Farashin karafa masu daraja bai yi daidai ba. Duk da cewa farashin zinariya, azurfa, platinum da palladium sun farfado daga faduwar da suka yi kwanan nan, amma ba su tashi ba.
Na fara aikina a kasuwar karafa masu daraja a farkon shekarun 1980, jim kaɗan bayan ɓarkewar Nelson da Bunker a ƙoƙarinsu na mallakar azurfa. Hukumar COMEX ta yanke shawarar sauya ƙa'idodi ga Hunts, wanda ke ƙara wa matsayi na gaba, yana amfani da riba don siyan ƙari da kuma ƙara farashin azurfa. A shekarar 1980, dokar da ta rage darajar kuɗi kawai ta dakatar da kasuwar bijimin kuma farashi ya faɗi. Hukumar Daraktocin COMEX ta haɗa da masu hannun jari masu tasiri da shugabannin manyan dillalan karafa masu daraja. Da sanin cewa azurfa za ta faɗi, da yawa daga cikin membobin hukumar sun yi lumps suka yi gyada kai yayin da suke sanar da teburin cinikinsu. A lokacin mawuyacin lokaci na azurfa, manyan kamfanoni sun sami dukiyarsu ta hanyar hawa da sauka. Philip Brothers, inda na yi aiki na tsawon shekaru 20, ya sami kuɗi mai yawa yana cinikin karafa masu daraja da mai har ya sayi Salomon Brothers, babbar cibiyar ciniki da banki ta saka hannun jari ta Wall Street.
Komai ya canza tun daga shekarun 1980. Matsalar kuɗi ta duniya ta 2008 ta bazu zuwa ga Dokar Dodd-Frank ta 2010. Ayyuka da yawa da za su iya zama marasa kyau da rashin da'a waɗanda aka yarda da su a baya sun zama haramtattu, tare da hukunce-hukuncen da za a yi wa waɗanda suka ketare iyaka, tun daga tara mai yawa zuwa ɗaurin kurkuku.
A halin yanzu, mafi girman ci gaba a kasuwannin karafa masu daraja a cikin 'yan watannin nan ya faru ne a wata kotun tarayya ta Amurka da ke Chicago, inda wani alkalamin ya sami manyan jami'an JPMorgan guda biyu da laifi kan tuhume-tuhume da dama, ciki har da yaudara, karkatar da farashin kayayyaki da kuma zambatar cibiyoyin kudi. . . tsarin. Tuhume-tuhumen da hukuncin sun shafi mummunan hali da ba bisa ka'ida ba a kasuwar gaba ta karafa masu daraja. Ana sa ran wani dan kasuwa na uku zai fuskanci shari'a a cikin makonni masu zuwa, kuma alkalai sun riga sun yanke wa 'yan kasuwa daga wasu cibiyoyin kudi hukunci ko kuma sun same su da laifi a cikin 'yan watanni da shekaru da suka gabata.
Farashin ƙarfe masu daraja ba ya tafiya ko'ina. ETFS Physical Precious Metal Basket Trust ETF (NYSEARCA: GLTR) tana da ƙarfe huɗu masu daraja da aka sayar a sassan CME COMEX da NYMEX. Wata kotu ta yanke wa manyan ma'aikata na babban kamfanin cinikin ƙarfe masu daraja na duniya hukunci. Hukumar ta biya tarar da ba a taɓa yi ba, amma gudanarwa da shugaban kamfanin sun tsira daga hukunci kai tsaye. Jamie Dimon mutum ne mai daraja a Wall Street, amma zarge-zargen da ake yi wa JPMorgan sun tayar da tambaya: Shin kifi ya lalace tun daga farko har ƙarshe?
Karar da gwamnatin tarayya ta shigar kan manyan jami'ai biyu da wani mai sayar da kayayyaki na JPMorgan ta bude wata dama ga hukumomin kudi su mamaye kasuwar karafa masu daraja a duniya.
Hukumar ta sasanta da gwamnati tun kafin fara shari'ar, inda ta biya tarar dala miliyan 920 da ba a taɓa gani ba. A halin yanzu, shaidun da Ma'aikatar Shari'a ta Amurka da masu gabatar da kara suka bayar sun nuna cewa JPMorgan "tana samun ribar shekara-shekara tsakanin dala miliyan 109 zuwa dala miliyan 234 tsakanin 2008 da 2018." A shekarar 2020, bankin ya sami ribar dala biliyan 1 ta hanyar cinikin zinare, azurfa, platinum da palladium yayin da annobar ta tayar da farashi kuma ta "haifar da damar sasantawa da ba a taɓa gani ba."
