba zaseNtshona Yurophu kunye neMelika.
Ngeli xesha, ubudlelwane obuphukileyo, ukunyuka kwamaxabiso kwinqanaba eliphezulu kumashumi eminyaka, kunye nokubonelela kunye nokufunwa kwezinto ezisisiseko kubonisa ukuba isinyithi esixabisekileyo, esiye sahlala iminyaka engaphezu kwamashumi amabini, siya kuqhubeka sisenza amaxabiso aphezulu kunye nokuphakama okuphezulu. Igolide, eyona ntsimbi ixabisekileyo, yakhutshwa ngo-1999 nge-$252.50 iounce. Ukusukela ngoko, zonke izilungiso ezingundoqo ibe lithuba lokuthenga. IRashiya isabela kwisohlwayo sezoqoqosho ngokubhengeza ukuba igram enye yegolide ixhaswa ngama-5 000 eeruble. Ekupheleni kwenkulungwane edlulileyo, ixabiso lesilivere kwi-19.50 yeedola lalingaphantsi kwe-6 yee-ounce. IPlatinam kunye nepaladium zifunyanwa eMzantsi Afrika naseRussia, nto leyo enokubangela imiba yokubonelela. Undoqo kukuba iintsimbi ezixabisekileyo ziya kuhlala ziyi-asethi ezuzwa kukwenyuka kwamaxabiso kunye nesiphithiphithi selizwe.
Igrafu ibonisa ukuba i-GLTR iqulethe igolide ebonakalayo, isilivere, i-palladium kunye nemivalo yeplatinam. I-GLTR ilawula ngaphezulu kwe-1.013 yeebhiliyoni zeedola kwii-asethi kwi-84.60 yesabelo ngasinye. I-ETF ithengisa umyinge wezabelo ze-45,291 ngosuku kwaye ihlawulisa imali yokulawula i-0.60%.
Ixesha liza kuxela ukuba i-CEO yeJPMorgan ihlawula nantoni na malunga nesohlwayo esiphantse sibe yi-1 yeedola kunye nokugwetyelwa kwababini babarhwebi bentsimbi exabisekileyo. Kwangaxeshanye, ubume belinye lamaziko ezimali ahamba phambili emhlabeni kunceda ukugcina imeko ikhoyo. Ijaji yomdibaniso iya kugweba uNovak noSmith ngo-2023 ngeengcebiso zesebe lovavanyo ngaphambi kokugwetywa. Ukungabikho kwengxelo yolwaphulo-mthetho kunokubangela ukuba ijaji inike esi sibini isigwebo esingaphantsi kakhulu kweso siphezulu, kodwa oko kuthetha ukuba siya kusigqiba isigwebo saso. Abarhwebi babanjwe besaphula umthetho kwaye baya kuhlawula ixabiso. Nangona kunjalo, intlanzi ithanda ukubola ukusuka ekuqaleni ukuya ekugqibeleni, kwaye abaphathi banokubaleka phantse nebhiliyoni enye yeedola kwi-equity capital. Okwangoku, ukuguqulwa kweemarike kuya kuqhubeka nokuba i-JPMorgan kunye namanye amaziko amakhulu emali asebenza.
Ingxelo yeHecht Commodity yenye yezona ngxelo zibanzi zemveliso ezikhoyo namhlanje ezivela kubabhali abakhokelayo kwiinkalo zeemveliso, utshintshiselwano lwangaphandle kunye neentsimbi ezixabisekileyo. Iingxelo zam zeveki zigubungela ukunyakaza kweemarike zezinto ezahlukeneyo ze-29 kwaye zibonelela nge-bullish, i-bearish kunye neengcebiso ezingathathi hlangothi, iingcebiso zokurhweba kunye nokuqonda okusebenzayo kubathengisi. Ndinikezela ngamaxabiso amahle kunye nesilingo sasimahla sexesha elincinci kubabhalisi abatsha.
UAndy wasebenza eWall Street phantse iminyaka engama-35, kuquka iminyaka engama-20 kwisebe lezentengiso likaPhilip Brothers (kamva uSalomon Brothers waza waba yinxalenye yeCitigroup).
Ukubhengezwa: Mna / asinazo isitokhwe, ukhetho okanye izikhundla ezifanayo eziphuma kuyo nayiphi na inkampani ekhankanywe kwaye ayicwangcisi ukuthatha ezo zikhundla kwiiyure ezizayo ze-72. Ndibhale eli nqaku ngokwam kwaye livakalisa uluvo lwam. Andifumananga mbuyekezo (ngaphandle koKufuna iAlpha). Andinabudlelwane beshishini kunye nayo nayiphi na inkampani edweliswe kweli nqaku.
Inkcazo eyongezelelweyo: Umbhali ubambe izikhundla kwixesha elizayo, ukhetho, iimveliso ze-ETF / ETN, kunye neempahla zempahla kwiimarike zempahla. Ezi zikhundla ezinde nezifutshane zidla ngokutshintsha imini yonke.