Mitengo ya zitsulo zamtengo wapatali sinali yosiyana ndi ina iliyonse. Ngakhale kuti mitengo ya golide, siliva, platinamu ndi palladium yakweranso poyerekeza ndi mitengo yotsika yaposachedwa, sinakwere.
Ndinayamba ntchito yanga pamsika wa zitsulo zamtengo wapatali kumayambiriro kwa zaka za m'ma 1980, pambuyo poti Nelson ndi Bunker alephera kufunafuna ndalama zambiri zasiliva. Bungwe la COMEX linaganiza zosintha malamulo a Hunts, omwe anali kuwonjezera maudindo awo amtsogolo, pogwiritsa ntchito ndalama zambiri kugula zambiri ndikukweza mitengo yasiliva. Mu 1980, lamulo loletsa kugulitsa makampani okha linayimitsa msika wa ng'ombe ndipo mitengo inatsika. Bungwe la Oyang'anira la COMEX limaphatikizapo amalonda otchuka amasheya ndi atsogoleri a ogulitsa zitsulo zamtengo wapatali. Podziwa kuti siliva watsala pang'ono kugwa, mamembala ambiri a bungweli anadzuma ndi kugwedeza mutu pamene ankadziwitsa ma desiki awo ogulitsa. Panthawi yovuta ya siliva, makampani otsogola adapeza chuma chawo pazovuta ndi zovuta. Philip Brothers, komwe ndidagwira ntchito kwa zaka 20, adapeza ndalama zambiri pogulitsa zitsulo zamtengo wapatali ndi mafuta kotero kuti adagula Salomon Brothers, bungwe lotsogola la mabanki ogulitsa ma bond ndi ndalama ku Wall Street.
Chilichonse chasintha kuyambira m'ma 1980. Mavuto azachuma padziko lonse lapansi a 2008 adapereka mpata ku Dodd-Frank Act ya 2010. Zochita zambiri zoyipa komanso zosatsatira malamulo zomwe zinali zololedwa kale zakhala zosaloledwa, ndipo zilango kwa iwo omwe amadutsa malire kuyambira chindapusa chachikulu mpaka kundende.
Pakadali pano, chitukuko chachikulu kwambiri m'misika ya zitsulo zamtengo wapatali m'miyezi yaposachedwa chinachitika kukhothi la federal ku US ku Chicago, komwe oweruza milandu adapeza akuluakulu awiri akuluakulu a JPMorgan olakwa pamilandu ingapo, kuphatikizapo chinyengo, kusintha mitengo yazinthu ndi chinyengo m'mabungwe azachuma. Milandu ndi zigamulozo zikukhudzana ndi khalidwe loipa komanso losaloledwa pamsika wamtsogolo wa zitsulo zamtengo wapatali. Wogulitsa wachitatu akuyembekezeka kuweruzidwa m'masabata akubwerawa, ndipo amalonda ochokera m'mabungwe ena azachuma apezeka kale olakwa kapena olakwa ndi oweruza milandu m'miyezi ndi zaka zingapo zapitazi.
Mitengo ya zitsulo zamtengo wapatali siipita kulikonse. Bungwe la ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA:GLTR) lili ndi zitsulo zinayi zamtengo wapatali zomwe zimagulitsidwa m'magawo a CME COMEX ndi NYMEX. Khothi laposachedwa lapeza antchito apamwamba a kampani yogulitsa zitsulo zamtengo wapatali padziko lonse lapansi ali ndi mlandu. Bungweli linalipira chindapusa chachikulu, koma oyang'anira ndi CEO adapulumuka chilango chachindunji. Jamie Dimon ndi mtsogoleri wolemekezeka wa Wall Street, koma zomwe JPMorgan akunena zikubweretsa funso lakuti: Kodi nsomba yavunda kuyambira pachiyambi mpaka kumapeto?
Mlandu wa boma wokhudza akuluakulu awiri akuluakulu komanso wogulitsa wa JPMorgan unatsegula zenera loti bungwe la zachuma likulamulira msika wa zitsulo zamtengo wapatali padziko lonse lapansi.
Bungweli linagwirizana ndi boma kale kwambiri mlandu usanayambe, ndipo linalipira chindapusa cha $920 miliyoni chomwe sichinachitikepo. Pakadali pano, umboni woperekedwa ndi Unduna wa Zachilungamo ku US ndi otsutsa milandu unasonyeza kuti JPMorgan "inapeza phindu la pachaka la pakati pa $109 miliyoni ndi $234 miliyoni pakati pa 2008 ndi 2018." Mu 2020, bankiyo inapeza phindu la $1 biliyoni pogulitsa golide, siliva, platinamu ndi palladium pamene mliriwu unakweza mitengo ndikupangitsa kuti "pakhale mwayi wosankhana mitundu."