JPMorgan memba ne mai kyau a kasuwar zinare ta London, kuma ana tantance farashin duniya ta hanyar siye da sayar da ƙarfe a ƙimar London, gami da a kamfanonin JPMorgan. Bankin kuma babban ɗan wasa ne a kasuwannin COMEX da NYMEX na gaba na Amurka da sauran cibiyoyin cinikin karafa masu daraja a duniya. Abokan ciniki sun haɗa da bankunan tsakiya, asusun hedge, masana'antun, masu amfani da sauran manyan 'yan kasuwa a kasuwa.
A yayin gabatar da karar, gwamnati ta daura kudin shigar bankin ga 'yan kasuwa da 'yan kasuwa daban-daban, wadanda kokarinsu ya yi nasara sosai:
Shari'ar ta nuna riba mai yawa da biyan kuɗi a lokacin. Bankin ya iya biyan tarar dala miliyan 920, amma ribar ta fi ta'azzara. A shekarar 2020, JPMorgan ta sami isassun kuɗi don biyan gwamnati, inda ta bar sama da dala miliyan 80.
Zarge-zargen da JPMorgan uku suka fuskanta mafi tsanani su ne RICO da makirci, amma an wanke su daga laifin. Juri ya kammala da cewa masu gabatar da kara sun kasa nuna cewa niyya ita ce tushen hukuncin da aka yanke wa Geoffrey Ruffo na makirci. Tunda an tuhumi Geoffrey Ruffo ne kawai da wadannan tuhume-tuhumen, an wanke shi daga laifin.
Michael Novak da Greg Smith wani labari ne daban. A cikin wata sanarwa da aka fitar a ranar 10 ga Agusta, 2022, Ma'aikatar Shari'a ta Amurka ta rubuta:
Wata kotun tarayya ta gundumar Arewacin Illinois a yau ta samu tsoffin 'yan kasuwar karafa masu daraja biyu na JPMorgan da laifin zamba, yunkurin yin magudi a farashi da kuma yaudara tsawon shekaru takwas a cikin wani shiri na yin magudi a kasuwa wanda ya shafi kwangilolin gaba na karafa masu daraja da suka shafi dubban ma'amaloli ba bisa ka'ida ba.
Greg Smith, mai shekaru 57, daga Scarsdale, New York, shi ne babban jami'i kuma ɗan kasuwa na sashen JPMorgan na New York Precious Metals, a cewar takardun kotu da shaidun da aka gabatar a kotu. Michael Novak, mai shekaru 47, daga Montclair, New Jersey, babban darakta ne wanda ke jagorantar sashen karafa masu daraja na duniya na JPMorgan.
Shaidun bincike sun nuna cewa daga kusan watan Mayu na 2008 zuwa Agusta na 2016, waɗanda ake tuhuma, tare da sauran 'yan kasuwa a sashen karafa masu daraja na JPMorgan, sun shiga cikin yaudara mai yawa, magudin kasuwa, da makircin zamba. Wadanda ake tuhuma sun sanya umarnin da suke da niyyar sokewa kafin aiwatar da su don tura farashin odar da suke da niyyar cikewa zuwa ɗayan gefen kasuwa. Wadanda ake tuhuma sun shiga dubban cinikin zamba a cikin kwangilolin gaba na zinare, azurfa, platinum da palladium da aka yi ciniki a kan New York Mercantile Exchange (NYMEX) da Commodity Exchange (COMEX), waɗanda musayar kayayyaki na kamfanonin CME Group ke gudanarwa. Sun shiga kasuwa cikin bayanan ƙarya da na ɓatarwa game da ainihin wadata da buƙatar kwangilolin gaba na karafa masu daraja.
