The derivatives bomb--and silver suppression

http://www.gata.org/node/8611

In the latest Office of the Comptroller of the Currency quarterly report , part of the US Treasury Department, the following exists:

The notional value of derivatives held by U.S. commercial banks increased $8.5 trillion in the fourth quarter, or 4.2%, to $212.8 trillion.

Five large commercial banks represent 97% of the total banking industry notional amounts and 88% of industry net current credit exposure.

In Table 1 on page 23, the five biggest banks: JPMorgan Chase, Bank of America, Goldman Sachs, Citibank, and Wells Fargo have total combined assets of $5,464,143,000,000, or almost $5.5 trillion. Yet, the notional value of their derivative contracts is $206,182,123,000,000, or over $206 trillion.

Financial reform? Too big to fail? Our shiftless government and banking regulators haven't learned a thing, and therefore, future financial crises will be unavoidable.

With silver, JPMorgan and HSBC hold derivatives with a notional value representing 106% of annual global production. I'd like to see exactly where they store all this silver, and exactly when these banks got into the mining business.

Middle East is snapping up gold

Not only are Asian central banks and citizens buying gold as the financial crisis continues to develop, but so are middle eastern sovereign wealth funds and clients.

http://www.business24-7.ae/banking-finance/banking/commercial-banks-buy-gold-to-meet-demands-2010-05-05-1.240551