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JPMorgan's Eligible Gold Plummets 65% In 24 Hours To All Time Low

Tyler Durden's picture


We are confident that in the aftermath of our article from last night "Just What Is Going On With The Gold In JPMorgan's Vault?" in which we showed the absolute devastation of "eligible" (aka commercial) gold warehoused in JPM's vault just over the Manhattan bedrock at 1 Chase Manhattan Place (and also in the entire Comex vault network in the past month), we were not the only ones checking every five minutes for the Comex gold depository update for April 25. Moments ago we finally got it, and it's a doozy. Because in just the past 24 hours, from April 24 to April 25, according to the Comex, JPM's eligible gold plunged from 402.4K ounces to just 141.6K ounces, a drop of 65% in 24 hours,and  the lowest amount of eligible gold held at the vault on record, since its reopening in October 2010!

Everyone has seen what a run on the bank looks like. Below is perhaps the best chart of what a "run on the vault" is.

The absolute collapse in JPM's eligible gold inventory, means total Comex eligible gold has fallen to just 5.8 million ounces, half of what it was in early 2011, and back to levels last seen in March 2009.

So, once again, just like last night, we ask the same questions which are even more critical today than they were 24 hours ago:

  1. What happened to the commercial gold vaulted with JPM, and what was the reason for the historic drawdown?
  2. 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)?
  3. 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?
  4. What happens if and/or when the JPM vault is empty of commercial gold, and JPM receives a delivery notice?

Incidentally, JPM now has just under a paltry 5 tons of eligible gold left in storage. We hope this is also the maximum exposure it faces for imminent delivery requests, because if tomorrow it receives withdrawal requests for 141,581.5 ounces +1, then things get really interesting.


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Thu, 04/25/2013 - 17:31 | 3499743 mayhem_korner
mayhem_korner's picture



(ooh, ooh, ooh) Jamie's cryin...

Thu, 04/25/2013 - 17:36 | 3499766 Frastric
Frastric's picture

Rehypothecation bitchez!

Thu, 04/25/2013 - 17:43 | 3499797 AlphaDawg
AlphaDawg's picture

epic news

its not manipulation, it is what it is.

and im buying


just a thought, could be due to the MASSIVE short Yen long Gold trade that everybody and thier dog is doing

Thu, 04/25/2013 - 17:43 | 3499824 kaiserhoff
kaiserhoff's picture

Could this be why Ben's ass is on fire?

Thu, 04/25/2013 - 17:53 | 3499866 THX 1178
THX 1178's picture

Is that what I smell?

Thu, 04/25/2013 - 17:57 | 3499883 TheFourthStooge-ing
TheFourthStooge-ing's picture

Yep. Although it's been smoldering for awhile now, this has opened the nitrous tank valves.

It's burnin' real good now.

Thu, 04/25/2013 - 18:03 | 3499914 camaro68ss
camaro68ss's picture

The person with the best video of Jamie and Bernake holding hands as they jump off the top of JPM building tomorrow gets a silver eagle.

Thu, 04/25/2013 - 18:05 | 3499919 nope-1004
nope-1004's picture

"Eligible"?  LOL.  Was there ever any eligible?


Thu, 04/25/2013 - 18:09 | 3499940 camaro68ss
camaro68ss's picture

its a paper smackdown so the bankers can buy the fizz on the cheap, load up there boats and head off to an island. why else would this happen? you think there really that stupid.

Everyone is worryed about this boston bombing as bernake is loading up the trucks full of gold


Thu, 04/25/2013 - 18:26 | 3499993 McMolotov
McMolotov's picture

"There's a bomb in a school..." —Simon Gruber

Boston + Syria = plenty of distraction.

Thu, 04/25/2013 - 19:13 | 3500220 SnobGobbler
SnobGobbler's picture

you forgot the (Rug = Pulled) quocient!


Thu, 04/25/2013 - 19:30 | 3500285 Harlequin001
Harlequin001's picture

Do correct me if I'm wrong here but if the world is net long gold and the banks force the price down past the stops as they did, then the world will buy a short to cover its longs won't it?

When they do someone buys the other long do they not, and if that someone is the bank itself because they know what is happening then the bank will take delivery and empty the vault will it not, and possibly for its own directors.

Which means that the end of the banking system i.e. gold default and blatant mass money printing could be upon us literally within months now.

Thu, 04/25/2013 - 19:34 | 3500307 BaBaBouy
BaBaBouy's picture

Whimen Have Penis-Envy...

JPM Now Has Physical-GOLD-Envy.


This Shit Will NOT LAST.

GOLD $50K, Ben-Shalom Notwithstanding...

Thu, 04/25/2013 - 19:45 | 3500353 cifo
cifo's picture

Too good to be true.

Thu, 04/25/2013 - 19:59 | 3500428 espirit
espirit's picture

Vatican wanted their gold back.

The end.

Thu, 04/25/2013 - 20:17 | 3500516 FEDbuster
FEDbuster's picture

I know the 1 oz eagle I bought today didn't come from their vault, but I like to think I am helping the cause.  As Max Keiser says, "If every adult would just buy one oz of silver......"

Crash JPM, buy silver (and gold)!!!

Thu, 04/25/2013 - 20:24 | 3500555 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Exactly I am at the point I don't mind losing a few dollars (which I need) just to bust this fucker wide open by buying a few paper shares and asking for delivery right away.

Thu, 04/25/2013 - 21:10 | 3500699 erg
erg's picture

There's chum on the face of the waters.

Thu, 04/25/2013 - 22:06 | 3500890 Pinto Currency
Pinto Currency's picture


The physical run is on and it is becoming visible now after smoldering since December.

