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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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"-Dimon is a piece of dog shit. "
Dimon is the remnants of last night bad Tandoori Chicken... Double flush...
Pull the trigger until it goes *click*
+1 to the Dude!
Fuck it Dude, let's go bowlin!
Dude....watch it. I'm holding a beverage over here.
Those people are nihilists ...
I thought JPM sold 400 million ounces of gold or whatever it was in one trade last friday after some timely and prudent advice from the goldman sachs? Seems like an open and shut case, and some timely advice to boot!
tower heist, watch for JD driving the ferrari
ouch, that hurt. helluva roundhouse tyler.
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)?
whereever it be, betya 1 Valentian I era gold tax collector bar that it never made it above ground in the entire journey.
"possession is 9/10th's the law." it went "wherever they said it went." if they nothing....they never had it to begin with.
Jim Willie says the Banksters pledged the gold as collateral to Chinese loan sharks -really, really bad loanshrks- and that they had no choice but to cough up the gold -at the risk of getting Jimmy Hoffa-ed- he also says that when very , very rich people find out their gold is gone -the Banksters will be toast - they have some kind of underground Elba Island or something where these banksters will be sent to.
I thought Jim willie said the fed was about to do an about face and slam gold higher so that it would be much more difficult for the chinese to buy it....so basically the opposite of what happened....
The Willie interview I'm referring to was about 3-4 months ago
re: jim willie...
never trust a blogger who uses dual color fonts...
never trust anyone with two first names...
LT
Never trust anyone with two first names is MY line. It comes from being around broadcasting people too much. Movies are even worse.
Danchuk Jefara Vilmanscheiss suddenly becomes news anchor Danny Williams. (I made that one up, but I like it anyway.
...or an actor re: Jim Carrey
Cant wait to see Dimon and Blankfein strung up in the city square so I can spit on both of them.
Jim Willie says a lot of things.
Easy answer:
MARGIN CALL KIND, not in cash.
so play it out ekm. where does it go from here?
Same concept as for monte dei paschi collateral call, a spare change of 4 billion euros could have demolished the italian banking system. But they settled it with euros.
JPM owes money due to swap losses. Those are paid quarterly or something like that. They have no collateral, just a little.
Nobody seems to want dollars any longer, they want the stuff.
or the FED is buying gold from JPM in exchange for dollars for them to do payouts. I guess not much bons left to buy.
Bottom line: The Fed has bought almost all available collateral.
I made a call during the 2nd week of march that we are only weeks away from the collapse (collateral call). My call is in its 5th week unfulfilled yet. We'll see.
assume the fed is taking that gold off JPM's hands. Then JPM settles in cash.
Then JPM has no collateral left.....
game over JPM?
no way....?
No. JPM will call other collateral from the sacrificial lambs around. It becomes a chain, like the risk with monte dei paschi
If italian gov didn't pay, then DB and Nomura would have had to sell something else in order to fulfill their obligations.
Why were they calling the collateral from monte dei paschi? Answer: they had swap payouts to do.
It's getting close, very close.
Interesting. I'm not familiar with your call, but recent events seem to have shades of the end games in Simon Johnson's "The Quiet Coup" [http://www.theatlantic.com/magazine/archive/2009/05/the-quiet-coup/30736...], but this time occurring in the developed world.
Given all of the articles, pronouncements, and talk of how to handle G-SIFI's without taxpayer bailouts [just taking taxpayer acct money instead], makes me wonder if the TBTFs are playing musical chairs and we may find out soon who will be cannibalized, and who will be dining on the remains. What happened in Cyprus definitely was a test run [with confirmations from Ireland, NZ, and other spots bearing this out in my mind]. It may also be how the CBs plan to sterilize a lot of the global QE - not through selling their bonds/assets, but through massive wealth destruction via bank "rescues".
What it MFGlobal and Sentinel were also test runs? After all, who got the allocated customer gold and cash? And the big banks have moved lots of derivatives onto their retail banking banking balance sheets, where it now has primacy/priority over retail deposits. Just speculating.
Oops- this was supposed to be a reply to EKM's 22:10 comment.
