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Just What Is Going On With The Gold In JPMorgan's Vault?
We know that back in early October 2010, when gold closed at a then record high of $1,320, JPM decided to reopen its previously mothballed precious metal vault due to soaring demand for metal vaulting, thus becoming only the fifth official Comex private gold depository in New York in addition to HSBC, Bank of Nova Scotia, Brinks and MTB (and of course the New York Fed).
We also know, courtesy of a Zero Hedge exclusive, that the JPM vault - the largest private gold vault in the world - is located at 1 Chase Manhattan Plaza, and is literally adjacent to the vault of the New York Fed 80 feet, and 5 sublevels, below street level.
We know that for a long time the vault held around 2.5 million ounces of eligible (commercial) gold, a number which declined only gradually until very recently.
We know that the total amount of registered (investment) gold has been steady for the past 4 years (after peaking in early 2006).
Finally, everyone knows that in the past month gold has experienced a very severe move lower which is still largely unexplained.
What many may not know, is that while registered Comex gold has been flat, the amount of eligible gold in Comex warehouses (the distinction between eligible and registered gold can be found here) in the past several weeks has plunged from nearly 9 million ounces, to just 6.1 million ounces as of today- the lowest since mid-2009.
What nobody knows, is why virtually the entire move in warehoused eligible gold is driven exclusively by one firm: JPMorgan, whose eligible gold has collapse from just under 2 million ounces as of the end of 2012 to a nearly record low 402,374 ounces as of today, a drop of 20% in one day, though slightly higher compared to the recent record low hit on April 5 when JPM warehoused commercial gold touched a post-vault reopening low of just over 4 tons, or 142,700 ounces.
This happened just days ahead of the biggest ever one-day gold slam down in history.
Some questions we would like answers to:
- What happened to the commercial gold vaulted with JPM, and what was the reason for the historic drawdown?
- Gold, unlike fiat, is not created out of thin air, nor can it be shred or deleted. Where did the gold leaving the JPM warehouse end up (especially since registered JPM and total Comex gold has been relatively flat over the same period)?
- Did any of this gold make its way across the street, and end up at the vault of the building located at 33 Liberty street?
- What happens if and/or when the JPM vault is empty of commercial gold, and JPM receives a delivery notice?
Inquiring minds want to know...
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There is no "there" there.
Answer #1 - The physical gold is being repatriated to sovereign nations who have requested the return of their countries gold.
Answer #2 - It's being tunneled across the street to Liberty 33 in order to bring about the return of the dollar being backed by gold.
Answer #3 - It's being transferred right into the personal vaults of numerous high level bankers because the shit is about to hit the fan.
And the answer is?......................................
http://www.youtube.com/watch?v=fyklt01lN_I
Central Banks want their Leased Gold back, they don't have it, so Allocated & Unallocated accounts get......Repariated, Cyprus style!
They are coming back for their gold:
http://www.youtube.com/watch?v=CnRIR3pqY9A
So from 2000 through 2003 Comex had zero gold held in vaults? I'm confused...
On the retail front, I kept saying that gold did not seem in short supply at dealers, after silver was clearly sold out.
Then the 1/10 ounce Eagle depletion happened.
Now, today, a bunch of the 1 Ounce Gold bars and the 10 Ounce gold bars are apparently on delay.
But, there are still some 1 ounce bars and the premiums haven't budged. Weird.
http://www.pmbull.com/gold-price/
.
Boy, that is much Titanium. How is move all it!?
Everything you ever needed to know about COMEX gold in two minutes from Kyle Bass, founder Hayman Capital Management, board member of the University of Texas Investment Management Co (UTIMCO owns of $1 billion + in physical gold, and my guess is Kyle owns a sunken boat load of physical gold, too):
http://www.youtube.com/watch?v=lgNVNTvlpFY
"Ok, give me the gold"
+1 thanks for the link.
You know how to get gold? War.