JPMorgan ndi membala wovomerezeka pamsika wa golide ku London, ndipo mitengo yapadziko lonse imatsimikiziridwa pogula ndikugulitsa zitsulo pamtengo wa London, kuphatikiza m'mabizinesi a JPMorgan. Bankiyi imagwiranso ntchito kwambiri m'misika yamtsogolo ya US COMEX ndi NYMEX komanso m'malo ena ogulitsira zitsulo zamtengo wapatali padziko lonse lapansi. Makasitomala akuphatikizapo mabanki apakati, ndalama zogulira zinthu, opanga, ogula ndi ena ogulitsa pamsika.
Popereka umboni wake, boma linagwirizanitsa ndalama zomwe banki ikupeza ndi amalonda ndi amalonda paokhapaokha, omwe khama lawo linapindula kwambiri:
Mlanduwu unavumbulutsa phindu lalikulu ndi malipiro panthawiyi. Bankiyo mwina inalipira chindapusa cha $920 miliyoni, koma phindulo linaposa kuwonongeka. Mu 2020, JPMorgan inapeza ndalama zokwanira kulipira boma, zomwe zinasiya ndalama zoposa $80 miliyoni.
Milandu yoopsa kwambiri yomwe atatu a JPMorgan anakumana nayo inali ya RICO ndi chiwembu, koma atatuwa adamasulidwa. Oweruza milandu adatsimikiza kuti otsutsa boma adalephera kusonyeza kuti cholinga chake chinali maziko a chigamulo chokhudza chiwembu. Popeza Geoffrey Ruffo adangoimbidwa mlandu pa milandu iyi, adamasulidwa.
Nkhani ina ndi ya Michael Novak ndi Greg Smith. Mu lipoti la atolankhani la pa Ogasiti 10, 2022, Dipatimenti Yoona za Chilungamo ku US inalemba kuti:
Oweruza milandu a boma la Northern District ku Illinois lero apeza amalonda awiri akale a zitsulo zamtengo wapatali za JPMorgan olakwa pa chinyengo, kuyesa kusintha mitengo ndi chinyengo kwa zaka zisanu ndi zitatu mu ndondomeko yosintha msika yokhudza mapangano amtsogolo a zitsulo zamtengo wapatali okhudza zochitika zosaloledwa zikwizikwi.
Malinga ndi zikalata za khothi ndi umboni womwe waperekedwa kukhothi, Greg Smith, wazaka 57, wa ku Scarsdale, New York, anali mkulu wa bungwe komanso wamalonda wa JPMorgan's New York Precious Metals division, malinga ndi zikalata za khothi ndi umboni womwe waperekedwa kukhothi. Michael Novak, wazaka 47, wa ku Montclair, New Jersey, ndi mkulu woyang'anira yemwe akutsogolera JPMorgan's privacy metals division padziko lonse lapansi.
Umboni wa zaumboni unasonyeza kuti kuyambira cha m'ma Meyi 2008 mpaka Ogasiti 2016, oimbidwa mlanduwo, pamodzi ndi amalonda ena mu gawo la zitsulo zamtengo wapatali la JPMorgan, adachita zachinyengo zambiri, kusokoneza msika, komanso njira zachinyengo. Oimbidwa mlanduwo adalamula kuti aletse asanaperekedwe kuti akankhire mtengo wa lamulo lomwe adafuna kudzaza mbali ina ya msika. Oimbidwa mlanduwo akuchita malonda achinyengo ambirimbiri m'mapangano amtsogolo a golide, siliva, platinamu ndi palladium omwe amagulitsidwa pa New York Mercantile Exchange (NYMEX) ndi Commodity Exchange (COMEX), omwe amayendetsedwa ndi makampani ogulitsa zinthu a CME Group. Amalowa mumsika ndi chidziwitso chabodza komanso chosokeretsa chokhudza kupezeka ndi kufunikira kwa mapangano amtsogolo a zitsulo zamtengo wapatali.
