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JPMorgan Accounts For 99.3% Of The COMEX Gold Sales In The Last Three Months

Tyler Durden's picture





 

Submitted by Mark McHugh from Across The Street

Jamie Dimon Has Issues

When just one firm accounts for 99.3% of the physical gold sales at the COMEX in the last three months it’s not what most of us on this side of the rainbow would consider “broad-based” selling.  Of course discovering this kind of relevant information requires an internet connection, 2nd grade math and reading skills, and the desire to do a teeny-weeny bit of reporting.  Sadly they’ve wandered so far down the rabbit hole that the concept of “physical demand” (i.e. people actually wanting to take possession of the stuff) is puzzling to them because the vast majority of the world’s so-called “gold-trading” takes place in the realm of make believe (which is their natural habitat).  It’s all fun and games until somebody loses their metal and “somebody” has lost one hell of a lot of metal in the last 90 days.

This is the CME Group’s COMEX metals issues and stops year-to-date report, which can be found here everyday for free.  It chronicles the physical delivery notices of various metals, including gold.  Let’s have a look:

“I” is for “Idiot”
That’s how I remember it, anyway. “I” actually stands for “issues,” meaning the firm parted with its metal (@ 100 troy ounces a shot), and “S” stands for “stops,” meaning the firm took delivery of gold. “C” is for customer accounts, “H” is house accounts.  The first thing you should notice is that most transaction net out to zero in a given month (blue boxes), meaning the firm’s gold holdings didn’t change. What they delivered one day they got back the next, or vice versa.  The green boxes show firms who received more than they delivered and the red boxes indicate firms who coughed up gold for Bernanke bucks (aka idiots). Note that Deutsche Bank’s massive take in February more than offsets its deliveries in December and April.

Notice one more thing before we move on: Despite Goldman’s much ballyhooed “Gold Sucks!” call a few weeks ago, the squid has not parted with any yellow metal whatsoever in 2013.  Hmmm.

Now for the main event:

J P Morgan has fumbled ownership of 1,966,000 Troy ounces of gold since February 1.  That’s 74% more gold than the US mint delivered through the US mint’s American Eagle program in all of 2012.  I mention this because there’s little doubt in my mind that the US government is one of JPM’s gold “customers.”  So (if I am correct) the same US government who just let the Morgue dump its gold on the COMEX floor will once again be suspending gold sales to peasants.

Maybe Jamie Dimon figures he’ll buy back all that gold on the cheap when the rest of the world realizes how smart he is.  Or maybe he’s once again displaying that his firm doesn’t have the slightest idea what “hedging” is and is teetering on the brink of collapse.  That would explain the April 11th meeting between President Obama and the Pig 5 bank CEOs, wouldn’t it?  And you just have to get a little misty that Lloyd Blankfein was nice enough to provide some hot-air cover for his competitor, don’t you?

One thing’s very clear: When it comes to selling physical gold, J P Morgan is acting alone.  The 130 contracts NOT delivered by JPM in the last three months (of which  110 were fromABN AMRO) are but a footnote.  If Jamie’s right, he’ll look like a genius in a few months, if not he should be able to recycle his quote regarding the infamous “London Whale” losses: “Just because we’re stupid, doesn’t mean everybody else was.”  Time will tell.

100 years ago John Pierpont Morgan famously testified to Congress, “Money is gold, and nothing else.” (Note: That is the exact quote, the full testimony can be found here).  One has to wonder what the big guy would think of his legacy’s disregard for sound money, $70 Trillion derivatives book, and "House of Cards" "Fortress" balance sheet.

One more very, very important thing.
Anybody who says there’s been gold selling in the GLD is a freaking moron (Bob Pistrami, I’m looking in your direction).   The GLD works much like a coat check.  Unless you think checking your coat constitutes a real transaction of some kind you shouldn’t think of changes in the GLD’s gold holdings as sales. They’re not. When you check your gold into the GLD you get shares (like a claim check). Where it gets wierd is you can sell these claim checks to nimrods who seem to think they’ve bought your coat, but aren’t actually allowed to wear it.

What nobody seems to appreciate is that every share of GLD is allowed to be sold TWICE (long and short, and it’s really important to understand that).  If you’re foolish enough to doubt me (and foolish enough to short gold), go short GLD shares and see if anyone knocks on your door demanding gold.  Saying the GLD is 100% backed by gold is a bold face lie because they’re can be twice as many shares in play as gold backing them, which means GLD shares may be only 50% backed by gold before any rules are broken.

When GLD (or any ETF for that matter) shares sold exceed the existing shares PLUS all the shortable (double-sold) shares, legitimate shares can not be found for settlement and that must be reported to the SEC’s “Fails to Deliver” list, which is published twice a month with about a four-week delay (here).

April 15, 2013 was this biggest volume day ever for GLD (93.7mm) and I’ll guarantee you right now that record fails to deliver will be reported on or around that date, which should have required more gold to be deposited with the GLD (but that didn’t happen).  So instead of the half-assed explanation Pistrami offered (here) of how he thinks the GLD works, he should have raised the question of whether or not there were enough legitimate shares of GLD to facilitate trading (I say no way in hell).

Gold continues to be pulled from the GLD (which really means people want their coats back) and still no one’s concerned about the number doubled-owned shares.  Worse yet, the responsibility for sorting this unholy mess out falls to SEC chief Mary Jo White who is celebrating her 16th day in office.

I can’t wait to see what happens next….

Notes for Nerds:  This piece is not intended to describe the inner workings of the COMEX or GLD in detail, so don’t bust my balls with minutiae, unless it is relevant to the discussion of JPM’s massive gold sales or the double-ownership of ETF shares. Double-owned ETF shares are huge problem with ETFs in general, but the misrepresentation (by omission) of this fact by ETFs supposedly backed by tangible assets like gold and silver seems more egregious to me.  