Hah, as I said, check the comment from russwinter on this post:
http://www.zerohedge.com/news/2013-04-24/just-what-going-gold-jpmorgans-vault#comment-3495678
I saw Russ comment. so azberghasistan or whatever jumped the line in front of Germany and got delivery first?
http://www.csmonitor.com/USA/Foreign-Policy/2012/0329/Attacking-Iran-Did-US-just-torpedo-Israeli-deal-for-a-base-in-Azerbaijan
You think Azerbaijan is not important?
http://en.wikipedia.org/wiki/Baku%E2%80%93Tbilisi%E2%80%93Ceyhan_pipeline
No I am asking how they got in line in front of Germany and actually received delivery first. Also what makes them so special that they don't get a delivery of bombs like Libya etc did?
Their president is not stupid and is playing both ways with USA and Russia. Quite, quite smart.
He's got the oil and wants to sell it to highest bidder at the maximum leverage. He's something like a sultan there, like a king.
It's all about crude oil. All wars about crude oil. US soldiers die to obtain crude oil for the sheeple. As long as Germany gets the gas and oil, they won't care about their gold. They will call the gold back, if the gas flow gets reduced, so they can do their own deals using that gold.
I disagree.
It's not that I don't think you're on the right track. But I think you focused on the wrong end of the transaction. Our recent military actions have been about the dollar not oil. Afghanistan was a target because the Taliban were there and the purported people behind 9-11. But it was also a great . . pickup for the narcodollar value. Iraq was a target because Hussein had had the audacity to say that he was going to accept euros for his oil. Iran is a target because they also say that they don't have to be paid in dollars. Qadaffi is suddenly an intolerable problem while not really having changed much how he ran his country because he was talking about a precious metals currency. Don't kid yourself. Oil is nice. It's a great thing to have. But oil doesn't threaten the banks that own the Federal Reserve. Actions against the dollar do. And that's when we go to war.
We are saying the same thing.
The only way to keep a demand for dollars is to have oil denominated in dollars, otherwise nobody would care about us dollars.
US dollars is backed by Saudi's oil, hence it's backed by US military.
In a theoretical case that the earth runs out of oil today, nobody cares about USD as of today.
The problem is that Benny is printing dollars not backed by oil or other products, hence those dollars become claims on other's assets, hence rejection of USD by Currency Swap Agreements
dollars are backed by force ie largest military force in the world
Righto, Lybia wasn't attacked until Gadafi said he'd sell oil for Rubles and Yuan. Then, Bingo, a month later he's dead!
Gold crushed to allow the morgue to replenish the vault w phyz, temporarily staving off default
Use me improperly at your own peril.
"Salus populi suprema lex esto"
Credat Judaeus Apella, non ego.
Brevis ipsa vita est puer stultorum magister
That was more painful then it should have been.
Name alone was good for an up-arrow...
Gold drop =coordinated soveriegn sale.
My bet (as I've stated recently) is it's getting passed back to the bullion banks so they can return it to central banks.
It's very obvious from COMEX inventories and GLD holdings and now this, that whatever physical is out there in the banking system is rapidly getting moved.
Something big is coming. Given run rates of how fast the gold is being moved and known inventory levels, whatever is going on will be complete in under a year, and probably in less than six months, and appears to be accelerating (run rates increasing) so it could happen even more quickly.
Whatever it is, it's being moved because of it's value, not lack thereof.
Yes, I think that's a safe bet.
By the pricking of my thumbs...
Hey Texas....you reading this?
It's gone baby....gone.
Shhhhh... you might spook the Germans.
JPMorgan's in-house document shredding department.
/sarc
"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?"
Yes. I say it did.
The Morgue has always had a "special relationship" with government fiat. The rest of the world, not so much, apparently ;-)
Bank run!
That gold could buy a lot of Russian hookers and blow. Anyone seen Dimon recently? Does he look tweeked?
Nope, just the same old unremarkable, unaccountably smug dullard as always.
Obviously the two minute warning blew a long time ago (2008ish)
The music is ending and everybody is grabbing chairs.
There are more tickets than underlying assets, Big people are getting their share first.
All actions now (Like the two vaults) are equivalent to 3 card monty.
Where's the queen
This is getting better than a double feature at an IMax theater. I have a front row seat and bought a pop corn machine for the family because this is going to be a long show and we don't want to miss anything. And bought some extra bowls.