The problem with trying to answer these questions is that CFTC regulators like Bart Chilton are sociopathic criminals, so these questions will have to remain rhetorical.
I'm surprised FEDbuster's Bass link didn't generate a Tyler D. post of its own.
http://www.youtube.com/watch?v=lgNVNTvlpFY
What happens is they buy more real gold and turn it into one that has a tungstun heart, and then leverage that with the Fed to keep the money straight. Nothing new here, execpt possibly getting caught by someone with gold to burn.
...and it's gone.
...edible gold?
Don't kid yourself Boris, I'll buy Ti, too- but it has to be certified ELI alloy, and @ a Ti price.
That being said, I beleive you meant "Tungsten."
and i before e except after c. it's that weird, neighbor. be sure to weigh it first.
LOL...I gotta kick outta that one, jeff...never seen that rule so thoroughly trashed!
I would say they seem to be running out of it really fast. I bet the NWO is behind all of it. I wonder how accurate those reports are anyway? I bet the gold has been gone for years, more than likely in Bernanke's basement.
Jon Stewart doing a massive hit piece on gold right now. Massive.
poor liberal douche audience has no clue.
I wonder if he gets paid in gold or Bernanke Bucks? Shalom.
That thursday meeting with barry? Everyone can frontrun
Jon Stewart...the MTV guy?
Next thing you know CNBC is gonna be playing rock and roll.
As people of Scottish descent, we are pondering starting a petition to make him switch back to his actual name. Enough with the fraud!
Jon Stewart is just parroting the 'Tinkerbell Effect.'
TV is for retards along with Hollywood's crap. Morons who support The Matrix and the tribe.
freddie- i suspect it's your picture/avatar....but your keauno self referential reference belies you-
People who base their morals and decisions in life on what they watch on T.V. have arleady capitulated to those who wish to control both aspects of their lives.
I haven't had a TV for over a decade and haven't missed it a bit.
+1 its been longer for me. My social skills have suffered
In Soviet USSA, TV Programming YOU
Colbert bashing austerity the other night. So, gold bashed; government spending within it's means bashed. Is that liftoff code for Ctrl-C?
Maybe Colbert just doesn't understand what austerity actually is.
Snarkyness is soooo cool! So says the groupthink progs...
It's like porn....I know it when I see it.
Good. Know who his brother is? Web search "John Stewart's brother" to see his Wall Street sibling.
I hope Stewart does a good job and drives the price back down. Those buying opportunities aren't going to last forever.
Gold...arggghhhhh....she be only fer PIRATES I tells ye!
Aye, matey, there you be correct!
@allthatglitters
I notice that you keep linking pmbull.com. Are you shiiling for them or what?
So that the typical ZH oddlotter might benefit from some straight info, why don't you mention reputable high volume dealers like goldmoney, kitco and tulving that are meeting demand for size and not showing any appreciable change in premium?
Kitco is reputable? What, does a bad reputation qualify, too? Aren't they still charged with fraud by the canadian government?
My last order at Westminster Mint took about two weeks to arrive, the order I placed last week they said might take three to four weeks for delivery. Good prices, ok customer service via email but delivery can take awhile. Not a shill, just a customer of theirs.
Maybe there were other store houses except the current 4.
And as a bonus ...
There was supposedly a gold hoard taken from under the world trade center the day of 9/11. Maybe that is where it was stored before it ended up in the bullion bank vaults
... or simply at the Fed.
Just ask Geraldo Rivera about Al Capone's Vault and you will start to understand just what's inside Jamie Dimon's JPM Vault...
I remember that on TV, I saw a moustache, an old wine bottle, and one of J. Edgar Hoover's diaphrams.
Good times.
LOfcukingLoud
J Edgar's Diaphrams. Holy shit!
was that a foul weather yarmaucle?
Saw it too, must have been the same TV
On the up side, at least there will be room for visitors of German extraction.
I think that's what the Fed's gold counters are worried about: a German extraction.
