Mitengo yazitsulo zamtengo wapatali inalibe mbali iliyonse. Ngakhale mitengo ya golidi, siliva, platinamu ndi palladium yabwereranso kutsika kwaposachedwa, sikunakweze.
Ndinayamba ntchito yanga mumsika wa zitsulo zamtengo wapatali kumayambiriro kwa zaka za m'ma 1980, pambuyo pa fiasco ya Nelson ndi Bunker pofuna kulamulira siliva. Bungwe la COMEX linaganiza zosintha malamulo a Hunts, omwe anali kuwonjezera pa maudindo amtsogolo, pogwiritsa ntchito malire kuti agule zambiri ndikukweza mitengo yasiliva. Mu 1980, lamulo loletsa kuchotsedwako lidayimitsa msika wa ng'ombe ndipo mitengo idatsika. Bungwe la Atsogoleri a COMEX limaphatikizapo ogulitsa masheya otchuka komanso atsogoleri amalonda otsogola azitsulo zamtengo wapatali. Podziwa kuti silver yatsala pang'ono kugwa, ambiri mwa mamembala a bungweli adayang'anitsitsa ndikugwedeza mutu pamene ankadziwitsa madesiki awo amalonda. M'nthawi ya chipwirikiti ya silver, makampani otsogola adapeza chuma chawo panthawi yokwera ndi yotsika. Philip Brothers, komwe ndidagwira ntchito kwa zaka 20, adapanga ndalama zambiri kugulitsa zitsulo zamtengo wapatali ndi mafuta kotero kuti adagula a Salomon Brothers, bungwe lotsogola kwambiri lochita malonda ndi mabanki a Wall Street.
Chilichonse chasintha kuyambira 1980s. Mavuto azachuma padziko lonse a 2008 adalowa m'malo mwa Dodd-Frank Act ya 2010. Zochita zambiri zomwe zingakhale zosayenera komanso zosavomerezeka zomwe zinali zololedwa m'mbuyomu zakhala zosaloledwa, ndi chilango kwa iwo omwe amadutsa malire kuchokera ku chindapusa chambiri mpaka kundende.
Pakadali pano, chitukuko chofunikira kwambiri pamisika yazitsulo zamtengo wapatali m'miyezi yaposachedwa chinachitika ku khothi la federal ku Chicago ku US, pomwe oweruza adapeza akuluakulu awiri a JPMorgan olakwa pamilandu ingapo, kuphatikiza chinyengo, kusokoneza mtengo wazinthu komanso kubera mabungwe azachuma. . makina. Mlandu ndi kutsutsidwazo zikukhudzana ndi khalidwe losaloledwa mumsika wa precious metals futures. Wogulitsa wachitatu akuyenera kukumana ndi mlandu m'masabata akubwerawa, ndipo amalonda ochokera ku mabungwe ena azachuma adatsutsidwa kale kapena apezeka ndi milandu m'miyezi ndi zaka zingapo zapitazi.
Mitengo yachitsulo yamtengo wapatali sikupita kulikonse. ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) ili ndi zitsulo zinayi zamtengo wapatali zomwe zimagulitsidwa m'magulu a CME COMEX ndi NYMEX. Khothi laposachedwa lapeza ogwira ntchito zapamwamba pakampani yayikulu kwambiri padziko lonse lapansi yogulitsa zitsulo zamtengo wapatali olakwa. Bungweli lidalipira chindapusa, koma oyang'anira ndi CEO adathawa chilango chachindunji. Jamie Dimon ndi munthu wolemekezeka wa Wall Street, koma zonenedweratu za JPMorgan zimadzutsa funso: Kodi nsombazo zavunda kuyambira koyambirira mpaka kumapeto?
Mlandu wotsutsana ndi akuluakulu awiri akuluakulu komanso wogulitsa JPMorgan unatsegula zenera kuti bungwe lazachuma likulamulire padziko lonse lapansi msika wazitsulo zamtengo wapatali.