In addition to the YTD CME Group metals report, you can track the hilarity on a day-by-day basis here.

The February 1 to April 25 delivered gold contracts info referenced included only transactions between firms.   For that reason Morgan Stanley’s 307 contracts transferred from  house account to customer account was excluded from the calculations.

Total Net gold deliveries Feb 1 to April 25:

Vision Financial – 1 contract
R J O’Brien – 2
ADM Investor Services INC – 2
Marex – 5
Citigroup Global Markets – 10
ABN AMRO – 110
JP Morgan – 19,660

 


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Fri, 04/26/2013 - 14:31 | Link to Comment kliguy38
kliguy38's picture

Is this manipulation??? I'm shocked I tell you SHOCKED

Fri, 04/26/2013 - 14:40 | Link to Comment Big Slick
Big Slick's picture

You Real World fools and your insistance on Physical.  

Jamie Dimon will show you all.  

That's why he's richer than you. 

http://www.zerohedge.com/news/2013-02-27/jamie-dimon-thats-why-i-am-richer-you

Fri, 04/26/2013 - 14:43 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

JPM is only doing in the Comex what the Fed and Treasury do with the entire money supply. 

Fri, 04/26/2013 - 14:45 | Link to Comment The Juggernaut
The Juggernaut's picture

Fucking Goldman telling everyone to short whilst they hold... and possibly buy more?

Fri, 04/26/2013 - 14:48 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Awesome to see that they are still using daisy wheel printers at the CME. They must have to get in their hot tub time machine to get spare parts for the thing!

Fri, 04/26/2013 - 14:54 | Link to Comment I think I need ...
I think I need to buy a gun's picture

gone squatchin

Fri, 04/26/2013 - 14:57 | Link to Comment Divided States ...
Divided States of America's picture
Yup....this is also true: U.S. Federal Reserve Accounts For 99.3% Of The NYSE Equity Purchases In The Last Three Months
Fri, 04/26/2013 - 14:59 | Link to Comment francis_sawyer
francis_sawyer's picture

Blythe sold all the gold to go all in on bitcoin...

Fri, 04/26/2013 - 14:59 | Link to Comment idea_hamster
idea_hamster's picture

“Fortress balance sheet” indeed – more like Maginot Line balance sheet. 

Dimon’s loaded up on crap to fight the last war, and when the poo-flinging starts, JPM is going to get rolled over because Simple Jamie hollowed it out.

Fri, 04/26/2013 - 15:12 | Link to Comment nope-1004
nope-1004's picture

 

 

J

 

         P

 

                       I

 

                                G

 

OINK!

 

 

An "unbelievable" theft is coming, if not already underway.  They won't admit failure, they'll just grab.


Fri, 04/26/2013 - 15:39 | Link to Comment socalbeach
socalbeach's picture

Good read, relevant to this post, but somewhat technical.

 

GLD – The Central Bank Of The Bullion Banks

The ratio of the gold represented by GLD shares vs the amt of physical gold in the depository could be more than 2.  See Vic's comment that he made yesterday (April 25).

Fri, 04/26/2013 - 22:48 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

When a large company/corporation starts to sink, the first thing that happens is the CEO, Directors and Executives start getting their skin out of the game.

When the game is up, they transfer wealth form the company and line their own pockets with it.

In JP Morgue's case, with such a huge Derivative position, perhaps they're pulling physical out of JP Morgue so they can line their own pockets with it?

Life Boat-anomics 101

Sat, 04/27/2013 - 01:52 | Link to Comment Middle_Finger_Market
Middle_Finger_Market's picture

JPM goes down on May Day! 

Sat, 04/27/2013 - 06:20 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

Maybe JPM could just borrow gold from the Germans.

Sat, 04/27/2013 - 08:59 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

been there  DONE THAT

Sat, 04/27/2013 - 09:02 | Link to Comment TwoShortPlanks
TwoShortPlanks's picture

You mean move it from one cage to the next in their vault? LOL

Fri, 04/26/2013 - 15:32 | Link to Comment janus
janus's picture

love this piece...back to the tone of olde school ZH.

http://www.youtube.com/watch?v=_yYDzLUH1NE

that's the way you debate, bitchez!

janus

Fri, 04/26/2013 - 16:20 | Link to Comment ebworthen
ebworthen's picture

Agreed.  Some snappy writing here.

Reminds me of Money McBags.

Fri, 04/26/2013 - 17:20 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

Shine on you crazy golden Dimon.

Fri, 04/26/2013 - 18:20 | Link to Comment nmewn
nmewn's picture

The commoners job has always been to relieve them (Wall Street & government) of as much gold as possible...they clearly can't be trusted with it ;-)

Fri, 04/26/2013 - 20:41 | Link to Comment cifo
cifo's picture

I doubt it that they go down so easily.

Fri, 04/26/2013 - 21:22 | Link to Comment LoneCapitalist
LoneCapitalist's picture

+1 for the Pink Floyd reference

Sat, 04/27/2013 - 04:00 | Link to Comment MythicalFish
MythicalFish's picture

2mln Oz = $3bln

Why doesn't John Paulson just take delivery of that? (or at least the 80% of that via the ETF he holds)

Then, let's see JPM's fucking cards..

So he his either stupid, or in on this.

Or both.

Or he cannot get it (and his life) insured accordingly.

 

Fri, 04/26/2013 - 15:23 | Link to Comment PontifexMaximus
PontifexMaximus's picture

Where did you get that?