4. Now we know why Obama had an unscheduled meeting with the top bankers last week. What other countries want their GOLD back. The Swiss are voting soon!!
If no's not there then where is the unknown thats not there in the know?
Note to self: Quit making fun of that guy who really used to talk like that that you had gracefully see exit because nobody could understand what the fuck he was talking about. You know?
I think Blythe Danner is sexy.
don't quit
Could be worse, could be Alexander Haig.
More than likely another empty "Gold" vault. Gold is leaving the West and going to the East.
http://ericsprott.blogspot.ca/
That's correct, There is no "there" there.
That means its been stolen. It doesn't matter if you Gold Bugs stole it or not. The fact is that the possesion of stolen property is a crime, so you criminals had better give it back willingly and maybe, just maybe you'll only be given 5 to 10 years cracking rock in a re-education gulag.
Laugh now, but it's a coming.
They've never come for silver... yet.
Actually, there was an official order to confiscate silver back in 1934 from the sit down tyrant. But it only applied to parties known to have a full comex contract's worth, 5,000 ounces. I don't remember all the details I read. But there *was* a silver confiscation of sorts.
If they want my silver, they'll have to pry it out of my cold, dead Patriot missiles.
Jim Carrey is gonna throw a bitch fit over that comment.
¿Por Que?
+1000 for "the sit-down tyrant"!
LOL!
Sovereign Gold is about as visible as QE2's balls; might as well be boxes of neutrinos for all the good that sh*t does.
It was part of the London whales activities - Jamie again says it is a "tempest in a tea pot"
Just be glad it wasn't a "tempest in a pressure cooker."
https://www.tiaa-cref.org/public/pdf/High_Yield_White_Paper.pdf
wasn't sure where to put this - but found it interesting that this month TIAA CREF publishes a white paper that:
Conclusion
Despite cyclical price and yield fluctuations, high-yield bonds—especially those of mid- to high-credit quality—have demonstrated their ability to diversify portfolios by providing the following long-term benefits: Attractive risk-adjusted returns Negative or low correlations to Treasuries, high-grade corporate bonds and equities Lower sensitivity to interest rates than Treasuries and high-grade bonds Significantly higher yields compared to high-grade corporate bonds and Treasuries A predominant income component that in the long run has outweighed short-term price fluctuations These characteristics represent an appealing risk/return profile and make an enduring case for diversifying portfolios through a strategic allocation to high-yield bonds.Physical gold and silver purchases have occured since the price plunge at an almost panic level. Gold vaults worldwide are being gorged.
http://sprottmoneyblog.com/
What gold?
What happens if and/or when the JPM vault is empty of commercial gold, and JPM receives a delivery notice?
Answer........Tough shit......you were told to own phyzzz
Those holding paper gold will be settled in buttcoin.
Double whammo.
Sorry, Mt Gox is closed. Here's a free spiderman towel, enjoy the banking holidays on the beach.
Forced cash settlement
What do you figure is a fair settlement in FRNs from Gainesville?
Bought a small amount near the bottom, and they missed the delivery date- first time for everything, but they got caught with their pants down, I think.
As far as I am concerned, they exposed themselves as naked shorts- you know what happens to those fiolks when the tide goes out, right?
That would make 2 of us. I placed solid order with them on April 15 for Gold and Silver Eagles that was supposed to have shipped today, and it appears they have not shipped. I wired Gainsville Coin my funds, so they have my money, that is not the issue.
I have ordered from them numerous times in the past and have always had prompt service and not a single issue. I will call them tomorrow and get an update. If a dealer that size is having trouble getting inventory on basic gold and silver bullion eagle's, what does that tell you ?
They have your money, but you don't have your purchase. A lot of people were in that same position in 1931 when Creditanstalt failed causing a cascade of bank failures from Europe to the US and people who had paid for purchases that were not yet delivered found out their money just went poof -- "aaand its gone." I forget the exact details because I read about it several years ago, but it scared me enough that I stopped ordering PMs on line. I hope you put that purchase on a credit card. If your going to buy like that, at least use someone else's money.
