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Published on Gold Anti-Trust Action Committee (http://www.gata.org)

JPM analyst says central banks rigged markets after Brexit

By cpowell
Created 2016-08-03 03:29

11:35p ET Tuesday, August 2, 2016

Dear Friend of GATA and Gold:

The financial news Internet site Value Walk reported today that JPMorganChase's quantitative and derivatives strategy chief, Marko Kolanovic, this week issued a report asserting that the rise in stock markets after the United Kingdom's vote to withdraw from the European Union was caused by central bank intervention:

http://www.valuewalk.com/2016/08/kolanovic-volatility-collapse-fake/ [1]

That this qualifies as insight is pretty funny, considering that, a few days ahead of the vote in the UK, central banks actually announced their plan to intervene:

http://www.gata.org/node/16519 [2]

But Value Walk contends that Kolanovic's conclusion is notable because it marks the first time central banks have been accused by an investment bank research report of "such direct market manipulation."

That is, market intervention by central banks is so obvious now that even the biggest investment bank in the United States can concur with what a high school graduate told GATA's Washington conference eight years ago: "There are no markets anymore, just interventions":

http://www.gata.org/node/6241 [3]

Now that an analyst for JPMorganChase can admit it, could it be all right for mainstream financial news organizations to report it?

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org [4]



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