Fri, 04/26/2013 - 22:02 | Link to Comment MajorWoody
MajorWoody's picture

Someday this war is gonna end

http://youtu.be/mTLqp-KKuo4

most definitely in this decade

Fri, 04/26/2013 - 23:19 | Link to Comment StychoKiller
StychoKiller's picture

[quote] Gold continues to be pulled from the GLD (which really means people want their coats back) and still no one’s concerned about the number doubled-owned shares. [/quote]

Yo essé, joo bling ain't here!  ¿Joo chek yer ride?

Sat, 04/27/2013 - 11:54 | Link to Comment caconhma
caconhma's picture

I wish people writing these "smart" papers would spend more time explaining to common people how to read these tables and diagrams!!!

Fri, 04/26/2013 - 21:42 | Link to Comment Papasmurf
Papasmurf's picture

If they had laser printers, they would run out of ink, printing out porn. 

Fri, 04/26/2013 - 23:38 | Link to Comment FEDbuster
FEDbuster's picture

Wonder if they watch porn on green crt monitors? Freaky!

Fri, 04/26/2013 - 15:02 | Link to Comment RebelDevil
RebelDevil's picture

Would it even be possible to short, and acculmulate more physical at the end? I bet Jamie and Lloyd had a phonecall before the smash btw.

Fri, 04/26/2013 - 16:11 | Link to Comment Jack Napier
Jack Napier's picture

Something like that. They and Brian Moynihan met with the Conspirator in Chief in the WH on Thursday 4/11.

This same day Congress proposed a bill to repeal the Stop Trading on Congressional Knowledge (STOCK) Act, which would then allow them to perform insider trading without disclosure.

At the Sunday market open Merrill Lynch (Moynihan/BoA) sold 5 million oz of paper gold to begin the takedown.

First thing Monday morning the Chief signed the repealing of the STOCK Act into law as markets were tanking.

Meanwhile physical outflows of gold from the exchanges are at all time record levels and accelerating, with those this April matching that of Q1 2013 which was the largest quarterly outflow ever.

Yes, they are selling the paper and buying the phyz. Kickbacks all around.

Fri, 04/26/2013 - 18:09 | Link to Comment Alea Iactaest
Alea Iactaest's picture

Stupid post. Nevermind.

Fri, 04/26/2013 - 19:46 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

+1 for comment & for the icon

Fri, 04/26/2013 - 21:40 | Link to Comment FreeNewEnergy
FreeNewEnergy's picture

Sounds treasonous to me, but who the hell am I, just a citizen, not a banker, nor a president, though the people who have engaged in these nefarious acts should consider that treason - as best I can recall - in these United States, is punishable by death.

Did I just say that?

Well, yes, yes I did.

Fri, 04/26/2013 - 23:23 | Link to Comment delacroix
delacroix's picture

so now congress is shorting pm's ?

Fri, 04/26/2013 - 15:05 | Link to Comment boogerbently
boogerbently's picture

On the other hand, they said to short gold on Wed. and the biggest dump in gold price happened the following Fri and Mon.

Which alma mater does EVERYONE in the govt. even remotely related to our money hail from.

JPM or GS....

Fri, 04/26/2013 - 16:16 | Link to Comment HardAssets
HardAssets's picture

"Fucking Goldman telling everyone to short whilst they hold... and possibly buy more?"

 

Its called a 'contrarian indicator'

Fri, 04/26/2013 - 17:46 | Link to Comment QuantumCat
QuantumCat's picture

Ask yourself, why would JPM sell such a large position?  I know most here think it is simple execution of Fed/Government policy to keep the price of gold down, but think about it from a strategic point of view... what are the other possibilities?  Under what circumstance would it be good to liquidate gold? One possibility...

Perhaps JPM knows something we don't... we know they have inside information from the Fed and the government, and we know they exploit it.  Consider, just as the Fed has the power print money (at lease bank reserves), they also have the power to manage the rate of QE or even reverse it (deleveraging the balance sheet).  The Fed may be annoyed that people are borrowing money to buy gold instead of iPhones.  They can easily crush that hedge (borrowing money to buy gold) and get the little guy to cough his gold up right before the printing press kicks back in. After all, people generally don't like to have their property or businesses seized, and gold is obviously one of the more liquid assets.  I think this is exactly why paper demand for gold collapsed so hard and so fast versus the demand in the real market where people generally pay with unleveraged dollars.  The Fed can punish people who borrow to buy gold. So perhaps, JPM knows the pain train is coming.  So why not dump it and buy it back at lower prices?  Never underestimate just how much the system is rigged against us.

 

Fri, 04/26/2013 - 19:16 | Link to Comment BoNeSxxx
BoNeSxxx's picture

That is exactly what I have been asking myself.  +1

They just may know something we don't even see as a possibility - say, a massive release of physical from some unknown source (not saying there is one but, if we knew about it, it wouldn't be a surprise now would it?).

The Debeers diamond cartel has long stashed excess diamonds in some cave... if all the inventory was unleashed at once, diamonds would be worth next to nothing (or so goes the story).

Again, it's all speculation but something doesn't smell right... maybe it's the detritus of the Morgue's rotting corpse - maybe not.

Fri, 04/26/2013 - 19:38 | Link to Comment fonzannoon
fonzannoon's picture

JPM may be the gov but Goldman is the big club. I would imagine Goldman would be doing the same.

Look at where prices are right now. No one is selling and everyone is trying to buy.

Go ahead and end QE. Send the stock market to hell, risk the bond market collapsing. They won't get the reaction they want out of physical. There will probably be even less.

 

Fri, 04/26/2013 - 23:23 | Link to Comment CompassionateFascist
CompassionateFascist's picture

The "cave" has a name: Israel.