On the JPM front, the question is who would store their gold or silver with JPM in the first place.

Thu, 04/25/2013 - 23:13 | 3501090 DoChenRollingBearing
DoChenRollingBearing's picture

LCS Report:


Bought the last 1 oz AGE they had left.  I also bought the last 1/10 oz Eagle and a 1/4 oz Maple.  Only thing left was a 1/2 oz coin and numismatic gold coins.

Thu, 04/25/2013 - 23:24 | 3501122 Big Slick
Big Slick's picture

That’s a reduction of 260.8k ounces, valued at $384.7 million

Fri, 04/26/2013 - 00:00 | 3501247 BTFDemocracy
BTFDemocracy's picture

The song line "Jamie's got a gun..." comes to mind

Fri, 04/26/2013 - 00:44 | 3501315 americhinaman
americhinaman's picture

It just means they are considering exiting the business of earning the carry from synthetically lending physical inventory.  While they hold physical inventory, they can roll short futures against it and pick up the sum of a a libor-ish rate plus a gold storage rate... i.e. gold futures curve is upward sloping, so they can capture that.  if physical gold is at 1500 and they have a short a 1y future at 1507, then they will capture 7 by shorting the future and delivering their physical gold.  Near maturity, the future will trade very close to spot, but they can buy that back and sell the next future for 7 more.  each period they capture 7... all they have to do is hold physical. 

So if they are allowing their short contracts to expire into phsyical delivery, it is not suggestive of any sort of panic.  What it does suggest is a combination of the following:

1) 7/1500 per year is not that much (about 50bps per year), but it beats treasuries right now.  If they are no longer happy with 7/1500 per year return, then they close out the gold carry trade.  They could be dissatisfied with that rate for a number of reasons, but the main reason is that they believe that they can earn more delploying capital elsewhere.  This strategy ties up the entire value of the gold inventory plus margins posted on the exchange.

2) They fear that the futures curve may go into backwardation.  That is when the curve is downward sloping... i.e. if they are long physical and shorting futures against it then they would lose money each period.  This scenario could happen if the sum of the bullion dealers who have comex inventory run out of gold.

So my guess is that it's a combination of both reasons.  The risk/reward on synthetic gold lending has deteriorated, so it's prudent planning by JPM in response to a possible short squeeze in phsyical gold.  Sorry to those of you who want to bankrupt JPM... actually to get real that's not a scenario where any of us would do well, so I wouldn't hope for it.

Fri, 04/26/2013 - 01:28 | 3501359 WTFUD
WTFUD's picture

Bullshit JPM is going down you wanker. Like paper gold its Assets are 1/100 its liabilities. Go fuck yourself it's GAME OVER.

Fri, 04/26/2013 - 03:59 | 3501450 Jack Napier
Jack Napier's picture

You can't bankrupt JPM without bankrupting the USG.

Fri, 04/26/2013 - 06:13 | 3501526 StychoKiller
StychoKiller's picture

You type that like it's a bad thing.

Fri, 04/26/2013 - 06:29 | 3501544 GetZeeGold
GetZeeGold's picture






It's a good thing - Martha Stewart

Fri, 04/26/2013 - 06:34 | 3501560 francis_sawyer
francis_sawyer's picture

I hate to be the one to bring this up, but I'm thinkin' 'somebody' has to manage the EBT cards [at least for now]...

Fri, 04/26/2013 - 07:03 | 3501594 malikai
malikai's picture

If I had a lot of outstanding shorts, knew there was a strong physical demand, and that there was this ETF which held incredible sums of the stuff, I'd like to see the price collapse, people in the ETFs sell in a firesale, so I could pick up my covers profitably while sorting out the physical troubles.

When people say ETFs are bad, it is partly for this very reason. It enables the above and in fact, incentivizes it.

Anyway, all that so-called smart money that was 'hedged' in levered gold should now have again learned this critical lesson.

Thu, 04/25/2013 - 23:17 | 3501100 TuesdayBen
TuesdayBen's picture

All they got is 5 tons? Shit, that'd all fit in the back of my short-bed pickup...

Fri, 04/26/2013 - 00:30 | 3501294 francis_sawyer
francis_sawyer's picture

& fuck up your suspension...

Fri, 04/26/2013 - 07:07 | 3501604 malikai
malikai's picture

I guess that means you're driving.

Pick me up on the way.

I'll buy you some new shocks when we finish the job.

Fri, 04/26/2013 - 07:58 | 3501682 francis_sawyer
francis_sawyer's picture

gonna need a lift kit...

Fri, 04/26/2013 - 08:04 | 3501696 ATM
ATM's picture

It will fit in the back of my Pacer too. but everyone will be able to see it in that fishbowl.

Thu, 04/25/2013 - 22:33 | 3500981 erg
erg's picture

Blood in the water. As if by rote; crash the price. Vanquish all ye hopes in anything other than fiat.

For thee the bell tolls. You can't avoid yourself.

Thu, 04/25/2013 - 21:13 | 3500720 jcpicks
jcpicks's picture

USMINT.GOV is selling their 1/10 oz PROOF coins for $195.

Other websites are selling uncircs for $200+ right now.


Thu, 04/25/2013 - 21:15 | 3500727 Bananamerican
Bananamerican's picture

"because if tomorrow JPM receives withdrawal requests for 141,581.5 ounces +1, then things get really interesting"

quick. what's the readership of ZH!?!

Thu, 04/25/2013 - 22:09 | 3500900 Muppet of the U...
Muppet of the Universe's picture

HEY YOU!  Just wanted to grab someone's attention on the way down - The world's supply of gold is not going to run out in the next few months.  This is nearly impossible.  This is called dip buying, and its nearly over as prices are back at 1500ish.