If you don't have your ticket yet I suggest you purchase it soon. Only physical Gold or Silver is accepted for payment. They like real money at this theater.
They are preparing to vaporize JPMorgan and all it's depositors??
Vaporize them?
Think of JPM as a ledger item. A sub-company. When the game closes, the physical assets will have been removed, and only debts on the ledger sheet. They will be liquidated, the real wealth had long ago been syphoned out.
Did anybody ever watch The Sting with newman and redford?
The mark can't know where the money went or able to blame anyone.
Just that "Legal Entity/Person" the "Corporation". Put the Corp in Prison?
Fighting the Glove not the hand.
Wait. I thought we were supposed to smell the glove?
Only if the volume is turned up to 11.
I'm thinking Morgan Stanley will be the next Bear Stearns. JPM will just smile and keep on rolling.
Only Munger's tailor knows.
It seems that we're reduced to asking lots of questions about things that ought to make sense, but don't any more. And haven't in the last few years. Increasingly, it appears that the 3000 or so of them running the 320 million of us don't care whether they answer the questions because, quite simply, the rules don't apply to them. When they want something bearish, it's bearish. When they want something bullish, it's bullish. When they say that have gold, they simply do have gold, whether it's there or not. When they feel like robbing a bank of over a billion dollars of funds that should have never been comingled, they just do it. And to hell with common sense or rule of law or disclosure.
Similarily, when they want to pass a law, no matter how ridiculous, they just do it. When they want to break a law, they go to the courts and have it done legally. When they want an election won, they win it. When they want a country's economy ruined, it's done.
Perhaps I'm missing a lot of details here but it appears that this dog and pony show we're watching could go on for a very long time with no one being able to do a thing about it.
This is EXACTLY how I've felt for some time now, but you've managed to state it much more succintly than I can. At this point all this simple minded Alabama redneck knows to do is to keep stacking - no matter what the price, and stand aside and watch the clown car crash with mild amusement. I no longer get enraged. I no longer desire a fight, a revolution or a collapse. I simply want to be left alone so I can make sure that my son inherits a sack of heavy, shiny round things. I'll continue to trap my food and feed my family from nature's bounty.
http://www.meattrapper.com
Don't worry ! Be happy ! Frank Weir "The Happy Wanderer" 1954 www.youTube.com/watch?v=IRmFoU4SLEI
@MeatTrapper
Just watched a couple of videos from your website. Cool Stuff. I don't know much about hunting, trapping or dressing animals but those are skills that I want to acquire!
Thanks for the insight!
Went there too. A skill set were all going to have to get used to. Thanks for sharing MT.
Don't worry ! Be trappy !
One month in there won't be any animals....
A month into what?
Regardless of whether folks want to imitate Tuck Everlasting or follow the' On a long enough timeline the survival rate for everyone drops to zero' mantra, the skills that enable one and/or one's family to be self sufficient have been useful in the past, are useful now and will most likely be useful in the future.
Do u sell ur pelts?
...and when they want war...
you and your family...die for it.
Arms raised when you are told. Pay what you are told. Die when you are told.
Yep, they're buying time w/ this 'maneuver', to replenish the reserves that are flying out of the country. They'll most likely do it again, when needed, until there's nothing left to be had. Get your gold while you still can.
Why back the US dollar with gold to quell inflation when the sucker preppers will do it for you?
I heard in the common vernacular they say BTFD.
BTW Where is StockMarketPro2 [mr smashy] these days?
Hi Folks,
Don't know if anyone has pointed this out yet, but the correct number is just 69 tons.
As info.
Dog
69? Sounds like maybe banks is to screw each other!
Azerbaijan asked for their gold to be delivered, was held here. Explains about 480,000 oz of it. No doubt others are asking delivery as well.
http://silverdoctors.com/repatriation-avalanche-gaining-momentum-azerbaijan-to-withdraw-all-gold-from-jp-morgan-vaults/
Sure no problem, that will be in 8 years. get in line
Chavez laughing uncontrollably in his grave "and the called ME crazy"
And inquiring minds want to know whether there is a connection between this information, and the requirement that physical gold be shipped to Germany, Texas, and elsewhere.