Sat, 04/27/2013 - 01:58 | Link to Comment Dealyer Turdin
Dealyer Turdin's picture

Diamonds are the windshield (inner earth)after the earth got macked.  What if many of the people in lines buying gold are mules?  What if they're counting on a cyber attack to cook the books after the shuffle?  I bet the TSA is more about scanning for gold than weapons...  you know, the small things.  Good points up there.

Sat, 04/27/2013 - 09:10 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

I bet the TSA is more about scanning for gold than weapons...

I have often felt the same way. They need a naked photo because the magnetometer doesn't capture the preciousss...

Sat, 04/27/2013 - 22:47 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Maybe it is simpler than everyone thinks. Might simply be that JPM backstops the Mint for gold and silver used in coins they sell. The draw down is related more to demand on coins from the mint than from actual Comex paper gold being redeemed? We know they don't use their own gold at Fort Knox to mint those coins so the gold and silver has to come from somewhere. Either way the discount on physical gold no matter if it Comex -> JPM -> paper shares redeemed in physical or other conduits like JPM- -> Mint -> retail buyers is the main driver here.

Fri, 04/26/2013 - 16:05 | Link to Comment Abraxas
Abraxas's picture

They did it for us. They wanted to save us from self-harm. Thank you JP and GS for looking after us.

Fri, 04/26/2013 - 14:58 | Link to Comment Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

ParkAveFlasher: "You're all class, Jaime.  Somebody piss in his bisque already."

 

  Fan-fucking-tastic.

Fri, 04/26/2013 - 16:36 | Link to Comment spine001
spine001's picture

Hahahaha... Being richer has nothing to do with being smarter, otherwise have Jamie play chess with Kasparov...

No it is all to do with being ruthless!

It also helps when authorities are dumb or sobornable and they allow you to take risks with other people's money becoming a win win situation for you. Specially when you are in a situation of moral hazard: making decisions with more information that the regular Joe that affect the regular Joe.

Until next time.

Engineer

Sat, 04/27/2013 - 09:17 | Link to Comment Bendromeda Strain
Bendromeda Strain's picture

+1 for reminding us of the subornative nature of the authorities (+0 for inventing a word!)

Fri, 04/26/2013 - 14:42 | Link to Comment knukles
knukles's picture

:)

Fri, 04/26/2013 - 15:29 | Link to Comment SILVERGEDDON
SILVERGEDDON's picture

Million Dollar Bonus is your man. " It only costs five bucks to dig it out of the ground. "

Jamie Dimon runs a close second. " It only costs a penny a terabyte to trade fake paper gold to nobody. " 

Fri, 04/26/2013 - 15:47 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

On my way to napa for wine and golf...just wanna say I love zero hedge...

Fri, 04/26/2013 - 14:41 | Link to Comment Big Slick
Big Slick's picture

dupe

Fri, 04/26/2013 - 14:39 | Link to Comment knukles
knukles's picture

Exactly
The Morgue acts on behalf of the UST/Fed
HSBC acts on behalf of BoE
Well, that's how it worked in the old days, them being the "primary privileged go to" dealers for the gold OMO

Its also why albeit JPM is the seller (or buyer as the case may be) the P&L never, ever shows up on its books.  They're acting on behalf of a client (Gubamnint) who don't show no P&L

Also why if Morgue's vault empties and there's a big standing for Physical Delivery, it may not affect the Morgue's P&L as that emptied out of the vault might be OPG    Other People's Gold, so just cannot arrive at conclusions so easily.

But remember kids, if it the Morgue acting for Uncle Sleazy, then all they gets a comish, front running, etc.

Fri, 04/26/2013 - 14:48 | Link to Comment fonzannoon
fonzannoon's picture

so then who gets the dick in the ass knucks?

Fri, 04/26/2013 - 15:11 | Link to Comment THX 1178
THX 1178's picture

Depends on whether or not (after the reset) we get a new gold standard and decentralized US or we get a one world currency/ continent wide currencies. Depends on what goes down during the great disequilibrium.

Fri, 04/26/2013 - 19:44 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

“if you can’t spot the sucker at the table, it’s you”

Nothing personal but that is the very famous applicable saying.

Fri, 04/26/2013 - 14:49 | Link to Comment piceridu
piceridu's picture

Read: @Knuckles comment more than once for it to sink in. Cui bono? ...and behalf of whom?

Fri, 04/26/2013 - 16:56 | Link to Comment Cui Bono
Cui Bono's picture

Shit, sorry I;m late.. I decided I wanted to be Ms White's lapdog and the SEC employment page linked me to some OZ based midget tranny porn thing and I fell asleep at my terminal.

Now what am I supposed to do? read Knuckles comment.. fine but I don't mind admitting I'm a bit scared... having seen the thing about the dick in the ass above..

Ooooooh what a world.....CB

Fri, 04/26/2013 - 14:44 | Link to Comment Silveramada
Silveramada's picture

because we did not know that GS is in the honorable business of ripping off the american people....

Fri, 04/26/2013 - 18:31 | Link to Comment freewolf7
freewolf7's picture

+1

Fri, 04/26/2013 - 18:59 | Link to Comment deKevelioc
deKevelioc's picture

Armstrong is full of shit.  The gold market isn't manipulated?  I'm done with Armstrong.  He's a con.  We've seen the activity in the gold market.  No one sells HUGE volume like that in one shot and expect to maximize profits.  There's something fishy about him anyway.  

Fri, 04/26/2013 - 19:02 | Link to Comment akak
akak's picture

His time in prison seems to have addled his brain.

I find very little of value in anything he has to say.  He today comes across as a beaten man, an apologist for corrupt authority, a classic sufferer of Stockholm Syndrome.

Sat, 04/27/2013 - 00:15 | Link to Comment Treason Season
Treason Season's picture

He maybe be an apologist but have you seen his blonde babe. She's probably his payoff. Check out the utube vid in Bkk at the Rotary meeting. I'd think of shilling too if she was the payoff!