Do not listen to ZH - They have become charlatans.  Do not let the dealers hoodwink you, they say they have no gold b/c they want you to pay insane premiums.  Why do all of you dunces buy silver eagles when you could buy engel or matthey for < half the over spot cost?  Its all metal - stop being stupid.  In 5-10 years, and more likely 15-30 years, there will be supply issues.  But the economy won't even last that long.  Don't let dealers hoodwink you.  You woke up and learned about investment and barely scratched the surface on finance and asset prices. 

& FFS, the comex isn't going to blow up.  Look at when JPM added its gold position to the comex and when it dumped it?

That would mean JPM lost a fuckshitton of money.  Guess what its actually for the comex reserves, which reflect the price.

Now whether Comex has the stuff or not?  I can't honestly say.  But I would bet a million to one, that you and all you buddies heard comex doesnt have the gold/silver from a bullion youtuber who is prob a phys dealer.

Phys dealers wnt you to think Comex will crash so you buy phys and not paper gold.  It makes them money.  They have a financial reason to make you believe comex = crash.  Remember the banks can print money in zirp environment, they can literally buy as much phys as they want and put in the comex, there was 10 million ounces produced in us alone last year.

China goes long metals b/c china wants a hedge against a us dollar blow up.  But china has to hold dollar if china wants us to buy all their worthless shit.  Its a mutual benefit that will net profit china immensely in 5-10 years.  But right now people just buy on dps and trade paper price in futures., so they can live comfortably.  Get it?

You aren't gonna crash shit by buying phys.  They can PRINT MONEY.   GET IT?  We will have hyperinflation b4 we run out of phys. Get it?  Asset prices and bubbles are everywhere begging you to participate, get it?

Do some more learning, and look to other commodities and assets for opportunity.  The goal is to make money, not sit on a bunch of metal thinking that when the sheeple lose their shit in the fan you'll be rich.  That's fucking stupid.  Money is mostly made b/c the sheeple haven't lost their shit, and you won't make any money if they do.  I know you hate the guy, but for fucks sakes if you had gone for the money bernanke would have made you a small fortune.  & guess what?  Its qe4eva.  They may at some point actually lessen qe, or go one talking about ending it but it will never stop, and even if lessened, will likely go right back to increasing. 

Think don't panic, and then zerohedge will stop posting retarded sht designed to make muppets panic.

Thu, 04/25/2013 - 22:34 | 3500982 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Whose payroll are you on to write a post like that and space it in a manner to take up as much real estate as possible.

Jamie is that you?

Thu, 04/25/2013 - 23:26 | 3501133 Big Slick
Big Slick's picture

Naw.  Not Jamie.  It's Ben.  Now we know why he's too busy to attend Brettonwood.  Discovered ZH!!!!

Fri, 04/26/2013 - 04:00 | 3501452 Jack Napier
Jack Napier's picture

Gold supply isn't going running out, except for the gold on the COMEX! At some point they will have to buy real physical metal to meet deliveries, and then the physical price will push them around like a ragdoll no matter their efforts.

If gold doesn't get the job done, silver most certainly will, and if they prefer to default then paradigm shift completed.

Thu, 04/25/2013 - 22:58 | 3501048 Bananamerican
Bananamerican's picture

"Remember the banks can print money in zirp environment, they can literally buy as much phys as they want and put in the comex"

Not if we get it first ;)

Thu, 04/25/2013 - 23:35 | 3501167 Big Slick
Big Slick's picture

But now I'm confused... Muppet of the Universe said there is no supply problem.  If the banks can print as much as they want, they can buy as much as they want.  Kind of like Obama-care and it's basis on unlimited supply of healthcare. 

The rules of physics can only be defied for so long.  So long...

Thu, 04/25/2013 - 23:17 | 3501102 pods
pods's picture

I know it may be hard to believe, but many here on ZH are actually working for a living making REAL shit, and want to store our surplus capital in something outside of this system.

We DO think, and see that there is only one end to this.

There is no panic in us and we do not leverage our purchases of physical precious metals.

We patiently add to our stores; we do not trade in PMs, we accumulate.

We know our local dealers of precious metals, and greet them with a smile and a handshake.

Call us what you will, we have all been called it before.  
Water off a duck.



Thu, 04/25/2013 - 23:26 | 3501136 DaveyJones
DaveyJones's picture

well said pods

Thu, 04/25/2013 - 23:40 | 3501188 pods
pods's picture

Thanks Davey, sometimes I get frustrated with people taking issue with the Tyler's postings.  

Many of us here in this melting pot truly cherish what this place represents.  It represents a bastion of sanity in this messed up world.

Sure there is red meat tossed out now and again, but if you don't want to read something, you can always NOT click on it.

I do appreciate that there are opposing viewpoints here, LTER is one that comes to mind.  Always a thought out post, not a troll.  Just a difference of opinion.

Kinda irks me when it is assumed that everyone here is an active trader.

Many (me for one) are just misfits that are happy to have a place where people may not agree with an arugument, but at least they know what you are talking about.

BTW, my allocated account still okay in your locker?



Fri, 04/26/2013 - 03:40 | 3501435 James_Cole
James_Cole's picture

Thanks Davey, sometimes I get frustrated with people taking issue with the Tyler's postings.  

Many of us here in this melting pot truly cherish what this place represents.  It represents a bastion of sanity in this messed up world.

All the same, critiquing Tyler's bias should be fair game, particularly when a lot of us felt it pretty obvious gold was in a bear market (for at least the past 6 months months) yet the refrain from Tyler was endless 'gold shortage' articles encouraging people to load up. 