Considering the situation with the gold that was supposedly stored beneath the WTC....
You don't think they would be moving it out prior to some type of........
Oh, never mind.
Yeah...
That shit left early.
LOL
You're the 2nd one I've read mentioning that. The other said 4/30/13.
"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)?:
Do you really need to ask? I think everyone here knows that Jamie Dimon is an avid sailor. Perhaps he likes to tip the bottle sometimes. Bada Bing Bada Boom, Boating accident!!
maybe another terror attack by 19 yr olds but with homemade bunker busters
USD is getting smashed as we speak. The elite are getting ready. I've had the sense especially intense lately that a major hit is coming. Being as that I follow 'news' like few others, I'm thinking when my whiskers get twitching..A good reason exist.
I'm wrong a lot though.
the bernanke put applies to gold, so while mom and pop were buying physical in the latest downdraft, uncle was buying more, hint wink. remember when hankster paulson called his buddies at GS for a favor, and they removed gasoline from the commodity index (early spring election 2006) in order for bush to curry favor with consumers to buy their votes. JPM is going Lehman under the bus. thank you Jamie. the third year of the second term is approaching, this is when the markers get called. (and with a big enough blow up maybe he can cancel the elections.. tsk tsk tsk.. be sure and read about it in the new Bush/Obama library.
Next they are going to be betting with house money as they are ALL IN!
That's IT... I am relocating to Zimbabwe... where the government is far less corrupt and I don't have to use deodrant.
If Krugman has a fake Nobel prize, then Gideon Gono certainly deserves one as well.
So, what if the central banks are going to bail in enough capital to cover the total western debt and do a reset with a new global currency? It will mainly apply to the top 10%, some losses from 401k's for the general public, but it will be sold as a debt payoff to install a new system unhampered by debt austerity to create new growth- as all governments will be debt free.
Large corporations get a pass and collect all the market share for pennies on the dollar. Banks pick up the rest and governments get a clean slate to recreate the national or regional economy. All new debt possibilities mean higher wages, benefits and pensions with lower taxes thrown in.
...and the rich get fleeced ( not the real rich, just the kinda rich), think the people will care about that? Who holds the capital? What do you have in your hand?
PUD, you are missing a gold-related thread to once again regale us about the unique environmental evils of gold mining ....
He's camped out at the LCS. Remember, his type is the do-as-I-say-not-as-I-do breed of asshole.
I think it is actually unlikely that he buys, or have EVER bought, any precious metals, or could do so if he wanted to, as I doubt that PUDdinHeadWilson has even two bitcoins to rub together, figuratively speaking of course.
Lol,
because storing wealth in eco-friendly fiat is a ethically and morally superior position that screams "I care. Really, I do."
LOL AK.
Ah.....Gold is disappearing out of the vaults......it's nothing new. It's been mysteriously disappearing for years now..,,,
Morgan Stanley in 2007, ABN Amro, just to name a couple.
As long as it doesn't disappear from "First Bank of Boating Accident", it's all good.
Kidding aside, the inventories are going to disappear at an increasing rate, until the last ounce is sold. Why? Because "scarcity", and the "perception of scarcity" drive people to want something, more and more.
$1,500 Twinkee's ring a bell?
I know, I know. Some of you think there isn't really a disconnect between paper prices and the physical market. I think premiums are high, but that the actual disconnect in prices hasn't happened yet.
BUT, what is happening is that: The price on the paper market is lower than the price in "physical world", which guarantees that inventory at Comex will disappear in a hurry, if physical buying keeps up this pace.
Disconnect is coming. I don't like pinning myself down to a time horizon, but I would say 3-4 months, maybe even sooner.
I say sooner, because I don't have a crystal ball, just the strong gut feeling that a major scandal is about to erupt.
The disconnect is a fact in the higher echelons. It will move downstream.
Anybody know what's going on in Bama.. some type of propane fire..
Two fuel barges in Mobile Bay exploded: http://www.cnn.com/2013/04/24/us/alabama-barge-fire/index.html
In the words of Billy Preston
Nothing from nothing leaves nothing.
It's a bank. Something criminal silly !
KEEP FUCKING STACKING!!!!!!!!!