"Hukuncin da aka yanke a yau ya nuna cewa waɗanda suka yi ƙoƙarin yin amfani da kasuwannin kuɗin jama'a za a gurfanar da su a gaban kuliya kuma a hukunta su," in ji Mataimakin Babban Lauya Kenneth A. Polite Jr. na Sashen Laifuka na Ma'aikatar Shari'a. "A ƙarƙashin wannan hukuncin, Ma'aikatar Shari'a ta yanke wa tsoffin 'yan kasuwar kuɗi goma na Wall Street hukunci, ciki har da JPMorgan Chase, Bank of America/Merrill Lynch, Deutsche Bank, Bank of Nova Scotia, da Morgan Stanley. Waɗannan hukunce-hukuncen sun nuna jajircewar Ma'aikatar na gurfanar da waɗanda ke lalata amincewar masu zuba jari ga amincin kasuwannin kayayyaki."
"Tsawon shekaru, wadanda ake tuhuma sun yi zargin cewa sun sanya dubban odar karafa na bogi, suna kirkirar dabarun jawo hankalin wasu zuwa ga munanan yarjejeniyoyi," in ji Luis Quesada, mataimakin daraktan sashin binciken laifuka na FBI. "Hukuncin yau ya nuna cewa komai rikitarwa ko tsari na dogon lokaci, FBI na neman gurfanar da wadanda ke da hannu a irin wadannan laifuka a gaban kuliya."
Bayan shari'ar makonni uku, an sami Smith da laifin yunƙurin daidaita farashi, da zamba ɗaya, da zamba ɗaya, da kuma laifuka takwas na zamba ta hanyar waya da suka shafi wata cibiyar kuɗi. An sami Novak da laifin yunƙurin daidaita farashi, da zamba ɗaya, da zamba ɗaya, da kuma laifuka 10 na zamba ta hanyar waya da suka shafi wata cibiyar kuɗi. Har yanzu ba a ƙayyade ranar yanke hukunci ba.
An riga an yanke wa wasu tsoffin 'yan kasuwar karafa masu daraja na JPMorgan, John Edmonds da Christian Trunz, hukunci a kan laifukan da suka shafi hakan. A watan Oktoba na 2018, Edmonds ya amsa laifinsa na zamba a kan kayayyaki da kuma laifin hada baki wajen aikata zamba a musayar waya, zamba a kan kayayyaki, daidaita farashi, da kuma yaudara a Connecticut. A watan Agusta na 2019, Trenz ya amsa laifinsa na hada baki wajen aikata zamba da kuma laifin yaudara a Gundumar Gabashin New York. Edmonds da Trunz suna jiran a yanke musu hukunci.
A watan Satumba na 2020, JPMorgan ta amince da aikata zamba ta hanyar waya: (1) cinikin kwangilolin gaba na karafa masu daraja a kasuwa ba bisa ka'ida ba; (2) cinikin ba bisa ka'ida ba a Kasuwar Gaba ta Baitulmalin Amurka da Kasuwar Sakandare ta Baitulmalin Amurka da Kasuwar Lamuni ta Biyu (CASH). JPMorgan ta shiga yarjejeniyar shekaru uku da aka jinkirta gurfanar da ita inda ta biya sama da dala miliyan 920 na tarar laifuka, gurfanarwa, da kuma diyya ga wadanda aka zalunta, tare da CFTC da SEC sun sanar da kuduri iri daya a rana daya.
Ofishin FBI na gida da ke New York ne ya binciki lamarin. Sashen Aiwatar da Dokar Kayayyaki na Hukumar Ciniki ta Kayayyaki na gaba ya ba da taimako a wannan lamari.
Avi Perry, Shugaban Zamba a Kasuwa da Manyan Zamba, da Lauyoyin Shari'a Matthew Sullivan, Lucy Jennings da Christopher Fenton na Sashen Zamba na Sashen Laifuka ne ke kula da shari'ar.
Zamba ta hanyar waya da ta shafi cibiyar kuɗi babban laifi ne ga jami'ai, wanda za a iya yanke masa hukuncin tarar dala miliyan 1 da ɗaurin shekaru 30, ko duka biyun. Masu yanke hukunci sun sami Michael Novak da Greg Smith da laifuka da dama, makirci da yaudara.
Michael Novak shine babban jami'in gudanarwa na JPMorgan, amma yana da shugabanni a cibiyar kuɗi. Shari'ar gwamnati ta dogara ne akan shaidar ƙananan 'yan kasuwa waɗanda suka amsa laifinsu kuma suka haɗa kai da masu gabatar da ƙara don gujewa hukunci mai tsauri.