Definitely some people were investing money they likely shouldn't have been in PMs and later being forced to sell at a loss because the 'certain ramp around the corner' never came and they needed cash. 

There are people around here who can lose lots of money and it probably doesn't matter and those who probably can't afford to lose much money at all. The latter group seem to be more attracted to gold and a lot of the risks are glossed over in the sales pitch. 

Fri, 04/26/2013 - 04:04 | 3501453 Jack Napier
Jack Napier's picture

Traders are a barbarous relic. It's all algos now. We're just here for the show.

Thu, 04/25/2013 - 23:44 | 3501207 Skateboarder
Skateboarder's picture


Fri, 04/26/2013 - 06:15 | 3501531 HulkHogan
HulkHogan's picture

Here, Here (in a british accent)

Fri, 04/26/2013 - 01:45 | 3501376 nope-1004
nope-1004's picture

attaboy pods.

Fri, 04/26/2013 - 04:13 | 3501460 sadmamapatriot
sadmamapatriot's picture

Thanks Pods! I went to a custom jeweler this month to get mine and my late grandmother's stuff repaired. I also took all the "broken and scrap gold" to be melted down and made into new pieces for my three daughters. The dude tried to get me to just trade it in for credit on the repairs. I had to explain to the guy I buy gold, I don't sell it. Normally I am a physical bullion kind of gal but this jewelry was some sentimental stuff I wanted to take care of and pass on. 

Fri, 04/26/2013 - 09:31 | 3502032 gaoptimize
gaoptimize's picture

Giving this post a +1 seemed too faint praise.  Thank you for representing me in such an articulate way.

Fri, 04/26/2013 - 01:56 | 3501384 savagegoose
savagegoose's picture

i added +1 cuz i like dissent.

Fri, 04/26/2013 - 03:48 | 3501437 xtop23
xtop23's picture

You make a few salient points, however, the market is already far too overvalued for my taste. As a duffer, as many here are, I think it far wiser to buy physical metal and await the inevitable decline, than to try and squeek out a quick 10% and dump my paper before a significant correction. I'd rather be 6 months early leaving this paper farce, than 6 minutes late.

If you have the talent, the balls, and the luck ( read connections ), more power to you.

Myself, I've never been all that adept at catching falling knives.  

I'll wait for DOW 6000 and then buy everything in sight, thanks.


Thu, 04/25/2013 - 19:39 | 3500322 Winston Churchill
Winston Churchill's picture

No correction required.

Must admit I thought it would be next year but there is a big disturbance in the force

going on right now.It will only be disclosed to us serfs post facto.


Thu, 04/25/2013 - 19:47 | 3500358 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

Nah, JPM just had a 'boating accident', thats all!

Thu, 04/25/2013 - 22:11 | 3500910 jcpicks
jcpicks's picture

Silver will soon follow....

Thu, 04/25/2013 - 19:36 | 3500294 BaBaBouy
BaBaBouy's picture


Fri, 04/26/2013 - 07:28 | 3501629 GubbermintWorker
GubbermintWorker's picture

Fuck Boston with their "USA! USA! USA!" chants to the dismantling of the Constitution to look for one unarmed 19year old punk and Fuck Syria!

Thu, 04/25/2013 - 18:21 | 3499994 Manthong
Manthong's picture

Less than 5 tons?

That wouldn’t get you through lunchtime in Shanghai.

Thu, 04/25/2013 - 20:41 | 3500601 bonderøven-farm ass
bonderøven-farm ass's picture

Uh, they actually own physical?  Now that's news.....

Thu, 04/25/2013 - 18:42 | 3500106 nmewn
nmewn's picture

Stand & deliver bitchez.

Thu, 04/25/2013 - 18:49 | 3500130 eatthebanksters
eatthebanksters's picture

The problem with the real smart guys at the top (in government too) is that they forget that there are other real smart guys that are going to figure their shit out and play them like a god damned fiddle.  Here that Benny boy?


Thu, 04/25/2013 - 19:24 | 3500261 Antifaschistische
Antifaschistische's picture

there's a lot of smart people in this world...but there is not a lot of hyperconnected people that hold all the strings.  There are only a intelligence, does not trump power.  

Thu, 04/25/2013 - 19:56 | 3500405 James_Cole
James_Cole's picture

There are only a intelligence, does not trump power.  

If you're some sort of researcher brains counts, for everything else intelligence doesn't mean much. Being connected means everything.

To folks on here who think they can outmanoeuvre those at the top, keep in mind you exist in their sandbox. Good luck. 

Thu, 04/25/2013 - 20:42 | 3500607 espirit
espirit's picture

I exist in their sandbox alright, like a cat.

Thu, 04/25/2013 - 21:43 | 3500820 James_Cole
James_Cole's picture

I exist in their sandbox alright, like a cat.

Sounds about right, little house pet complete with designated box the master has graciously allowed you to shit in. 

Thu, 04/25/2013 - 22:42 | 3500995 eatthebanksters
eatthebanksters's picture

Dude, you whine like a little bitch (reminds me of Obummer) and complain that you have no ability to overcome the connected people...maybe they have it easier than you, but then life has always been that way.  Do you think Steve Jobs was connected?  Or how about Kyle Bass?  Or maybe Larry Ellison?  Maybe you ought to quit fucking crying and work 15 hours a day and take risks like they did to get connected.  Ever notice how the coach like guys that get the job done?

Fri, 04/26/2013 - 00:30 | 3501296 kareninca
kareninca's picture

Hey  -  Obama himself didn't start out connected!!!  He is a terrible president, corrupt and mediocre, but he is actually an excellent example of someone who started out without any connections, who managed to obtain power.  Not as much as he seems to have, I admit, but surely as much as Kyle Bass and Larry Ellison.