10 Up arrows!
You underestimate the political capital behind JPM. JPM cannot be asked to deliver. End of story. Just heard today that Mocatta is borrowing GLD shares and treating them as gold, to extend gold loans = Mocatta is Corzining GLD.
So did Paulson get Paulsoned or Corzined?
Dimon'd...the new and improved Corzined
I think someone found some gold in Hong Kong. The freakin thing just popped up. Few bucks.
It is my belief that Germany's Gold has been paid partly in cash instruments with final(cash) payments in less than 3 years. They took transfered USD and bought into the Gold lows as of 4/13----4/16. This crash was a bouns made for Germany to let them repatriate USD into Gold and get Bonus Gold in the process, kind of a bonus for not forcing the issue of complete delivery of all their gold.
It is my belief that Germany's Gold has been paid partly in cash instruments with final(cash) payments in less than 3 years. They took transfered USD and bought into the Gold lows as of 4/13----4/16. This crash was a bonus made for Germany to let them repatriate USD into Gold and get Bonus Gold in the process, kind of a bonus for not forcing the issue of complete delivery of all their gold.
Plausible .... and maybe they won't get all the gold .... they were hoping for ?
300 tons = 9,645,300 ozs. They're probably still short.
@spectre
That's creative thinking but the facts don't confirm. If your scenario were true, the Comex gold open interest should have skyrocketed at the lows but it didn't'; there should have been at least a large "GLD puke" as well but there wasn't.
The canary just died in the bank vault.
Just like the gold in the NYC vaults Sept 2001, or the missing 2.3 trillion announce by Rumsfeld or any false flag like Boston you're asking questions and they will never give you answers. That's not how the pyramid works.
And on another possibly related note I did notice they're finally releasing the partial gold dollar several years late and now a few million ounces short
http://www.marketwatch.com/story/new-100-bill-to-enter-circulation-in-october-2013-04-24
Maybe it's gone to the NY Fed, but only as a stop on its way to Asia.
100 people; 1 chair ..music is about to stop...
I think this nice lady is on to something about musical chairs.
http://theautomaticearth.com/Finance/nicole-foss-in-australia-its-no-use...
Reading Collection, The World according to the Automatic Earth.
http://theautomaticearth.com/Finance/the-world-according-to-the-automati...
I like these "primers" the best.
http://www.theautomaticearth.com/Lifeboat/how-to-build-a-lifeboat.html
http://www.theautomaticearth.com/Lifeboat/40-ways-to-lose-your-future.html
http://theautomaticearth.com/Lifeboat/sandy-lessons-from-the-wake-of-the...
Nicole Foss + Boats
Boats + Zerohedge
Sorry, I do not see the relation.
(/zarc)
Some drunk in a bar pulled 100:1 out of his ass, and somehow it became dogma.
Jenga is a far better analogy then Musical Chairs
The number of blocks (of leverage) has a direct correlation to what the final event actually looks like before everyone realizes the game is over.
The 100:1 came from the CFTC meeting that Andrew Maguire (the whistleblower) testified at. It was contained in the answer to a question (as I understand it) about how much gold traded in a day vs how much was in storage backing those trades. I believe it was Jeff Christian (an anti gold guy) who was the person testifying, IIRC.
Thanks for the clarification on where that came from, but daily volumes (esp. in an HFT world) aren't much better than a drunk in bar when figuring out how many times an avaerage bar has actually been hypothecated (i.e. competing claims). The correlation between NYSE + dark pool volumes would dwarf the volume of equities held in street name, before even examining futures, options and other derivatives, which is a different issue than how many times an indivudal share of JC Penny has been repothecated to support a 40% short interest in the float, or how many dollars have been created out of thin air by overall equity hypothecation to support additional ownership of equities.
I think the actual number of "paper owners" than need to be shaken out is significantly smaller than 100:1.
They never had any Gold....
The rush to get this vault open and the circumstnces at the time lead me to think THERE NEVER WAS ANY GOLD there. JPM sold contracts and told the buyers they'd store it in their vaults (at a 'good' price if memory serves me). Most people never took actual delivery so owning their own vsults took lots of pressure off JPM to actually come up with metal to deliver. They sell lots, charge sotorage - but nothign is there. But as people are not demanding delivery, they have a problem.