Force majeure amigos.....really sorry about that.
Good thinking
Rehypothicating is what is going on.
Glad to see that the Chinese and Canucks value gold, judging by the HSBC and Scotia holdings.
DEhypothicating is what is going on.
GLD baskets being removed from "availability" at the same time
JPM Comex "gold" is being made unavailable
aka DELEVERAGRING
Check out this quote from Dr G Gono in Zimbabwe (Jan 2013):
"Some, particularly local banking institutions continue to show total disregard for sound corporate governance practices resulting in some founding directors "dipping their fingers" into depositors' funds."
Sounds a lot like the Eurozone to me.
http://www.rbz.co.zw/pdfs/2013%20MPS/Jan%202013%20MPS.pdf
The most funny thing is, he spells "brain-drain" as "bran-drain" in point y) page 67.
What happens? Dimon gets a pony.....head placed in his bed?
An Educational Moment Between Warren Buffet and Jamie Dimon's little Girl
Uncle Warren: Hi Sally. Today we're gonna talk a little about investments.
Sally: You mean like I can get a pony?
W: No Sally, investments, how to save money for things like ponies
S: But my daddy said you'd get me a pony.
W: He said what? Nobody told me anything about getting you a pony
S: Daddy said you were stinking rich and would get me a pony
W: Sally honey, harrumph... Your daddy has more money than Christ, so let's talk about investments, OK?
S: OK. Can I have some money for candy?
W: No you cannot have money for candy. We're gonna talk about how to save money so we can buy the candy cane company and have all the candy you want
S: So you can give me a candy cane? I want a candy cane.
W: I don't have a candy cane
S: You said you'd give me a candy cane. Indian Giver. I want a pony. A nice Palomino Indian Pony with a nice Navaho rug. A real antique collectable Navaho rug
W: Shut Up!
S: I wanna pony, I want some candy, I wanna Palomino
W: SHUT THE FUCK UP YOU BRAT
S: Daddy said that if you yelled at me he'd take all your allocated unencumbered gold out of segregated storage and I could tell you to stuff it up your ass.
W: What?
S: I want my pony
W: What did your daddy say?
S: He said for you to stuff it up your ass, Uncle Warren.
Curtain
Fin
Now turn your volume up and close your eyes, 'cause this is the way its supposed to be....
http://www.youtube.com/watch?v=jQpAjgy9pjI
...priceless...like the equity markets...
LT
If you care what people think of you, you become their prisoner...
Dude...that song was just what I needed tonight before I went to sleep... I took my one daughter to the ER last night...strained neck playing chicken in an indoor pool, the other daughter has been a brat...jealous of the attention! My wife...no comment...hormones.
Me...I like that ol' country sound. Here's a radio station that will take you back no matter your age...
AM 540 KWMT...old country, farm reports, etc...close your eyes to that during the day and take a drive on a country dirt road in a 73 Chevy / Ford / Dodge / GMC pickup...take your pick.
Listen here...
http://v5.player.abacast.com/v5.1/player/index.php?uid=6178
1 2, 3 and 4, 5 6, 7 and 8. Classic
Worked for the Cyprus banksters
Paper gold needs an honorary spot on the periodic table.
Symbol: Bs (Banksterium), group: ignoble gases
Atomic weight.. <0
http://en.wikipedia.org/wiki/Relative_atomic_mass
Bitcoinium ! Atomic weight: 000111001001111011000100101000110001
unspendium
WTFUBARIUM
Uses . Used mostly in emergency toilet paper and also used for starting arguments about "payments, wages, and fair value"...
Unobtainium. Right next to Phoolium and Balonium.