Fri, 04/26/2013 - 01:34 | 3501364 Jam Akin
Jam Akin's picture

So Obama's mother didn't really work with Geithner's father at the Ford Foundation?  And his grandmother the bank VP didn't get him admitted to the most elite private school in HI after which he attended Ivy League undergrad and grad schools?  Nah, he wasn't connected at all.

Fri, 04/26/2013 - 02:22 | 3501395 kareninca
kareninca's picture

I stand corrected.  Those are definitely connections.  I've seen innumerable kids with many more connections who did nothing with them, but you are right, those are connections.



Fri, 04/26/2013 - 15:16 | 3503534 eatthebanksters
eatthebanksters's picture

Affirmative action is great if you're not white...

Fri, 04/26/2013 - 02:30 | 3501398 Gold Eyed Cat
Gold Eyed Cat's picture

Oh my goodness, Karen you have no idea who Obama is do you?  It's not really your fault I guess.  The media sure hides his history well.  Obama (and his father's) connections that have financed and provided cover and political capitol for him over the years include:  

Tom Mboya- Kenyan cabinet minister, Neil Abercrombie- before and after he became governor elect of HI, Frank Marshall Davis,  Stanley Armour Dunham- Communist Party USA, Madelyn Payne Dunham- worked in the Probate Office and had access to SSNs, Bill Ayers, Bernardine Dorhn, Rev. Wright- down low club, Jesse Jackson- realized Jesse Jackson Jr could not be 1st black president because of his drug use and temperment. Threw his political support behind Obama. Arranged for his daughter's best friend, Michelle, to marry Barack, The saudi connection- mailman that delivered to Ayers' home says he knew about cash deliveries from Saudi's to Obama. 

Those are the connections I can remember right now, but I'm sure there are others I am forgetting. Obama is a post turtle that has been pushed along his entire life.  He is a tool of communists and islamists.  Sorry to be the one to tell you.

Fri, 04/26/2013 - 06:29 | 3501545 Monedas
Monedas's picture

I'll keep posting this link until everyone gets it !

Fri, 04/26/2013 - 03:25 | 3501424 James_Cole
James_Cole's picture

Dude, you whine like a little bitch (reminds me of Obummer) and complain that you have no ability to overcome the connected people...maybe they have it easier than you, but then life has always been that way.  Do you think Steve Jobs was connected?  

I see your reading comprehension skills are in need of a grade school refresher, not a surprise around here lately. I wasn't complaining about impenetrable power systems, it has always been that way and will remain so into the foreseeable future. 

Personally, it's never been an obstacle because I happen to have been born well and know some of the right people. And I'm also connected enough to know that you tools will never break the power systems you rant against. Oh yea, buy silver to crash JPM - brilliant! They are powerless against you!! lol

Fri, 04/26/2013 - 05:33 | 3501501 Herd Redirectio...
Herd Redirection Committee's picture

The thing with the big boys is... Do you really think they can 'change their mind' or change strategies quickly or easily?  From say "lets blow up the fiat currency" to "no, no, lets do the opposite".    So can they go from manipulating silver to being net long?  Sure.  But can that be done quickly or easily?  Not at all.   Can they personally buy physical metals, ensuring their own wellbeing, but their institutions, the Fed, the COMEX, JPM, continue shorting the physical market?  Yep, that is possible too, but it ends messily.

So while I agree, they might know 'the plan has been exposed' or 'people are on to us', but you can still do no more than take a slightly different path to your destination, its much much too late for charting a new destination.

Seriously, if they decide to make paper valuable, that has repercussions.  On government debt (interest repayments).  On bank balance sheets (interest on deposits).  On the housing market.  On  the stock market.  And what about all those well-connected multimillionaires who you told to leverage up, who will be destroyed?  I don't think they will be taking your phone calls in the future...

Fri, 04/26/2013 - 15:28 | 3503558 eatthebanksters
eatthebanksters's picture

You're a fucking retard because you have no idea who I am.  I was not born well, I got my ass kicked in a few times, but I probably have a bit more than you, if it means anything.  And I didn't get it from my connections, I got it by working 15 hours a day and taking risks, and getting my ass kicked in more than a few times.  I built something that has value and profited from it.  No one gave it to me or handed it to me. I used to talk pretty for bankers and investors and boards, but since I'm anonymous on this site I can say it like it needs to be said and call out liberal assholes like you.  If Ben Carson can do it anyone can do it.  Losers need to quit whining about how fucking tough life is and sack up.  Just a point of clairification - I understand there is a percentage of the population that always will need compassionate assistance, and I'm all for that. I am not however for welfare benefits that retard a persons motivation to work productively for their own benefit and for society's benefit.  Feeling sorry for people who won't help themselves only enables a dependent society.

Thu, 04/25/2013 - 21:08 | 3500686 Bananamerican
Bananamerican's picture

intelligence does not trump wisdom.

and Evil carries within it, the seeds of its own destruction...every..single..time.

Thu, 04/25/2013 - 20:31 | 3500571 aphlaque_duck
aphlaque_duck's picture

intelligence, does not trump power.  

Who is Satoshi Nakamoto?

Fri, 04/26/2013 - 06:25 | 3501539 mick_richfield
mick_richfield's picture

Nobody knows.