Bungweli lidagwirizana ndi boma kalekale mlandu usanayambike, ndikupereka chindapusa cha $920 miliyoni chomwe sichinachitikepo. Pakadali pano, umboni woperekedwa ndi dipatimenti yazachilungamo ku US komanso ozenga milandu ukuwonetsa kuti JPMorgan "adapeza phindu lapachaka lapakati pa $109 miliyoni ndi $234 miliyoni pakati pa 2008 ndi 2018." Mu 2020, banki idapanga phindu la $ 1 biliyoni pakugulitsa golide, siliva, platinamu ndi palladium pomwe mliriwo udakwezera mitengo ndi "kuyambitsa mwayi wotsutsana."
JPMorgan ndi membala woyeretsa msika wa golide wa London, ndipo mitengo ya padziko lonse imatsimikiziridwa ndi kugula ndi kugulitsa zitsulo pamtengo wa London, kuphatikizapo makampani a JPMorgan. Bankiyi ndiwoseweranso kwambiri pamsika wamtsogolo wa US COMEX ndi NYMEX ndi malo ena ogulitsa zitsulo zamtengo wapatali padziko lonse lapansi. Makasitomala akuphatikiza mabanki apakati, hedge funds, opanga, ogula ndi osewera ena akuluakulu amsika.
Popereka mlandu wake, boma linagwirizanitsa ndalama za banki kwa amalonda ndi amalonda, omwe khama lawo linapindula bwino:
Mlanduwu unawulula phindu lalikulu ndi malipiro panthawiyi. N’kutheka kuti bankiyo inapereka chindapusa cha madola 920 miliyoni, koma phindu lake linaposa chiwonongekocho. Mu 2020, JPMorgan adapanga ndalama zokwanira kulipirira boma, kusiya $ 80 miliyoni.
Milandu yayikulu kwambiri yomwe atatu a JPMorgan adakumana nayo inali RICO ndi chiwembu, koma atatuwo adamasulidwa. Oweruzawo adatsimikiza kuti oimira boma adalephera kuwonetsa kuti cholinga chinali maziko a chiwembu cha chiwembu. Popeza a Geoffrey Ruffo adangoimbidwa milanduyi, adamasulidwa.
Michael Novak ndi Greg Smith ndi nkhani ina. M'nkhani ya atolankhani ya pa Ogasiti 10, 2022, Dipatimenti Yachilungamo ku US idalemba kuti:
Khothi lamilandu ku Northern District ku Illinois lero lapeza awiri omwe kale anali ogulitsa zitsulo zamtengo wapatali a JPMorgan ndi olakwa, kuyesa kusokoneza mitengo ndi chinyengo kwa zaka zisanu ndi zitatu mu ndondomeko yosokoneza misika yokhudzana ndi makontrakitala a zitsulo zam'tsogolo zomwe zimakhudza masauzande azinthu zosaloledwa.
Greg Smith, wazaka 57, waku Scarsdale, New York, anali wamkulu komanso wochita malonda pagawo la New York Precious Metals la JPMorgan, malinga ndi zikalata za khothi ndi umboni womwe udaperekedwa kukhothi. Michael Novak, wazaka 47, waku Montclair, New Jersey, ndi woyang'anira wamkulu yemwe amatsogolera gawo la JPMorgan la zitsulo zamtengo wapatali padziko lonse lapansi.
Umboni wazamalamulo udawonetsa kuti kuyambira chakumapeto kwa Meyi 2008 mpaka Ogasiti 2016, omwe akuimbidwa mlanduwo, pamodzi ndi amalonda ena kugawo lazitsulo zamtengo wapatali la JPMorgan, adachita zachinyengo kwambiri, kuwononga msika, ndi ziwembu zachinyengo. Oimbidwa mlanduwo adapereka malamulo omwe akufuna kuletsa asanaphedwe kuti akankhire mtengo wa dongosolo lomwe akufuna kudzaza mbali ina ya msika. Otsutsa amachita nawo malonda achinyengo zikwizikwi m'makontrakitala amtsogolo a golide, siliva, platinamu ndi palladium zomwe zimagulitsidwa ku New York Mercantile Exchange (NYMEX) ndi Commodity Exchange (COMEX), zomwe zimagwiritsidwa ntchito ndi kusinthana kwazinthu zamakampani a CME Group. lowetsani mumsika zidziwitso zabodza komanso zosokeretsa zokhuza kupezeka ndi kufunikira kwa makontrakitala am'tsogolo azitsulo zamtengo wapatali.