WB7 already created a periodic table of Wall Street Criminal Elements.
http://www.ritholtz.com/blog/wp-content/uploads/2010/08/BANZAI7-PERIODIC-TABLE.jpg
Banksterium would clearly fall under the category of "Bonusoid". Then we of course have all the alloys, such as ETFium, a mix of banksterium, lootium and bailium.
The best paper silver alloys in the market do have a bit of hysterium added, especially the A-rated one which may contain bullshitium and trace amounts of doomium.
+1 Supernova.
We've all seen figures for supposed world gold supply - say 170,000 tonnes - say a cube 23 metres each side - whatever...
And out of that total the CBs have got 30,000 tonnes plus, plus whatever adjustments need to be made because China hasn't had time to count it all yet, minus adjustments for possible Tungsten implants in Fort Knox, again, whatever...
What my enquiring mind would like to know is how massive is the 'virtual cube' - in other words how much paper gold (which will, in the main, turn to ashes like a losing betting slip) is out there? That ex-Goldman bastard Jeff Christian said that on the London market there is only one ounce fizz for every hundred traded - but there is no accurate data for the volume of London trade. We get COT reports which give some data, but how much paper gold is there worldwide? 3 million tonnes? 17 million tonnes? What the hell is gonna happen when all (or even half!) those holders of paper gold realise they need the real thing? How many days / weeks will the markets be closed whilst they try to work out a solution? What's gonna happen when sovereign states are told they will have to take 90% - or 99% haircuts on forward contracts? Blood on the streets? East / West war?
I've never read anything to this effect but I believe that before the physical price truly separates from the paper price, both will go to near zero before physical gets its moonshot.
Just a question of who's got balls enough to believe in the snapback.
@BIJ
That's what all the Freegold people think. And they worry about whether or not they've got the brass to withstand the paper slaughter.
BiginJapan- your question is answered in considerable detail here:
http://fofoa.blogspot.com/?m=0
If you count key insiders in fractional reserved gold scams "withdrawing" physical for themselves in JUST the right time as "market transactions", then yes, that could be a price of physical near zero. Are you one of those handful of key insiders? If so, do you think you are well positioned to pull that off, i.e. have you considered for example other insiders betraying first, just ahead of you?
Prisoner's dilemma, BITCH!
Million Up Stars
That is one of the best of all times!
Kudos!
Agreed.
Unobtainium
Whups.
corizine was seen lurking with a black backpack outside chase, coincidence??
Corzine just wears the backpack everywhere because he never knows when he might need to hop right onto a bus or a plane or a train or a truck or a jitney
Somebody should ask about this on the next JPM earnings call.
There is no way the conference call operators will let you ask a single question.
to which the response would be, "that's why I have more gold than you."
I'd say the gold is passing from weak hands to strong hands- strongly CROOKED hands, unfortunately...
Is this gold Asia bound too?
Deutschland
It's funny how you can have boating accidents on dry land.
How do you move somethoing so valuable without being noticed? Cloaking device?
They hide it behind all of their invisible silver.
Where's the beef?
Dog, its what's for dinner.
more like your kids hiding weed, but backwards, when
you find it and smoke it, you can deny everything...
like I said, backwards...
LT
Sink holes.
There's gold in them thar shills!
Hellllllloooooooooo in thereeeeeee....*echo*....
What's the Morgue need any physical for when they have all that valuable paper gold?
Bwahahahahhaha.... I think I just pissed myself laughing.
Images of Krugman's Big Purple Throbber with him drooling all over himself
Get it?
Paper gold?
Oh, shit.....
I mean if paper money is better than gold, then what would be the best of all?
Paper Gold!!!!!!
Don't laugh too long Doc. it won't be long before all the bullion banks pull an amro and yell out "no mas !!!"
If the drawdowns continue for much longer, thats exactly what we are going to see...
agreed, the one thing that should be repeated like
the big lie, is the amro cash settlement idea, then gold
is basically bitcoin, not that there is anything wrong with that...
mercy BTCers, I am on your side...but you still are not silver
LT
Perhaps some 'officials' from Germany are paying a visit to 33 Liberty soon? Gotta make things nice for 'em right?
