JPMorgan is a major holder of precious-metals derivatives. The bank increased its silver derivative holdings by nearly $7 billion, or about 220 million ounces, during the last quarter of 2009, according to the Office of Comptroller of the Currency.
Regulators are pulling trading tickets on JPMorgan’s precious metals moves on all the exchanges as part of the investigation. The DOJ, and JPMorgan all declined to comment, the Post said.
Needless to day, the weeks ahead are going to be interesting for JPM.
Shares of JPMorgan Chase finished Friday at at $40.90.
JP Morgan Under Civil/Criminal Investigation for Trades in Silver Pit