But it may be significant that some of the anagrams of his name are:

Anatomists Hooka


Aha Toasts Kimono


Mania Hook Stoats

Thu, 04/25/2013 - 19:24 | 3500262 LooseLee
LooseLee's picture

Are you serious?, "real smart guys at the top (in government too)". These guys aren't 'smart'. They are cunning; deceptive; immoral---but certainly not 'intelligent'. They will eventually hang themselves with their own rope or will be helped along with the hanging (hint, hint).

Thu, 04/25/2013 - 22:43 | 3501000 eatthebanksters
eatthebanksters's picture

Sorry dude, as much as I don't like Ben Bernanke and Timmy Geithner and Jack Lew, those fuckers are way smart.

Thu, 04/25/2013 - 23:13 | 3501087 RockyRacoon
RockyRacoon's picture

I'll grant you that a sociopath can be smart.  But the damage still gets done.

"The subprime mortgage situation will be contained."

TARP was nothing but a bait and switch.


Thu, 04/25/2013 - 23:51 | 3501219 Seer
Seer's picture

RR, they're always going to talk out the sides of their mouths.  I mean, does ANYONE EVER believe that any of these positions are going to be attained by telling the truth to the masses?  Even IF they wanted to it'd be suicide.  Bernank: Dear fellow citizens, we're going to continue to milk you until you're completely tapped out.  OR Bernank: We're going to blow a HUGE bubble and we advise you to NOT participate!  WTF?  Either telling folks they'll be fucked or telling them to run will earn the "teller" a quick trip to the morgue.

POWER HAS NO POWER UNLESS WE BELIEVE IT TO BE SO!  As long as we allow them to put on their acts they will do so by screwing others over- the ONLY way they have power is by being deceptive, for us to believe that they have some other purpose other than to leach off of everyone else.

Fri, 04/26/2013 - 13:57 | 3503201 Diogenes
Diogenes's picture


You'll believe it when the SWAT team comes through your door, without a warrant.

Fri, 04/26/2013 - 01:25 | 3501353 eatthebanksters
eatthebanksters's picture

100% agree Rocky...they may be sociopaths, but they are smart ones...

Thu, 04/25/2013 - 23:29 | 3501142 ArkansasAngie
ArkansasAngie's picture

Well ... they might be smarter than you.

Thu, 04/25/2013 - 19:03 | 3500185 prains
prains's picture

Stand & deliver


bend over and quiver, JPM

Thu, 04/25/2013 - 19:44 | 3500344 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

The barbarians are at the gates!

Thu, 04/25/2013 - 19:33 | 3500291 Calmyourself
Calmyourself's picture

Perhaps a dumb question but how do we know these inventories are correct?  Who exactly handles this inventory, JPM?  If so, I put nothing past that organization.

Thu, 04/25/2013 - 19:41 | 3500324 nmewn
nmewn's picture

Thought about that too.

If there is only internal audit, no one really knows. But with the draw downs in physical, its not out of the realm of possibility...and it could be worse...they may not have any.

Thu, 04/25/2013 - 19:43 | 3500337 Almost Solvent
Almost Solvent's picture

Agreed, but if they wanted to manipulate the numbers to keep the price low, they would be showing a massive INCREASE in their holdings, not decrease shown above. 

Thu, 04/25/2013 - 21:21 | 3500746 Terminus C
Terminus C's picture

But they did show a massive increase.  Where did all that gold come from from 2009 on?  The scale of growth is parabolic.  My thought is that the "grown" inventory is all bullshit which allowed them to "print" more paper gold.  As for what is happening now and why they are showing a drop, I have no idea... but I am sure that this info coming out is for the benefit of JPM in some way... I haven't figured out how yet...

Thu, 04/25/2013 - 22:22 | 3500941 JoeSexPack
JoeSexPack's picture

This is like men lying about penis size, no point in lying down.


Unless you're John Holmes, then...


& J Dimon ain't J Holmes.

Thu, 04/25/2013 - 18:58 | 3500162 smlbizman
smlbizman's picture

it doesnt matter....when their kicking in doors...after you grab the guns grab their gold....then their pensions and finally a 40% tax on the equity ah fuck it not the equity..have our appraiser go out and get 40% of that

Thu, 04/25/2013 - 20:21 | 3500535 HardAssets
HardAssets's picture

Yep - it wasnt so much about destroying confidence in the phys, (which failed), as grabbing as much of it as possible. The Chinese and Indians responded by buying at the lower prices, and even some Americans did the same.  With the actions theyre taking on the domestic political scene (attacks on the Constitution/police state) and overseas (warmongering) it seems quite possible that things are much worse & degrading faster behind the scenes than many of us may have thought before.

Fri, 04/26/2013 - 01:16 | 3501349 WTFUD
WTFUD's picture

Your giving this cunt toooo much credit me thinks. Even if you are half correct his Waterboarding will reveal its whereabouts. SalamAliBumbaClot

Fri, 04/26/2013 - 07:57 | 3501677 samcontrol
samcontrol's picture

It is NOT the end , they take it down and buy on the cheap.
They will wash, rince and repeat.
YES ,THEY WILL keep buying PAPER along with the real stuff.

All the sudden i grew some balls and went all in USLV. It,s only up 24 %. So i made up all my paper losses in two years in a week.

I can,t get physiclall so i,m fucked.

Thu, 04/25/2013 - 18:32 | 3500051 LeisureSmith
LeisureSmith's picture

Eligible as in eligible bachlor. That indian dude with solid gold shirt, porn mustache and with BA Baracus amounts of gold chains got everybody beat. Who be dat? Phuge...Datta Phuge. 

Thu, 04/25/2013 - 18:05 | 3499927 SilverMaples
SilverMaples's picture

I don't understand why the price of gold doesn't keep going down, has JPM ran out of paper? What about their paper vault inventories?