Wouldn't be the firt time banks sold metal, charged storage and - surprise! - it turns out there's nothing there.
+1...try taking delivery....
Stories everyday
Not just ‘banks’ but this PARTICULAR bank.
Stuff just disappears? Has anyone seen Corzine around the vault?
BTW - anyone seen Libya's gold lately?
Funny how that story dropped into the memory hole. You think SOMEONE would be a bit curious about all that gold... 143.8 tons isn't something you can carry off into the desert on a few camels
Every bar is actually a tungsten wafer or larger bar stamped with CORZINE CLUB from the TUNGSTEN STREET gold vault company®
Those three big vaults .... close together .... remind me .... of three walnut half shells .... and a dried pea ?
Yep, you got it. Move the gold-planted tungsten bars around, let the sheep report on the shiny "hoard", and who would know the difference. Brilliant! (the cocksuckers)
El Dorado 2.0
Rise in the price of gold results in either inflation or higher interest rates. They'll try to print their way out. These people are cowards who cannot face up to the consequences of decades of bad behavior.
All your Krugerrand is our breakfast. Did i say breakfast? I meant collateral.
Help me, I'm trying to get rich. If I create 85 billion a month out of thin air and loan it to my friends who fractional reserve the money at a 12 to 1 ration, and then I buy hard assets and rehypothecate, hmmm, let's say 12 times. What is 144 * 85 billion? I wonder why no one can afford to own anything in America. I wonder about a lot of things these days.
When everyone says the bullion banks "hypothecated" the gold borrowed from the Fed, their words obscure a key point. Hypothecated = sold. The bullion banks sold tons of gold at $500 or $700 or $900. Now - classic short squeeze - they are faced with having to buy it back at $1400 or $1600 or $2000. Tons of gold, at $500 or $1000 per ounce loss. Billions in losses.
Of course JPM is doing everything it can to avoid recognizing the loss. It's gone from trading to fraud. Everyone in the deparment will lose their job. So...they manipulate.
This is just another version of a rogue trader/whale/criminal trying to survive for another 24 hours....with systemic consequences that have made "too big to fail" an unfortunate part of the lexicon.
Maybe it happens tomorrow, maybe in 4 years....but it's gonna blow.
I think you've nailed it.
Thanks Bugs! Keeping it simple, or it won't be so.
Why isn't this showing up on an audit? Who else is complicit in this criminal systemic sham?
Audit? LOL
No really, LOL
they'll ship carts through the service door until both vaults are empty
I keep thinking of Battlefield Earth when the aliens come to take the gold.
Ooops.
3 million ounces gone.
What up wit dat? C'mon J.P. Morgue, wat up?
If everyone just bought 1 oz of gold, or 5 ~ 6 oz of silver, everyone who did would be rich.
Wow, you know there are over 7 billion of us now, right?
when the going gets tough...the gold gets going..
http://bullmarketthinking.com/comex-physical-drain-accelerates-with-over...
What happens if and/or when the JPM vault is empty of commercial gold, and JPM receives a delivery notice?
That's when they can move into the free range chicken ranching business which I recommended they do last year.
We are going to wake up and find there is no PM in any Western bank, all of it will have moved to Russia, the Far East and Israel.
derivatives are the equivalent of betting on horses (racing to the "new normal").
the actual horses race for the prize (physical).
betting is millions of times bigger than the value of the prize in each race.
aramgeddon occurs when the prize becomes more valuable than the net of all the bets, because it is real.
now that retail is taking delivery of the prize, the bets are becoming worth less and the prize is becoming worth significant.
when banks cannot deliver the prize..they fail or have to compete for the prize themselves.
"he who buys what isn his'n, buys it back or goes to prison".
well unless you have a corrupt government that does not prosecute its criminals...then you have communism, facism or anarchy.
revive the republic!
i am spartacus
Should read:
"well unless you have a corrupt government that does not prosecute its criminals...then you have communism or facism."
Can't very well have a corrupt government if you have no government.
mea culpa!
May anybody be so kind to provide me a link to subscribe to the COT Reports every Friday? Thx in Advance....
http://www.cmegroup.com/trading/metals/precious/gold_quotes_globex_optio...
tku :-)
deleted
oh, still trying to sell gold hey tyler, thats unusual for ZH!