"Chigamulo cha oweruza lero chikuwonetsa kuti omwe akufuna kusokoneza misika yathu yazachuma adzaimbidwa mlandu ndikuyankha," adatero Wothandizira Attorney General Kenneth A. Polite Jr. "Pansi pa chigamulochi, Dipatimenti Yachilungamo idapeza olakwa khumi omwe kale anali amalonda ku Wall Street, kuphatikizapo JPMorgan Chase, Bank of America/Merrill Lynch, Deutsche Bank, Bank of Nova Scotia, ndi Morgan Stanley. Kukayikira kumeneku kukuwonetsa kudzipereka kwa dipatimenti yoimba mlandu anthu omwe asokoneza chidaliro cha mabizinesi pa kukhulupirika kwamisika yathu yazamalonda.
M’bale Luis Quesada, wothandiza mkulu wa bungwe la FBI la Criminal Investigation Division, a Luis Quesada anati: "Zigamulo zamasiku ano zikuwonetsa kuti ngakhale pulogalamu yanthawi yayitali kapena yovuta bwanji, a FBI amayesetsa kuweruza omwe akukhudzidwa ndi milandu yotereyi."
Pambuyo pozenga mlandu kwa milungu itatu, Smith anapezeka ndi mlandu wina woyesa kukonza mitengo, chinyengo chimodzi, chinyengo chambiri, komanso milandu isanu ndi itatu yachinyengo pawaya yokhudzana ndi bungwe lazachuma. Novak anapezeka wolakwa pa mlandu umodzi woyesera kukonza mitengo, chinyengo chimodzi, chinyengo cha katundu, ndi 10 zachinyengo pawaya zokhudza bungwe lazachuma. Tsiku lachigamulo silinakhazikitsidwe.
Enanso awiri omwe kale anali ogulitsa zitsulo zamtengo wapatali a JPMorgan, a John Edmonds ndi a Christian Trunz, adapezeka olakwa pamilandu yofananira. Mu Okutobala 2018, Edmonds adavomera mlandu umodzi wochita katangale pazamalonda komanso chiwembu chochita chinyengo chotumiza pawaya, chinyengo chazinthu, kukonza mitengo, komanso chinyengo ku Connecticut. Mu Ogasiti 2019, Trenz adavomera mlandu umodzi wochitira chinyengo komanso chinyengo m'chigawo chakum'mawa kwa New York. Edmonds ndi Trunz akuyembekezera kuweruzidwa.
Mu Seputembala 2020, JPMorgan adavomereza kuti adachita chinyengo: (1) kugulitsa zitsulo zamtengo wapatali zam'tsogolo pamsika; (2) malonda osaloledwa mu US Treasury Futures Market ndi US Treasury Secondary Market ndi Secondary Bond Market (CASH). JPMorgan adachita mgwirizano wazaka zitatu wozengedwa mlandu womwe adalipira ndalama zoposa $920 miliyoni pamilandu, kuyimba milandu, komanso kubweza omwe adazunzidwa, pomwe CFTC ndi SEC idalengeza zigamulo zofanana tsiku lomwelo.
Nkhaniyi idafufuzidwa ndi ofesi ya FBI ku New York. Bungwe la Commodity Futures Trading Commission’s Enforcement Division lapereka thandizo pankhaniyi.
Mlanduwu ukugwiridwa ndi Avi Perry, Mkulu wa Zachinyengo Zamsika ndi Zachinyengo Zazikulu, komanso Oyimira milandu a Matthew Sullivan, Lucy Jennings ndi Christopher Fenton a Gawo la Fraud Division la Criminal Division.
Chinyengo pawaya chokhudza mabungwe azachuma ndi mlandu waukulu kwa akuluakulu aboma, ndipo chilango chake ndi chindapusa chofikira $1 miliyoni ndi kumangidwa zaka 30, kapena zonse ziwiri. Oweruzawo adapeza kuti Michael Novak ndi Greg Smith ndi olakwa pamilandu ingapo, chiwembu komanso chinyengo.
Michael Novak ndiye wamkulu kwambiri wa JPMorgan, koma ali ndi mabwana ku bungwe lazachuma. Mlandu wa boma ukutengera umboni wa amalonda ang'onoang'ono omwe adavomera ndipo adagwirizana ndi oweruza kuti apewe chilango chokhwima.