Thu, 04/25/2013 - 18:11 | 3499948 HardAssets
HardAssets's picture

Personally, I think their vaults are filled with gold foil colored chocolate coins - which would actually have real value compared to the paper they play with.

Thu, 04/25/2013 - 18:49 | 3500135 Citxmech
Citxmech's picture

Jamie to Blythe:  "What do you mean were completely out of gold - don't we still have futures contracts?"

Thu, 04/25/2013 - 19:51 | 3500379 SgtSchultz
SgtSchultz's picture

Similar to the old line...."I can't be out of money, I still have checks left"

Thu, 04/25/2013 - 19:29 | 3500282 Crash Overide
Crash Overide's picture

...and somewhere in there is the golden ticket that gets you to the Golden Goose and the Wonkavator right?



I feel like the gold in the JPM vault was gone a long time ago. Just saying.

Thu, 04/25/2013 - 18:50 | 3500137 jimmytorpedo
jimmytorpedo's picture

How about if its a video of somebody pushing them off?

What's on offer for that?

It would have to be in Switzerland, assisted suicide is legal there.

Thu, 04/25/2013 - 19:44 | 3500343 tallen
tallen's picture

Crash it to 1300 wipe out all the longs built up over a huge 10 year bull market. Wipe out all the shorts on the way back up. It's the perfect trade! As I've said before, if you think gold/ silver are cheap look at the miners!!! Trading .5x book 5x earnings!!! Madness.

Thu, 04/25/2013 - 20:01 | 3500443 max2205
max2205's picture

Oh, not before the usual suckers rally. 1300? Try 1000 or lower

Fri, 04/26/2013 - 08:16 | 3501725 Quinvarius
Quinvarius's picture

The only suckers are the same ones who have been shorting gold for the last ten years.

The real gold rally vs the dollar, or dollar dump vs gold has not even started yet.  You are crazy if you are not buying gold.

Thu, 04/25/2013 - 23:57 | 3501234 cynicalskeptic
cynicalskeptic's picture

The person with the best video of Jamie and Bernake holding hands as they jump off the top of JPM building tomorrow gets a silver eagle."

no worry.  They're jumping onto a pile of new $100 FRN's

Fri, 04/26/2013 - 08:02 | 3501687 Papasmurf
Papasmurf's picture

Piker.  That's worth a gold eagle at minimum.

Thu, 04/25/2013 - 22:57 | 3501043 RockyRacoon
RockyRacoon's picture

Could this be why Ben's ass is on fire?

No. It's because of Ben that everyone else's ass is on fire!

Check this out.

There's proof.

Thu, 04/25/2013 - 17:44 | 3499829 mayhem_korner
mayhem_korner's picture



Are you doing your dog?


Thu, 04/25/2013 - 18:00 | 3499893 1000 splendid suns
1000 splendid suns's picture

Count the number of down 250k+ moves.  These are JPM execs grabbing their stack and heading to a tropical island.

Isn't it obvious? 500Ton paper short smash means more AU oz per fiat. The bigger fish are taking theirs before the door hits them in the ass on the way out.

Dog's Breakfast in 3..2..1..

Thu, 04/25/2013 - 18:19 | 3499984 mayhem_korner
mayhem_korner's picture



Been stewin' on your comment for a bit now.  If TPTB know the jig is up, then their inclination will be to control the collapse rather than be passive.  And what greater way to stiff the in-transit bagholders than to deplete the stores when everyone is awaiting delivery of their (never to be filled) orders...

There are less plausible things than that, methinks.

Thu, 04/25/2013 - 19:59 | 3500425 max2205
max2205's picture

It's on a ship to Berlin

Thu, 04/25/2013 - 20:17 | 3500518 Kirk2NCC1701
Kirk2NCC1701's picture

Here's a challenge for all the ZH smart Alecs:

Prove to me what I've been saying for the last two months isn't happening now:

"If China wanted to start a currency crisis, they could/should use our fiat debt to smack down the price of paper gold. This would allow them to buy bullion cheap (be first in line) and at the same time start a bullion run, which would hopefully go global and lead to a monetary crisis."

How come none of you see PBoC behind the curtains? Does everything have to be slapstick and obvious for Americans? Not comfy with subtlety or complexity?

Thu, 04/25/2013 - 20:52 | 3500622 Dishonesty Fatigue
Dishonesty Fatigue's picture

There's no doubt that there are global forces at work here, not just local.

Thu, 04/25/2013 - 20:48 | 3500625 mayhem_korner
mayhem_korner's picture



Why would China want to make physical gold more appealing to others?  They want to continually and quietly hoard it for themselves.  And they don't want to create a USD crisis while they are still holding $1T+ of US Treasurys and fighting off their self-made asset bubble problems.  I don't believe China has built up enough alternate-currency commerce yet to go cold turkey on the USD.  I'm not sayin' they're not buying...but they were plenty happy to accumulate when Au was at USD 1500 - 1600. 

Thu, 04/25/2013 - 20:27 | 3500561 MissCellany
MissCellany's picture

I think y'all are on to something here. When the gold price dropped so much and so fast two weeks ago, I wondered (still do) if "they" were doing it because they knew the Comex was busted and they wanted to cash-settle as low as possible...

Thu, 04/25/2013 - 18:40 | 3500030 Daily Bail
Daily Bail's picture

Yesterday on CNBC.

Jim Grant with Maria Buffoonaroma.


James Grant: "I'm Very Bullish On Gold At These Levels"


Thu, 04/25/2013 - 19:17 | 3500234 SnobGobbler
SnobGobbler's picture

...those Bear Stearnz reearing they're ugly head....