“Chigamulo cha lero cha oweruza milandu chikusonyeza kuti omwe akuyesera kunyenga misika yathu yazachuma ya boma adzaimbidwa mlandu ndi kuimbidwa mlandu,” anatero Wothandizira Loya Wamkulu Kenneth A. Polite Jr. wa Dipatimenti Yachilungamo ya Criminal Division. “Motsatira chigamulochi, Dipatimenti Yachilungamo idapeza olakwa khumi omwe kale anali amalonda a mabungwe azachuma ku Wall Street, kuphatikizapo JPMorgan Chase, Bank of America/Merrill Lynch, Deutsche Bank, Bank of Nova Scotia, ndi Morgan Stanley. Zigamulo zimenezi zikusonyeza kudzipereka kwa Dipatimentiyi kuimbidwa mlandu kwa iwo omwe amawononga chidaliro cha amalonda pa kukhulupirika kwa misika yathu yazinthu.”
“Kwa zaka zambiri, oimbidwa mlandu akuti apereka maoda ambirimbiri abodza a zitsulo zamtengo wapatali, zomwe zimapangitsa kuti ena achite mapangano oipa,” anatero Luis Quesada, wothandizira mkulu wa FBI's Criminal Investigation Division. “Chigamulo cha lero chikusonyeza kuti ngakhale pulogalamuyo ikhale yovuta bwanji kapena yayitali bwanji, FBI ikufuna kuweruza anthu omwe akuchita milandu yotereyi.”
Pambuyo pa mlandu wa milungu itatu, Smith anapezeka ndi mlandu umodzi woyesa kukonza mitengo, mlandu umodzi wonyenga, mlandu umodzi wonyenga katundu, ndi milandu isanu ndi itatu yonyenga pa waya yokhudza bungwe lazachuma. Novak anapezeka ndi mlandu umodzi woyesa kukonza mitengo, mlandu umodzi wonyenga, mlandu umodzi wonyenga katundu, ndi milandu 10 yonyenga pa waya yokhudza bungwe lazachuma. Tsiku loti chigamulo chiweruzidwe silinakhazikitsidwe.
Anthu ena awiri omwe kale anali amalonda a zitsulo zamtengo wapatali ku JPMorgan, John Edmonds ndi Christian Trunz, adapezeka olakwa kale pamilandu yofanana. Mu Okutobala 2018, Edmonds adavomereza mlandu umodzi wokhudza chinyengo cha katundu ndi mlandu umodzi wokhudza chiwembu chochita chinyengo chotumiza ndalama pa intaneti, chinyengo cha zinthu, kukonza mitengo, ndi chinyengo ku Connecticut. Mu Ogasiti 2019, Trenz adavomereza mlandu umodzi wokhudza chinyengo ndi mlandu umodzi wokhudza chinyengo ku Eastern District ku New York. Edmonds ndi Trunz akuyembekezera kuweruzidwa.
Mu Seputembala 2020, JPMorgan adavomereza kuti adachita zachinyengo pa waya: (1) kugulitsa mosaloledwa mapangano amtsogolo a zitsulo zamtengo wapatali pamsika; (2) kugulitsa mosaloledwa mu US Treasury Futures Market ndi US Treasury Secondary Market ndi Secondary Bond Market (CASH). JPMorgan idalowa mgwirizano wozenga milandu wazaka zitatu womwe unayimitsidwa pomwe idalipira ndalama zoposa $920 miliyoni mu chindapusa cha milandu, milandu, ndi kubwezera ozunzidwa, ndipo CFTC ndi SEC zidalengeza zisankho zofanana tsiku lomwelo.
Nkhaniyi inafufuzidwa ndi ofesi ya FBI ya m'deralo ku New York. Dipatimenti Yoona za Malamulo a Zamtsogolo ya Commodity Futures Trading Commission inapereka thandizo pankhaniyi.
Mlanduwu ukuyendetsedwa ndi Avi Perry, Mtsogoleri wa Zachinyengo Zamsika ndi Zachinyengo Zazikulu, ndi Maloya a Milandu Matthew Sullivan, Lucy Jennings ndi Christopher Fenton a Criminal Division's Fraud Division.
Chinyengo cha pa waya chokhudza bungwe lazachuma ndi mlandu waukulu kwa akuluakulu a boma, chilango chake ndi chindapusa cha mpaka $1 miliyoni ndi kumangidwa kwa zaka 30, kapena zonse ziwiri. Oweruza milandu adapeza Michael Novak ndi Greg Smith olakwa pa milandu yambiri, chiwembu ndi chinyengo.