Fri, 04/26/2013 - 20:51 | Link to Comment i-dog
i-dog's picture

 

"a classic sufferer of Stockholm Syndrome"

... or re-education....

Sat, 04/27/2013 - 02:03 | Link to Comment cynicalskeptic
cynicalskeptic's picture

One can't help but wonder if Armstrong finally decided it was easier and safer to play along with TPTB..........         would explain some of the apparent contradictions in what was said far back with what's been said currently

Fri, 04/26/2013 - 19:11 | Link to Comment xPat
xPat's picture

CPM Group just published an excellent piece debunking this article for the utter bullshit it truly is: http://www.cpmgroup.com/sites/default/files/file_upload/CPM%20Market%20A...

So, Tylers, since you have nothing to hide there's no reason to censor this post, right? I mean, you do want your readers to have access to both sides of the argument, right?

I'll be counting the seconds till this is censored off the site...

xPat

 

Fri, 04/26/2013 - 19:18 | Link to Comment xPat
xPat's picture

Oops, I goofed. CPM Group was debunking YESTERDAY's bullshit ZH article disseminating absurd disinformation about PMs - silly me, I got confused and put the link in TODAY's bullshit ZH article disseminating disinformation about PMs.

Please forgive me; the PM-related bullshit on ZH is so voluminous and frequent that it's easy to get confused!

xPat

 

Fri, 04/26/2013 - 19:34 | Link to Comment akak
akak's picture

Oh, would that be Jeffrey "100:1" Christian's CPM Group?

Yes, everything they say is the gospel truth regarding precious metals --- no conflict of interest or agenda there at all, no, never!

LOL

Fri, 04/26/2013 - 19:45 | Link to Comment xPat
xPat's picture

Hi akak,

Jeff consistently gets his facts right. That's why GATA. Ted Butler, and the rest of the PM charlatans hate him so much. Sounds like you've fallen for their rhetoric about Jeff hook, line and sinker. What a pity.

Rather than expressing sarcasm, why don't you weigh in with a counter-argument explaining what aspect of Jeff's argument you think is wrong? The 100:1 comment was perfectly appropriate. It was GATA and company who took it completely out of context and tried to pretend it had something to do with leverage, which it never did.

So yes, Jeff "100:1" Christian. The guy who actually knows of which he speaks and still makes the time to debunk the nonsese promulgated by the Gold Anti-Truth Committee, and all the blind sheep who take them seriously.

Why don't you elaborate, akak. Yes, Jeff observed that the ratio of cash-settled to physical delivery transactions on LBMA is about 100:1. Just what do you find offensive or problematic about that, akak? Or are you just fond of parroting the GATA drivel without bothering to endeavor to understand the issue yourself?

It appears that you are resorting to ad hominem because you're unable to make a cogent logical argument to support your contentions. Why not state an argument logically, based on fact, and show me up? Go ahead, akak, make my day!

xPat

Fri, 04/26/2013 - 19:49 | Link to Comment akak
akak's picture

Jeffrey Christian is nothing but a deceitful apologist for a corrupt and failing financial system, as he has proven over and over again in defending the TBTF banks, the bullion banks, and the whole tottering fiat currency regime.  He is merely Jon Nadler with slightly better manners.  I have equal contempt for them both, and for you if you believe that Jeffrey Christian is an honest man of integrity who speaks truth to power.  The reality is quite the opposite, and any honest, intelligent and unbiased observer who has any knowledge in or experience of the PM markets over the past few years or decades knows that beyond any doubt.

 

Fri, 04/26/2013 - 19:55 | Link to Comment xPat
xPat's picture

So, in other words, the answer is no, you're not able to form a cogent logical argument to support your position, and the best you can do is to sling more ad hominem nonsense. Got it, akak. Thanks for making it clear you have no point.

For the record, the BBs are Jeff's competitors, and he's never been an apologist for them in any way. He just bases his contempt for them on reality rather than fantasy.

xPat

 

Fri, 04/26/2013 - 20:10 | Link to Comment akak
akak's picture

It is clear where you stand, and it is with the wrong side, the corrupt side, the evil side, who wish and continue to suppress and disparage the precious metals, and attack and disparage those who hold them in the face of rampant governmental abuse of currency, its issuance and value, and people's hard-earned savings.

I do not need to present or argue detailed minutia to know when a man is a liar and an apologist for official and systematic corruption, as Jeffrey Christian has clearly shown himself to be in essentially every occasion in which he has publicly spoken regarding (against) the precious metals.

Thank you for making that clear to me, and to us.

Fri, 04/26/2013 - 20:13 | Link to Comment fonzannoon
fonzannoon's picture

I am mobile and can't open the attachment from the cme guy. If these articles are so sensational then why did abn amro default and have to settle in cash if there is not an inventory issue?

Sat, 04/27/2013 - 01:42 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

No no, ABN Amro has the gold, they are holding it for you.  You know, to protect it, and minimize transaction costs.  They'll show it to you, but you can't leave the premises with it.

Fri, 04/26/2013 - 23:30 | Link to Comment delacroix
delacroix's picture

jeffrey christian stated that we had a silver glut a few months ago. glut, as in overabundance.

Fri, 04/26/2013 - 23:42 | Link to Comment CompassionateFascist
CompassionateFascist's picture

I'll make it simple for x-Pat: awhile back, when I was young, innocent, and in SLV, I asked my (JPM) broker, "are all these shares backed by physical metal? How much physical do they have?" His answer:

                         "Uh...they have some silver..."

 

It's damn all obvious what the banksters are up to: driving down the price of physical metal by dumping paper ounces, then cornering the physical. So they'll be sitting pretty when the entire paper DebtPonzi collapses.