Pakadali pano, Novak ndi Smith ali ndi mabwana ku mabungwe azachuma, omwe ali ndi maudindo mpaka kuphatikiza CEO ndi wapampando Jamie Dimon. Pakali pano pali mamembala 11 pa komiti ya oyang'anira kampaniyo, ndipo chindapusa cha $920 miliyoni chinali chochitika chomwe chidayambitsa kukambirana mu board of director.
Purezidenti Harry Truman adanenapo kuti, "Udindo umathera pano." Pakadali pano, zikhulupiriro za JPMorgan sizinaululidwe, ndipo board ndi wapampando / CEO sakhala chete pankhaniyi. Ngati dola imayima pamwamba pa unyolo, ndiye ponena za ulamuliro, bungwe la oyang'anira lili ndi udindo wina kwa Jamie Dimon, yemwe adalipira $ 84.4 miliyoni mu 2021. Zolakwa zachuma nthawi imodzi ndizomveka, koma milandu yobwerezabwereza yoposa eyiti. zaka kapena kuposerapo ndi nkhani ina. Pakadali pano, zonse zomwe tamva kuchokera kumabungwe azachuma omwe ali ndi msika wamsika pafupifupi $360 biliyoni ndi ma cricket.
Kusokoneza msika sikwachilendo. Podzitchinjiriza, oweruza a Novak ndi Bambo Smith adanena kuti chinyengo ndi njira yokhayo yomwe amalonda a mabanki, mokakamizidwa ndi oyang'anira kuti awonjezere phindu, akhoza kupikisana ndi ma algorithms apakompyuta m'tsogolomu. Oweruza sanavomereze mfundo za chitetezo.
Kusokoneza msika sikwachilendo muzitsulo zamtengo wapatali ndi zinthu, ndipo pali zifukwa ziwiri zabwino zomwe zipitirire:
Chitsanzo chomaliza cha kusowa kwa mgwirizano wapadziko lonse pankhani zamalamulo ndi zamalamulo ndizogwirizana ndi msika wapadziko lonse wa nickel. Mu 2013, kampani yaku China idagula London Metal Exchange. Kumayambiriro kwa chaka cha 2022, pamene dziko la Russia linalanda dziko la Ukraine, mitengo ya faifi tambala inakwera kufika pamtengo woposa $100,000 pa tani imodzi. Kuwonjezekaku kudachitika chifukwa chakuti kampani ya nickel yaku China idatsegula malo ocheperako, akuyerekeza mtengo wazitsulo zopanda chitsulo. Kampani yaku China idataya $ 8 biliyoni koma idangotuluka ndikutaya pafupifupi $ 1 biliyoni yokha. Kusinthanitsako kunayimitsa kwakanthawi malonda a faifi tambala chifukwa cha zovuta zomwe zidabwera chifukwa cha kuchuluka kwa maudindo afupiafupi. China ndi Russia ndi osewera ofunika pamsika wa nickel. Chodabwitsa n'chakuti, JPMorgan ali muzokambirana kuti achepetse kuwonongeka kwavuto la nickel. Kuphatikiza apo, zomwe zachitika posachedwa za nickel zidakhala zachinyengo zomwe zidapangitsa kuti ambiri omwe adatenga nawo gawo pamsika ang'onoang'ono awonongeke kapena kuchepetsa phindu. Phindu la kampani yaku China ndi omwe ali ndi ndalama adakhudzanso anthu ena pamsika. Kampani yaku China ili kutali kwambiri ndi owongolera ndi ozenga milandu ku US ndi Europe.
Ngakhale kuti milandu yambiri yotsutsa amalonda achinyengo, chinyengo, kusokoneza msika ndi zifukwa zina zidzapangitsa ena kuganiza mobwerezabwereza asanachite zinthu zoletsedwa, anthu ena amsika ochokera m'madera omwe sali olamulidwa adzapitirizabe kusokoneza msika. Kuipiraipira kwa malo andale kungangowonjezera machitidwe achinyengo pomwe China ndi Russia zimagwiritsa ntchito msika ngati chida chachuma polimbana ndi adani aku Western Europe ndi America.