Thu, 04/25/2013 - 17:47 | 3499840 true brain
true brain's picture

Jamie smacked down price and then bought from his own vault at discounted price. the missing ounces are in his basement, or dungeon with his dominatrix tranny girlfriend , or whereever  his hell is .

Thu, 04/25/2013 - 18:34 | 3500072 Common_Cents22
Common_Cents22's picture

Friends and family discount

Thu, 04/25/2013 - 19:01 | 3500175 Kirk2NCC1701
Kirk2NCC1701's picture

It's in the vault at Lloyd Bankfine's new digs on Long Island.

Thu, 04/25/2013 - 19:27 | 3500270 LooseLee
LooseLee's picture

Deep-throating the chairsatan....

Thu, 04/25/2013 - 17:50 | 3499861 bnbdnb
Thu, 04/25/2013 - 17:37 | 3499768 kaiserhoff
kaiserhoff's picture

If gold is eligible, I'm single.

Say what?  It's not that kind of party?

Why does that keep happening...?  Never mind.  I know too well.

Thu, 04/25/2013 - 18:46 | 3500119 The Heart
The Heart's picture

"It's not that kind of party?"

Turn out the lights...the party is overrrr.

Thu, 04/25/2013 - 17:40 | 3499792 Silver Bug
Silver Bug's picture

Western Gold vaults are being emptied at a stunning rate. The paper manipulators have made a crucial mistake in this recent take down of the paper price. Gold and silver is entering strong hands.

Thu, 04/25/2013 - 18:00 | 3499900 Manthong
Manthong's picture

Farber is on record saying he expects the government to take it from him at some point...

Thu, 04/25/2013 - 18:55 | 3500152 Citxmech
Citxmech's picture

If they can find him at that point.  I have a feeling Dr. Faber might be a prett slippery SOB when it comes down it.

As for the rest of us, I hope they have plenty of scuba gear to go with those 1.6 billion rounds. . .

Thu, 04/25/2013 - 19:07 | 3500200 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Maybe not 1.6 billion rounds looks like even the DHS wasn't exempt from sequestration afterall.

Tight budgets are forcing the Homeland Security Department to buy less ammunition, two top officials are slated to tell Congress on Thursday as the House oversight committee continues investigating the Obama administration’s ammunition purchases.

Thu, 04/25/2013 - 20:54 | 3500647 bonderøven-farm ass
bonderøven-farm ass's picture

For .gov there's always a way to get the things you need.......

Thu, 04/25/2013 - 18:13 | 3499964 TheFourthStooge-ing
TheFourthStooge-ing's picture


Western Gold vaults are being emptied at a stunning rate.

Fuck yeah they are. Upon hearing of the inventory of eligible gold dropping 65% in 24 hours, nearly every person with a piece of paper swearing to the existence of a lump of gold with their name on it is going to want their lump of gold. Now.

At today's burn rate, eligible inventory will be gone before the end of lunchtime tomorrow.

Thu, 04/25/2013 - 18:39 | 3500093 Boeing Boy
Boeing Boy's picture

Quality post, you got me swearing while I was reading it...

Fri, 04/26/2013 - 00:41 | 3501311 francis_sawyer
francis_sawyer's picture

I hope they have plenty of scuba gear to go with those 1.6 billion rounds. . .


I killed a man with a trident!

Fri, 04/26/2013 - 07:01 | 3501587 mick_richfield
mick_richfield's picture

If you were good, you could have killed 3.

Thu, 04/25/2013 - 20:44 | 3500612 akak
akak's picture

One thing is for sure --- somebody is monolizing the redemption means and blobbing-up physical gold in a very mattering way.  This is very much something.

Thu, 04/25/2013 - 19:07 | 3500204 Kirk2NCC1701
Kirk2NCC1701's picture

HSBC = Hongkong & Shanghai Banking Corp.

Their share looks no worse. Since they are a prime bullion dealer, and Kitco banks with them, Kitco customers had better hope & pray that their Unallocated PM is safe with HSBC.

Thu, 04/25/2013 - 19:40 | 3500321 Crash Overide
Crash Overide's picture

Is that the same fucking HSBC that dirty Holder launders his drug money through? Makes me fucking sick.

Fri, 04/26/2013 - 05:42 | 3501512 Herd Redirectio...
Herd Redirection Committee's picture

HSBC, one of the main financiers of the Opium Wars (any one remember that far back?).  And if you are OK banking with them knowing that, and that they lease gold and silver that is deposited with them....  Well, you ain't no friend of mine, thats for sure.  :)

Thu, 04/25/2013 - 17:41 | 3499805 howenlink
howenlink's picture

...wan, wan, wan

Thu, 04/25/2013 - 21:57 | 3500866 howenlink
howenlink's picture

That was the next bar after Oh, Oh, Oh, Jamie's crying.  (Eddie Van Halen's guitar.)  Why the down arrows?

Going back to my mung bean seedlings.  At least my family will eat this winter.

Thu, 04/25/2013 - 17:46 | 3499826 freewolf7
freewolf7's picture


Thu, 04/25/2013 - 17:48 | 3499853 slaughterer
slaughterer's picture

fuck it, I am going to organize a purchase of 6 million ounces of gold from JPM tomorrow--just to fuck with those fuckers.  

Thu, 04/25/2013 - 17:55 | 3499873 fuu
fuu's picture

Just for the smell of it.

Thu, 04/25/2013 - 19:18 | 3500111 RangerRiley
RangerRiley's picture

You are really cool... what number will you call tomorrow and who will you ask to speak with? At what point does the bluff get turned on you? My guess is the receptionist will make you look like a dick. Looking forward to hearing how this goes.

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