A halin yanzu, Novak da Smith suna da shugabanni a cibiyar kuɗi, waɗanda ke riƙe da mukamai har zuwa babban jami'in gudanarwa da shugaban Jamie Dimon. A halin yanzu akwai mambobi 11 a cikin kwamitin gudanarwa na kamfanin, kuma tarar dala miliyan 920 tabbas wani lamari ne da ya haifar da tattaunawa a kwamitin gudanarwa.
Shugaba Harry Truman ya taɓa cewa, "Alhaki ya ƙare a nan." Zuwa yanzu, ba a bayyana imanin JPMorgan ba, kuma hukumar gudanarwa da shugabanta/Shugaba sun yi shiru kan batun. Idan dala ta tsaya a saman sarkar, to, dangane da shugabanci, hukumar gudanarwa tana da alhakin Jamie Dimon, wanda ya biya dala miliyan 84.4 a shekarar 2021. Laifukan kuɗi da ake aikatawa sau ɗaya a lokaci guda abu ne da za a iya fahimta, amma laifukan da aka maimaita a cikin shekaru takwas ko fiye wani abu ne daban. Zuwa yanzu, duk abin da muka ji daga cibiyoyin kuɗi waɗanda ke da jarin kasuwa kusan dala biliyan 360 shine kurket.
Maguɗi a kasuwa ba sabon abu ba ne. A cikin kare kansu, lauyoyin Novak da Mista Smith sun yi jayayya cewa yaudara ita ce kawai hanyar da 'yan kasuwar banki, waɗanda ke ƙarƙashin matsin lamba daga shugabanni don ƙara riba, za su iya yin gogayya da tsarin kwamfuta a nan gaba. Juri ba su yarda da hujjojin da masu kare suka bayar ba.
Muguwar kasuwa ba sabon abu ba ne a fannin karafa masu daraja da kayayyaki, kuma akwai aƙalla dalilai biyu masu kyau da ya sa za a ci gaba da hakan:
Misali na ƙarshe na rashin haɗin gwiwa tsakanin ƙasashen duniya kan batutuwan da suka shafi dokoki da shari'a yana da alaƙa da kasuwar nickel ta duniya. A shekarar 2013, wani kamfanin China ya sayi kasuwar ƙarfe ta London. A farkon shekarar 2022, lokacin da Rasha ta mamaye Ukraine, farashin nickel ya tashi zuwa mafi girma na sama da dala 100,000 a kowace tan. Karin ya faru ne saboda kamfanin nickel na China ya buɗe babban matsayi na ɗan gajeren lokaci, yana hasashe kan farashin ƙarfe marasa ƙarfe. Kamfanin China ya yi asarar dala biliyan 8 amma ya ƙare da asarar kusan dala biliyan 1 kacal. Musayar ta dakatar da cinikin nickel na ɗan lokaci saboda rikicin da ya haifar da ƙarancin matsayi. China da Rasha muhimman 'yan wasa ne a kasuwar nickel. Abin mamaki, JPMorgan tana tattaunawa don rage lalacewar da rikicin nickel ya haifar. Bugu da ƙari, lamarin nickel na baya-bayan nan ya zama wani aiki na yaudara wanda ya haifar da asarar da yawa daga cikin ƙananan mahalarta kasuwa ko rage riba. Ribar kamfanin China da masu ba shi kuɗi ya shafi sauran mahalarta kasuwa. Kamfanin China ya yi nesa da hannun masu kula da kamfanoni da masu gabatar da ƙara a Amurka da Turai.
Duk da cewa jerin kararrakin da ake zargin 'yan kasuwa da zamba, zamba, magudin kasuwa da sauran zarge-zarge za su sa wasu su yi tunani sau biyu kafin su shiga ayyukan da ba bisa ka'ida ba, sauran mahalarta kasuwar daga yankunan da ba a tsara su ba za su ci gaba da yin magudin kasuwa. Mummunan yanayin siyasa zai iya ƙara yawan halayyar yaudara yayin da China da Rasha ke amfani da kasuwa a matsayin makamin tattalin arziki a kan maƙiyan Yammacin Turai da Amurka.