Pakali pano, maubwenzi osweka, kukwera kwa mitengo yamtengo wapatali kwambiri m'zaka makumi ambiri, ndi zofunikira zowonjezera ndi zofunikira zimasonyeza kuti zitsulo zamtengo wapatali, zomwe zakhala zikugwira ntchito kwa zaka makumi awiri, zidzapitirizabe kutsika kwambiri. Golide, chitsulo chamtengo wapatali, chinatsika mu 1999 pa $252.50 pa aunsi. Kuyambira pamenepo, kuwongolera kwakukulu kulikonse kwakhala mwayi wogula. Russia ikuyankha ku zilango zachuma polengeza kuti gramu imodzi ya golidi imathandizidwa ndi ma ruble a 5,000. Kumapeto kwa zaka zana zapitazi, mtengo wa siliva pa $19.50 unali wosakwana $6 pa aunsi. Platinum ndi palladium zimachokera ku South Africa ndi Russia, zomwe zingayambitse mavuto. Chofunikira ndichakuti zitsulo zamtengo wapatali zidzakhalabe chuma chomwe chimapindula ndi kukwera kwa mitengo komanso chipwirikiti cha geopolitical.
Chithunzichi chikuwonetsa kuti GLTR ili ndi golide, siliva, palladium ndi platinamu. GLTR imayang'anira ndalama zoposa $ 1.013 biliyoni pa $ 84.60 pagawo lililonse. ETF imachita malonda pafupifupi magawo 45,291 patsiku ndikulipiritsa chindapusa cha 0.60%.
Nthawi idzauza ngati CEO wa JPMorgan amalipira chilichonse pachilichonse pafupifupi $ 1 chindapusa komanso kukhululukidwa kwa amalonda awiri apamwamba azitsulo zamtengo wapatali. Panthaŵi imodzimodziyo, mkhalidwe wa bungwe lotsogola lazachuma padziko lonse lapansi umathandizira kuti mkhalidwewo ukhalebe wamakono. Woweruza waboma adzaweruza Novak ndi Smith mu 2023 paupangiri wa dipatimenti yoyeserera asanapereke chigamulo. Kupanda mbiri kukhoza kupangitsa woweruzayo kupereka chilango chocheperapo kwambiri kwa banjalo, koma kuwerengera kumatanthauza kuti akamaliza chilango chawo. Amalonda agwidwa akuphwanya lamulo ndipo adzalipira mtengo. Komabe, nsombazi zimavunda kuyambira koyambira mpaka kumapeto, ndipo oyang'anira amatha kupeza ndalama zokwana pafupifupi $1 biliyoni. Pakadali pano, kusokoneza msika kupitilirabe ngakhale JPMorgan ndi mabungwe ena akuluakulu azachuma achitepo kanthu.
Lipoti la Hecht Commodity Report ndi limodzi mwa malipoti atsatanetsatane azinthu zomwe zilipo lero kuchokera kwa olemba otsogola pankhani yazamalonda, ndalama zakunja ndi zitsulo zamtengo wapatali. Malipoti anga a sabata iliyonse amakhudza kayendetsedwe ka msika wazinthu zosiyanasiyana za 29 ndikupereka malingaliro a bullish, bearish komanso osalowerera ndale, maupangiri oyendetsera malonda ndi zidziwitso zothandiza kwa amalonda. Ndimapereka mitengo yabwino komanso kuyesa kwaulere kwakanthawi kochepa kwa olembetsa atsopano.
Andy anagwira ntchito ku Wall Street kwa zaka pafupifupi 35, kuphatikizapo zaka 20 mu dipatimenti yogulitsa malonda ya Philip Brothers (kenako Salomon Brothers ndiyeno mbali ya Citigroup).
Kuwulura: Ine/ife tiribe masheya, zosankha kapena zotumphukira zofanana ndi makampani omwe atchulidwa ndipo sitikukonzekera kutenga maudindo mkati mwa maola 72 otsatira. Ndinalemba nkhaniyi ndekha ndipo ikufotokoza maganizo anga. Sindinalandire chipukuta misozi (kupatulapo Kufunafuna Alpha). Ndilibe ubale wamabizinesi ndi makampani omwe atchulidwa m'nkhaniyi.
Kuwulula Zowonjezera: Wolembayo wakhala ndi maudindo m'tsogolomu, zosankha, malonda a ETF/ETN, ndi katundu wamalonda m'misika yamalonda. Maudindo aatali ndi aafupi awa amatha kusintha tsiku lonse.