Michael Novak ndiye mkulu wamkulu wa JPMorgan, koma ali ndi mabwana ku bungwe lazachuma. Nkhani ya boma imadalira umboni wa amalonda ang'onoang'ono omwe avomereza mlandu wawo ndipo agwirizana ndi otsutsa milandu kuti apewe chilango chokhwima.
Pakadali pano, Novak ndi Smith ali ndi mabwana ku bungwe la zachuma, omwe ali ndi maudindo mpaka pa CEO ndi wapampando Jamie Dimon. Pakadali pano pali mamembala 11 mu bungwe la oyang'anira kampaniyo, ndipo chindapusa cha $920 miliyoni chinali chochitika chomwe chinayambitsa zokambirana mu bungwe la oyang'anira.
Purezidenti Harry Truman nthawi ina anati, “Udindo umatha apa.” Mpaka pano, zikhulupiriro za JPMorgan sizinaululidwe ngakhale pang'ono, ndipo bungwe la board ndi wapampando/CEO akhala chete pankhaniyi. Ngati ndalama zisiya kugwira ntchito, ndiye kuti pankhani ya ulamuliro, bungwe la owongolera lili ndi udindo wina kwa Jamie Dimon, yemwe adalipira $84.4 miliyoni mu 2021. Milandu yazachuma yomwe idachitika kamodzi kokha ndi yomveka, koma milandu yobwerezabwereza kwa zaka zisanu ndi zitatu kapena kuposerapo ndi nkhani ina. Mpaka pano, zomwe tamva kuchokera ku mabungwe azachuma omwe ali ndi ndalama zokwana pafupifupi $360 biliyoni ndi ma crickets.
Kusintha kwa msika si chinthu chatsopano. Podziteteza, maloya a Novak ndi a Smith adati chinyengocho chinali njira yokhayo yomwe amalonda aku banki, omwe akukakamizidwa ndi oyang'anira kuti awonjezere phindu, angapikisane ndi ma algorithms apakompyuta mtsogolo. Oweruza milandu sanavomereze mfundo za oweruza milandu.
Kusintha kwa msika si chinthu chatsopano mu zitsulo zamtengo wapatali ndi zinthu zina, ndipo pali zifukwa ziwiri zomveka zomwe zipitirire:
Chitsanzo chomaliza cha kusowa kwa mgwirizano wapadziko lonse pankhani zowongolera ndi zamalamulo ndi chokhudzana ndi msika wapadziko lonse wa nickel. Mu 2013, kampani yaku China idagula London Metal Exchange. Kumayambiriro kwa chaka cha 2022, pamene Russia idalanda Ukraine, mitengo ya nickel idakwera kufika pamtengo woposa $100,000 pa tani. Kukweraku kudachitika chifukwa chakuti kampani yaku China ya nickel idatsegula malo akuluakulu afupikitsa, ikuganizira za mtengo wa zitsulo zopanda chitsulo. Kampani yaku China idataya $8 biliyoni koma pamapeto pake idataya pafupifupi $1 biliyoni yokha. Kusinthaku kudayimitsa kwakanthawi malonda a nickel chifukwa cha vuto lomwe lidayambitsidwa ndi malo ambiri afupikitsa. China ndi Russia ndi osewera ofunikira pamsika wa nickel. Chodabwitsa n'chakuti, JPMorgan ikukambirana kuti ichepetse kuwonongeka komwe kudabwera chifukwa cha vuto la nickel. Kuphatikiza apo, vuto la nickel laposachedwa lidakhala lonyenga lomwe lidapangitsa kuti ambiri omwe ali pamsika awonongeke kapena kuchepetsa phindu. Phindu la kampani yaku China ndi omwe ali ndi ndalama zake lidakhudza ena omwe ali pamsika. Kampani yaku China ili kutali ndi olamulira ndi otsutsa ku US ndi Europe.
Ngakhale milandu yambiri yomwe ikuimba amalonda mlandu wachinyengo, chinyengo, kusokoneza msika ndi zina zomwe zingachititse ena kuganiza kawiri asanachite zinthu zosaloledwa, ena omwe akutenga nawo mbali pamsika kuchokera m'maboma osalamulidwa apitilizabe kusokoneza msika. Kuipa kwa dziko lapansi kungangowonjezera khalidwe lonyenga pamene China ndi Russia zikugwiritsa ntchito msika ngati chida chachuma polimbana ndi adani akumadzulo kwa Europe ndi America.