A halin yanzu, dangantaka ta karye, hauhawar farashin kayayyaki a mafi girman matakinta a cikin shekaru da dama, da kuma tushen wadata da buƙata sun nuna cewa ƙarfe mai daraja, wanda ya kasance mai ƙarfi tsawon shekaru ashirin, zai ci gaba da samun mafi girman koma baya da mafi girman koma baya. Zinariya, babban ƙarfe mai daraja, ta faɗi ƙasa a cikin 1999 akan $252.50 a kowace oza. Tun daga lokacin, kowace babbar gyara ta kasance dama ce ta siye. Rasha ta mayar da martani ga takunkumin tattalin arziki ta hanyar sanar da cewa gram ɗaya na zinariya yana da goyon bayan rubles 5,000. A ƙarshen ƙarni na ƙarshe, farashin azurfa akan $19.50 bai kai $6 a kowace oza ba. Ana samun Platinum da palladium daga Afirka ta Kudu da Rasha, wanda zai iya haifar da matsalolin wadata. Abin da ke ƙasa shi ne cewa ƙarfe masu daraja za su ci gaba da zama kadara wadda ke amfana daga hauhawar farashin kayayyaki da rikicin siyasa.
Jadawalin ya nuna cewa GLTR ya ƙunshi sandunan zinariya, azurfa, palladium da platinum. GLTR tana da kadarori sama da dala biliyan 1.013 akan dala $84.60 a kowace hannun jari. ETF tana cinikin matsakaicin hannun jari 45,291 a kowace rana kuma tana karɓar kuɗin gudanarwa na 0.60%.
Lokaci zai nuna ko Shugaban JPMorgan ya biya komai kan tarar kusan dala 1 da kuma hukuncin da aka yanke wa manyan 'yan kasuwar karafa biyu. A lokaci guda, matsayin da ake ciki na ɗaya daga cikin manyan cibiyoyin kuɗi na duniya yana taimakawa wajen kiyaye matsayin da ake ciki. Alkalin tarayya zai yanke hukunci kan Novak da Smith a shekarar 2023 bisa shawarar sashen tsare mutane kafin a yanke musu hukunci. Rashin tarihin aikata laifuka na iya haifar da hukuncin da alkalin ya yanke wa ma'auratan hukuncin da bai kai matsakaicin ba, amma jimillar na nufin za su yi zaman gidan yari. An kama 'yan kasuwa suna karya doka kuma za su biya kuɗin. Duk da haka, kifin yana iya ruɓewa daga farko zuwa ƙarshe, kuma gudanarwa na iya tsira da kusan dala biliyan 1 na jarin hannun jari. A halin yanzu, magudin kasuwa zai ci gaba ko da JPMorgan da sauran manyan cibiyoyin kuɗi sun aikata laifi.
Rahoton Kayayyakin Hecht yana ɗaya daga cikin rahotannin kayayyaki mafi cikakken bayani da ake samu a yau daga manyan marubuta a fannin kayayyaki, musayar kuɗi da ƙarfe masu daraja. Rahotanni na mako-mako sun shafi motsin kasuwa na kayayyaki sama da 29 daban-daban kuma suna ba da shawarwari masu ƙarfi, na'urorin busasshiyar fata da na tsaka tsaki, shawarwari kan ciniki na alkibla da kuma fahimta mai amfani ga 'yan kasuwa. Ina bayar da farashi mai kyau da gwaji kyauta na ɗan lokaci ga sabbin masu biyan kuɗi.
Andy ya yi aiki a Wall Street kusan shekaru 35, ciki har da shekaru 20 a sashen tallace-tallace na Philip Brothers (daga baya Salomon Brothers sannan kuma wani ɓangare na Citigroup).
Bayyanawa: Ni/ba mu da hannun jari, zaɓuɓɓuka ko makamancin matsayi na asali tare da kowace kamfani da aka ambata kuma ba ni da shirin ɗaukar irin waɗannan mukamai cikin awanni 72 masu zuwa. Ni ne na rubuta wannan labarin da kaina kuma yana bayyana ra'ayina. Ban sami wani diyya ba (banda Seeking Alpha). Ba ni da wata alaƙa ta kasuwanci da kowace kamfani da aka lissafa a cikin wannan labarin.
Ƙarin Bayani: Marubucin ya riƙe mukamai a cikin makomar, zaɓuɓɓuka, samfuran ETF/ETN, da hannun jari na kayayyaki a kasuwannin kayayyaki. Waɗannan matsayi masu tsawo da gajeru suna canzawa a duk tsawon yini.