It's like freakin hogans heroes over there with all the tunnel activity...
I find a JPM gold raid bitter sweet but scares me of whos pulling it off, or do I have it wrong, they never had the phyz...?
"These are IOUs, they are as good as gold."
pods
"Finally, everyone knows that in the past month gold has experienced a very severe move lower which is still largely unexplained."
Really? I think it is quite evident what happened. The liar running JP Morgan and his Jewish friends along with Bernanke tried to take Gold down so the criminal enterprise known as JP Morgan could replenish its low reserves with cheap Gold using Fiat toilet paper. Sound about right?
Won't work - I'm never parting with my American Eagles and Kruggerrands for Bankster toilet paper.
Exactly, and it will happen again - then the real bonanza/decoupling from paper gold will occur and then.... panic bank run!
Ah, the bitter reality as espoused by the Law of Unintended Consequences.
Gotta tell ya, this had to be planned by the gubamint, because nobody on the banking side (JP, GS, etc.) is stupid enough to have not seen the results.
And BTW, tomorrow is COMEX settlement, no? And goldilocks is being run up again in Asia. Are they sqyueezing the newly opened shorts set up during the plunge?
LOL
Somebody's loosing a fucking boatload of money, folks.
Whipsaw?
I knew you knew how to spell whipsaw.
I've taken two nervous energy dumps tonight. That never happens.
Somethin's up
Desperation by the banks.
If the fed is the one losing the money, then they don't care because they'll print more tomorrow. And since they have a big chunk of the supposed federal gold supply woven into their paperwork, they don't have to give a shit if they lose money on gold.
Hold the gold, print the bux. The fed can't really lose in that scenario. They will ALWAYS have plenty of money to buy more gold. At least, until money won't buy more gold.
JP Morgan is what JP Morgan is because of fiat. Everything that has happened has been an (pathetic) attempt to save the USD.
It's the game, not the pile. If the game craters then what happens to the pile?
Sounds right except for your anti-Semitic spew.
Apparently, even Jon Stewart's getting in on the anti-gold crusade.
He just realized he's the only pseudo jew in New York that doesn't have any gold.
Somehow, someday, somebody has to prove they have gold in which to leverege, hypothecate, or otherwise utilize as collateral.
Sooner rather than later.
They allready do. They just don't have to tell us what they do.
Maybe not if its based in the City.
Unlimited aka Infinite Rehypothecation. One bar or even one warehouse receipt that may be fraudulent from another LBMA approved vault and you can create all the paper your little furry tail desires.
Sigh...
Big holders starting to inch toward the door?
He who panics first wins.
pods
"If you're the first out the door - it's not called panicking".
Aren't the first ones out the door called alarmists?
Jaime Dimon to Bernanke:
I dropped off the gold exactly as per... look, man, I've got certain information, all right? Certain things have come to light. And, you know, has it ever occurred to you, that, instead of, uh, you know, running around, uh, uh, blaming me, you know, given the nature of all this new shit, you know, I-I-I-I... this could be a-a-a-a lot more, uh, uh, uh, uh, uh, uh, complex, I mean, it's not just, it might not be just such a simple... uh, you know?
sacrilegious to compare Jamie Dimon with "the Dude". There is no moral parity here. The Dude is an Americon Icon -Dimon is a piece of dog shit.
I'm gonna make myself a caucasian....
Thanks for the inspiration.
elevator pitch:
maybe another Jamie Dimon who is mistaken for the guy who took JPM's gold who comes to see the other Jamie Dimon...
great moments in film history aside, using the Dude and JD in the same sentence is akin to stealing a rug that ties a room together or worse urinating on it...hmmm, life imitates are, right?
Thain was the one with the 6 figure rug at taxpayer expense if not mistaken...
LT
Amen...brother...go preach it!!
Bernanke is an American Icon? To who?