Fri, 04/26/2013 - 20:10 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

Did you even read through that dirvel?  From the article regarding taking delivery of commercial Gold: 

 

     "A more critical point is that, in order to have depository receipts to give to someone to take delivery of gold, that person would have had to have received a depository receipt (what the author called a ‘delivery notice’) from the person who owned the gold, or from an intermediate holder (such as the Comex Clearinghouse). One would only have had that receipt to give them, to pass on in a sale, if one had gold at JP Morgan. As the gold comes out of JP Morgan’s vaults, the related depository receipts are retired. So, if there were to be no gold in JP Morgan’s vaults, there could be not receipts against which some one could use to ‘demand delivery. "

 

     This from Jeffrey 100 to 1 Christian's CPM group!!  No default would occur because 'depository receipts' are never issued unless the metal is backed 100%!  LOL,, this is just getting ridiculous now.

Fri, 04/26/2013 - 20:22 | Link to Comment xPat
xPat's picture

Ridiculous indeed. You guys continue to flaunt your ignorance, sling ad hominem, and have yet to make a single logical argument to support your rhetoric.

I'm giving up on this thread. It's clear there's no intelligent life here.

xPat

 

Fri, 04/26/2013 - 20:22 | Link to Comment fonzannoon
fonzannoon's picture

I take that as you can't answer my simple question.

Fri, 04/26/2013 - 20:29 | Link to Comment akak
akak's picture

Yes, xPat, while not directly related to JPM, what does your pro-bankster shill Jeffrey Christian have to say about ABN AMRO defaulting on their gold customers' supposedly gold-backed accounts?  More "All is well, nothing to see here?"

You outrageously disingenuous Quislings are such a hoot!

Fri, 04/26/2013 - 20:37 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

Xpat, watch (if you can stand it) Jeffrey 100 to 1 Christian in person admit the 'physical market' can mean much more than actual allocated metal http://www.youtube.com/watch?v=BfCn8NlLHko  Scroll to the 4 minute mark to avoid Christian blabbing his lies to fellow Goldman crook Gensler.

 

Is that logical enough for you?

Fri, 04/26/2013 - 20:41 | Link to Comment fonzannoon
fonzannoon's picture

"and people will say...there's not that much physical metal out there...and there isn't"

tremendous.

Fri, 04/26/2013 - 20:56 | Link to Comment xPat
xPat's picture

Jeff's commentsx made perfect sense, and GATA et al have been debunked over and over and over again for a couple of years now.

If you're stil too fucking ignorant to get it, there's no reason I should expect to make any progress here restating the obvious.

Later, guys.

xPat

Fri, 04/26/2013 - 21:00 | Link to Comment fonzannoon
fonzannoon's picture

You seem to be getting upset and resorting to ad hominem now that the facts are coming out and your own boy's words are being used against you. Can't you stay on topic? Oh forget it....I'm done with this thread!

Fri, 04/26/2013 - 14:31 | Link to Comment McMolotov
McMolotov's picture

I anxiously await the Wally World moose moment.

http://www.clarkgriswoldcollection.com/wp-content/uploads/2010/06/Wally-...

Fri, 04/26/2013 - 14:31 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

If the cocksuckerz over at the Morgue are naked short as suspected, they deserve what's coming. 

Fri, 04/26/2013 - 14:40 | Link to Comment The Iconoclast
The Iconoclast's picture

Systemically important, too big to fail, right?  Uncle Sam will direct the fed to cover their margin calls by issuing a SQL update statement to their Oracle database, which is all QE really is anyway.

Fri, 04/26/2013 - 15:30 | Link to Comment Skateboarder
Skateboarder's picture

In the technological age, the resilience of a civilization is measured by how many SQL statements it takes to debase the currency to flatline.

Fri, 04/26/2013 - 14:42 | Link to Comment Bay of Pigs
Bay of Pigs's picture

But Weiners ZH hit piece today said all us goldbugz were just paranoid and full of shit on this.

Trololololo...

Fri, 04/26/2013 - 14:53 | Link to Comment kralizec
kralizec's picture

Do as I say, not as I do!

Fri, 04/26/2013 - 15:03 | Link to Comment NotApplicable
NotApplicable's picture

Acting as agents of the Treasury no doubt.

Fri, 04/26/2013 - 19:47 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

In a situation like this if they’re naked short they have actual guns to help fortify their position, which is to steal & destroy.

Fri, 04/26/2013 - 14:38 | Link to Comment Quinvarius
Quinvarius's picture

I strongly suspect JPM is making good on GLD redemptions from "their" stash, or is at least being forced to undouble count it as GLD is redeemed.  As in, JPM never had anything.

Fri, 04/26/2013 - 15:59 | Link to Comment cynicalskeptic
cynicalskeptic's picture

The whole situation where JPM opened a new COMEX vault in record time stank at the time it happened.  Maybe, JPM NEVER HAD the gold in the first place - or held a minimal 'fradtional reserve' of claimed holdings.   Thihk about it.  JPM sells a boatload of paper gold - most of which remains in COMEX vaults anyway.   JPM offers 'reasonable' storage rates (I recall something about this at the time - their reatesbeing better than others- anyone know for sure?) as an incentive to stopre or keep storing in their vaults.    They can sell all they want and as long as it remains in JPM vaults, who's gonna know?

Wouldn't be the first time a bankhas sold metal, and charged storage for metal they never had.  It's worked for decades in some cases.

But things are getting bumpy with Germany asking for their gold back from the US and France.  Other holders are getting nervous about leaving 'their' gold - even allocated accounts - in another's hands.  China and Russia are buying like mad in London  AND TAKING DELIVERY further depleting physical supplies.  JPM is starting to look a bit less than competent with the Londion whale losses and there are rumors of major problems with their metals positions.  People start wondering if JPM is a good place to leave their metal......    