Pakadali pano, ubale wosweka, kukwera kwa mitengo kwakwera kwambiri m'zaka makumi ambiri, komanso mfundo zoyambira za kupezeka ndi kufunikira zikusonyeza kuti chitsulo chamtengo wapatali, chomwe chakhala chikukwera kwa zaka zoposa makumi awiri, chipitiliza kupanga kutsika kwambiri komanso kukwera kwambiri. Golide, chitsulo chachikulu chamtengo wapatali, chinatsika mu 1999 pa $252.50 pa aunsi. Kuyambira pamenepo, kusintha kulikonse kwakukulu kwakhala mwayi wogula. Russia yayankha ziletso zachuma polengeza kuti gramu imodzi ya golide imathandizidwa ndi ma ruble 5,000. Kumapeto kwa zaka za m'ma 1900, mtengo wa siliva pa $19.50 unali wochepera $6 pa aunsi. Platinum ndi palladium zimachokera ku South Africa ndi Russia, zomwe zingayambitse mavuto okhudzana ndi kupezeka kwa zinthu. Mfundo yaikulu ndi yakuti zitsulo zamtengo wapatali zidzakhalabe chuma chomwe chidzapindula ndi kukwera kwa mitengo ndi kusakhazikika kwa ndale.
Chithunzichi chikuwonetsa kuti GLTR ili ndi mipiringidzo yagolide, siliva, palladium ndi platinamu. GLTR imasunga katundu woposa $1.013 biliyoni pa $84.60 pa gawo lililonse. ETF imagulitsa magawo pafupifupi 45,291 patsiku ndipo imalipiritsa ndalama zoyendetsera za 0.60%.
Nthawi idzadziwika ngati CEO wa JPMorgan adzalipira chilichonse pa chindapusa cha pafupifupi $1 komanso milandu ya amalonda awiri apamwamba a zitsulo zamtengo wapatali. Nthawi yomweyo, momwe bungwe lina la zachuma padziko lonse lapansi lilili zimathandiza kuti zinthu zizikhala momwe zilili. Woweruza milandu wa federal adzapereka chigamulo kwa Novak ndi Smith mu 2023 potsatira upangiri wa dipatimenti yowunikira milandu asanapereke chigamulo. Kusowa mbiri yaupandu kungapangitse woweruzayo kupatsa awiriwa chilango chocheperako kwambiri, koma chiwerengerocho chimatanthauza kuti adzatumikira chilango chawo. Amalonda amagwidwa akuswa lamulo ndipo adzalipira mtengo wake. Komabe, nsombazi zimaola kuyambira pachiyambi mpaka kumapeto, ndipo oyang'anira akhoza kupulumuka ndalama zokwana pafupifupi $1 biliyoni. Pakadali pano, kusintha kwa msika kudzapitirira ngakhale JPMorgan ndi mabungwe ena akuluakulu azachuma atachitapo kanthu.
Lipoti la Hecht Commodity ndi limodzi mwa malipoti athunthu azinthu zomwe zilipo masiku ano kuchokera kwa olemba otsogola pankhani yazinthu, kusinthana ndalama zakunja ndi zitsulo zamtengo wapatali. Malipoti anga a sabata iliyonse amakhudza mayendedwe amsika wazinthu zoposa 29 zosiyanasiyana ndipo amapereka malingaliro olimbikitsa, olimbikitsa komanso osalowerera ndale, malangizo amalonda otsogolera komanso malingaliro othandiza kwa amalonda. Ndimapereka mitengo yabwino komanso kuyesa kwaulere kwa nthawi yochepa kwa olembetsa atsopano.
Andy adagwira ntchito ku Wall Street kwa zaka pafupifupi 35, kuphatikizapo zaka 20 mu dipatimenti yogulitsa ya Philip Brothers (pambuyo pake Salomon Brothers kenako gawo la Citigroup).
Kuwulula: Ine/ife tilibe malo osungiramo katundu, zosankha kapena zofanana ndi izi ndi makampani aliwonse omwe atchulidwa ndipo sitikukonzekera kutenga malo otere mkati mwa maola 72 otsatira. Ndinalemba nkhaniyi ndekha ndipo ikufotokoza maganizo anga. Sindinalandire malipiro aliwonse (kupatula Seeking Alpha). Ndilibe ubale wamalonda ndi makampani aliwonse omwe atchulidwa munkhaniyi.
Kuwulula Kowonjezera: Wolembayo wakhala ndi maudindo m'makampani amtsogolo, zosankha, zinthu za ETF/ETN, ndi masheya azinthu m'misika yazinthu. Maudindo aatali ndi aafupi awa nthawi zambiri amasintha tsiku lonse.