JP Morgan Denies $70bn Gold Losses

Reuters reports that JP Morgan Chase has denied market rumours that the firm has lost between $17bn and $70bn on gold trades.

The rumour has done the rounds on at least three other occasions this year, but JP Morgan shares fell around 7% at one point last week when the claim resurfaced. The unsubstantiated claim that the firm has lost billions of dollars in gold trading and derivative contracts linked to the price of gold, was described by a bank spokesman as 'false' and 'irresponsible.' The rumour has also been criticised by analysts for its 'silliness'.

JP Morgan also denied another rumour last week - this time that the firm is currently the subject of an 'accounting irregularities' probe by New York state attorney general Eliot Spitzer.

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