And IF JPM is actng as the Fed and Treasury's front man, well, you'd expect the pressure to be on with Germany et al asking about holdings.  The scramble to replace long gone supplies may also be part of all this.   JPM may have benefitted from a privileged relationship in doing the gov's bidding but may now be paying the price in scrambling to replace all the metal they so readily 'borrowed' in the past.   And keep in mind, at least there's gold around to replace at least part of the borrrowed stocks - GLD is holdoing something (hence recent cash outs for metal by AP's - not to mention the random national stash up for grabs.  Anyone know anything about Libya's gold?  An awful lot to just loan on camels and take into the desert..... although if it ended up in Mali that might go a long way to help France replace thier share of Germany's gold........ easy to launder - Mali produces gold.   Maybe that's why France took such an interest in the place lately.    The noise about Italy, Portugal, Spain and Greece - and Cyprus - having to pony up their gold to pay off paper debts is continual, though the populace should hang any leaders who agree to such a move (talk about the ultimate 'Brown's Bottom' event - rob southern Europe in an attempt ot make good all the sold off leases just before a reset to the world's financial system where gold suddenly becomes something more than a 'barbarous relic' (there's a reason China, Russia and others are building gold inventories)

But silver is another story.  There may not be anywhere near enough to cover the outstanding short positions in silver.  Seems like no nation is holding 'strategic reserves' anymore (except maybe China) so there's no supply to raid for metal except the ETF's and you have to wonder just what SLV is holding.

 

Fri, 04/26/2013 - 17:01 | Link to Comment anonnn
anonnn's picture

Thanks yr insight.

From an earlier post:

"The disconnect between paper and physical will be recognized by paper-holders selling their positions in anticipation of paper's absense of intrinsiic worth, thus diving paper-price down and ultimately to zero [as all holders are forced to recognize the fraud is no longer workable].

That race to zero also releases any shorts as they can cover their positions at zero cost; of course, the game will end sometime before zero is reached."

Such sterilizing/neutering of  naked shorts/shorters may have been pre-arranged to preclude any fear of failure in an end-game.

Fri, 04/26/2013 - 17:19 | Link to Comment OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Um yes on Libyan gold, my brother-in-law lived in Tripoli the last five years and operated at the top levels. He says it was common knowledge that Gaddafi filled containers with gold, buried them in the desert, then shot the buriers. Maybe some nice Earth-imaging satellite work could find out where. Would make a good movie plot.

Fri, 04/26/2013 - 14:35 | Link to Comment FieldingMellish
FieldingMellish's picture

Bart will be right on top of that "suspicious" 0.7%....

Fri, 04/26/2013 - 14:43 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Right after he gets done trying out the new Magic Hair Spin Curler Diffuser.  http://www.youtube.com/watch?v=97Lk0Ws-OZ8

Fri, 04/26/2013 - 14:45 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Right after he removes the tightly-wound Saran Wrap from his face.

Fri, 04/26/2013 - 15:57 | Link to Comment Jekyll_n_Hyde_Island
Jekyll_n_Hyde_Island's picture

Hot Totties and DOG-NUTS for everyone!

Fri, 04/26/2013 - 16:15 | Link to Comment Simplifiedfrisbee
Simplifiedfrisbee's picture

Default and halt rhyme. Remember it.

Fri, 04/26/2013 - 16:20 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Aye!  A default by any other name would smell as sweet.

Fri, 04/26/2013 - 14:38 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Go ahead, suspend gold sales to the populace.  The result will be the same as last time.  Might as well hand over world economic power to the BRICs right now.  How about letting JPM fucking die instead?

Fri, 04/26/2013 - 14:41 | Link to Comment fonzannoon
fonzannoon's picture

bingo

Fri, 04/26/2013 - 16:23 | Link to Comment uno
uno's picture

us gov must be counting on getting Iran's gold

Fri, 04/26/2013 - 22:29 | Link to Comment Quonk
Quonk's picture

"How about letting JPM fucking die instead?"

Couldn't happen to a more deserving organization...if it happens because of the shiny stuff...even better!  The anniversary of their death might outcompete the spring solistice as may favorite annual observance.

P.S. Not picking a fight with those thinking the Squid is a the top of the list to die...there are things about which reasonable people can disagree.

Fri, 04/26/2013 - 22:41 | Link to Comment CustomersMan
CustomersMan's picture

 

Officially or UN-Officially JPMorgue is the FED, so to act as though they are two separate entities is distracting, they are one and the same, same people, same leadership, same ownership, same groups involved. That's why when they act., naked-short PM's for example, they are protected by the FED checkbook, sometimes indirectly.

Fri, 04/26/2013 - 22:47 | Link to Comment Quonk
Quonk's picture

...Summer solistice...already dreaming of it in Spring

Fri, 04/26/2013 - 14:40 | Link to Comment DaveyJones
DaveyJones's picture

and they say heavy metal is overrated

Fri, 04/26/2013 - 14:38 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Ohhhhhh...........What would you do with a banking fraudster

What would you do with a banking fraudster

What would you do with a banking fraudster

Earlyyyyy in the morning......

Punch him kick em keelhaul the bastard

Fri, 04/26/2013 - 14:42 | Link to Comment CitizenPete
CitizenPete's picture

There are just not enough of them going missing on a weekly basis, are there? 

Fri, 04/26/2013 - 14:59 | Link to Comment Urban Redneck
Urban Redneck's picture

from the bows of their own yachts...

Fri, 04/26/2013 - 14:39 | Link to Comment mt paul
mt paul's picture

new age alchemy

turn paper

into gold ...

