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JPMorgan's Eligible Gold Plummets 65% In 24 Hours To All Time Low
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:
- 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?
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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Calm down everyone. This is just happening because spot gold is at a premium to Forward gold and hence the big banks are selling spot and buying forward. The physical gold demand from retail investors (as ZH has noted) is sky rocketing so it makes sense to sell spot and buy forward.
If you want to find bubbles look at gold - it is where the retail investor is most active.
...bu,bu, buying forward from WHOM? The next question should be; Who is going to actually deliver that "forward" purchase? COMEX? Bueller, Bueller?
SALES NEAR YOU FINISHING SOON !!!... HURRY UP, BITCHEZ !! HAHAHAHHOHOHOHO
Gold Crash 2013 - Deliberately Engineered?
The paper gold market is best embodied in the futures exchanges. The prices we see quoted all day long moving up and down are taken from the latest trades of futures contracts. The CME (the old Chicago Mercantile Exchange) has a large flow of orders and provides the public with an indication of the price of gold.
On April 13, there were big sell orders of 400 tonnes that moved the futures market lower. Once the futures market makes a big move like that, stops can be triggered, causing it to move even more on its own. It can become a panic, where markets react more to fear than fundamentals.
http://homment.com/gold-crash2
delivery is a bitch!
"What happens if and/or when the JPM vault is empty of commercial gold, and JPM receives a delivery notice?"
A very hard slap on the wrist, a stern talking to by someone who is very cross, a very large fine that may run into hundreds of thousands of dollars, board seats and jobs for the cross people, comfy chair and soft cushion torture followed by bed with only a light snack.
..and increase in bonuses for job well done..
Did anyone check the Abramovich Eclipse? Just sayin'
http://tradewithdave.com/?p=15529
Connections trump intelligence .... Joe Biden ?
Please, oh please any and everyone with gold in this vault take delivery.
Now.
Store it in your garage if you have to. The criminal Dimon deserves as much. Let the show begin.
Trying to acquire your gold through the COMEX futures .... is like a gaggle of maidens waiting to catch the bride's wedding bouquet ! It's better to just go down to your Local Flower Store and buy some flowers !
What, no articles on Mr. Sinclair's forecasts?
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/26_Sinclair_-_The_Gold_War_%26_Unprecedented_Financial_Destruction.html
Wouldn't uou like to have 10% of what you lost in the COMEX .... to go buy physical right now ?
A simple question: where do you guys recommend I buy my gold? I am mostly interested in 1oz gold coins. I am based in UK. I want a price that's close to spot, obviously, and fast home delivery.
I can see that bullionuk.com sells 1oz Maple Leaf Canadian gold coins for £ 975.10 at the moment, and spot is £ 946.30 right now. Any chance to find a better deal?
Head down to ye ole coinshoppe! Internet is not very reliable ....
Ye ole coin shoppe should provide less paper trail which makes it more difficult for the gov to seize it.
Ebay.
Ebay? And what will I do if the guy sends me a gold-plated copper krugerrand instead?
It appears JPM bought the top and sold the bottom. They are such awesome traders.
Makes one think that JPM is short for Jamie the Proud Muppet and that they get their trading tips from Goldman.
ah, i guess people are realizing if they don't at least try to turn in their paper slips now, they ain't getting no gold or silver later.
you know, JPM lies about everything else, why wouldn't they lie about this?
they have probably been out of gold for days now; silver for weeks.
fuck them
The market is manipulated so the price of gold is rigged. The 'free market price setting mechanism' is gone if you buy a gold futures contract and get dollars instead of gold.
And don't think this is not being carefully studied by the government and the banksters: once they prove they can uncouple the physical supply of gold from its price, what else will they use that technique on?. I don't think many of us have the time to comprehend what is happening here. Say I own a gold mine. Say I need $1600 per oz to break even. If people are prevented from bidding up the price of gold beyond $1600 per oz I will never mine any more gold out of the ground! And why does the price of gold not go up beyong $1600 per oz? Because BennieBucks are used to sell gold contract short on the futures market. And when settlement time comes, all that happens is more BennieBucks are used to settle the contracts because their is no more physical gold!