Fri, 04/26/2013 - 15:38 | Link to Comment Urban Redneck
Urban Redneck's picture

I actually know a real alchemist, he TURNS PAPER INTO PHYSICAL GOLD for you, all sorts of people are trying to sell him physical gold right now and he doesn't have enough paper to meet their demand...

Sucks to be an under-capitalized PM refiner in an emerging market...

Where's Sally Struthers when you need her?

Fri, 04/26/2013 - 14:42 | Link to Comment Racer
Racer's picture

Maybe they got the heads up that gold will be confiscated

Fri, 04/26/2013 - 15:58 | Link to Comment Jonas Parker
Jonas Parker's picture

No, they got a "heads up" that paper would be confiscated...

Fri, 04/26/2013 - 14:39 | Link to Comment Soda Popinski
Soda Popinski's picture

James Dimon is a venerial disease.

Fri, 04/26/2013 - 15:25 | Link to Comment Rip van Wrinkle
Rip van Wrinkle's picture

Please don't insult venereal disease. It's disgusting.

Fri, 04/26/2013 - 15:30 | Link to Comment oak
oak's picture

he is just a madman, same as abe.

Fri, 04/26/2013 - 16:03 | Link to Comment cynicalskeptic
cynicalskeptic's picture

do not confuse sociopaths with madmen.  Sociopaths make great CEO's.   NO MORAL OR ETHICAL QUALMS ABOUT ANYTHING.

Fri, 04/26/2013 - 16:32 | Link to Comment Quinvarius
Quinvarius's picture

He is also a big diaper baby.  That negates any benefits from sociopathy.

Fri, 04/26/2013 - 15:35 | Link to Comment Killer the Buzzard
Killer the Buzzard's picture

+1

Fri, 04/26/2013 - 14:41 | Link to Comment fijisailor
fijisailor's picture

The shares are only double owned?  If that's true then it's a vote of confidence in GLD.

Fri, 04/26/2013 - 14:47 | Link to Comment CitizenPete
CitizenPete's picture

They are trading segregated client accounts, like the US Treasuries' segregated CIA account.   I turned blue waiting for good ol' Bart over at Gensler's Goldma...er.. CFTC to give us the the announcement that it's hammer time...  but his penis fell off on the way down the hall to Genslers office. 

 

To big to Jail

To big to fail

Bart brought a mino net and probably caught a killer whale. 

Fri, 04/26/2013 - 14:44 | Link to Comment mattdubz86
mattdubz86's picture

So Jamie Dimon may be the smarest man alive....If...he buys it all back at a lower price...which they intend on creating via the paper market.

Fri, 04/26/2013 - 14:45 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

If I have a contest, and declare myself the winner, how smart am I?

Fri, 04/26/2013 - 14:50 | Link to Comment IridiumRebel
IridiumRebel's picture

Tell him what he wins Bob!
Why you've just won an old fashioned ass whooping!

Fri, 04/26/2013 - 15:18 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

If I had my own contest, that would never be one of the prizes. 

Fri, 04/26/2013 - 14:51 | Link to Comment moonman
moonman's picture

Lets say the contest you have is how far can you ram a wiffleball bat up your own ass, who else wants to play?

 

But yes you are the winner

Fri, 04/26/2013 - 15:02 | Link to Comment catacl1sm
catacl1sm's picture

If no else plays, then he doesn't have to stick the wiffle ball bat up his ass to win.

 

Why a wiffle ball bat, why not an old splintering wooden bat?

Fri, 04/26/2013 - 15:18 | Link to Comment bluskyes
bluskyes's picture

If no-one else plays, then like the COMEX you win by DEFAULT!

Fri, 04/26/2013 - 14:45 | Link to Comment Golden_Rule
Golden_Rule's picture

Maybe Jamie Dimon figures he’ll buy back all that gold on the cheap when the rest of the world realizes how smart he is.

 

That's my guess.  In fact, unless they were forced to liquidate their holdings, it is the only thing that makes sense.

Fri, 04/26/2013 - 16:06 | Link to Comment cynicalskeptic
cynicalskeptic's picture

Made acommewnt to a JPM exec about their declining gold holdings and his response was 'Why hold it when you can buy it back at a lower price?' - this just before the latest price crash.    

Was he referring to that - something slightly more than the 'usual' manipulation  or is something even bigger at work behind the scenes?  OR did things get out of hand the last smack-down, leaving JPM in a real bind?

Sat, 04/27/2013 - 02:41 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

COMEX and who ever is slamming PMs can't force you to do business at their price.

And thats what they are finding out.  People are only taking the Wall St price as a "suggestion".  So how can you drive down the price on the paper market, and then load up on physical at the lower price, if people don't fall for it?  What if even miners start selling direct, through Nucleo Bullion Exchange for example, bypassing LBMA and Comex and the paper market altogether?  It would mean Comex prices are manipulated and irrelevant, and that any one who thought they could get people to sell their gold at current prices made a BIG mistake.

Fri, 04/26/2013 - 14:46 | Link to Comment ziggy59
ziggy59's picture

No wonder he's looking for metal...

Fri, 04/26/2013 - 14:45 | Link to Comment bentaxle
bentaxle's picture

I just wonder if the word "delivery" has been deleted from JPM vocabulary yet?

Fri, 04/26/2013 - 14:48 | Link to Comment Cursive
Cursive's picture

God bless the gold bugs and may they bring Jamie to his knees.

Fri, 04/26/2013 - 14:47 | Link to Comment Colonel Jessup
Colonel Jessup's picture

This entire game is being played to keep the dollar as a safe haven - for just a while longer. When they ( the bankers ) no longer need to play that card (i.e. they have all the physical they need or want), then they will untether gold and watch as it hits $10K/oz.

Fri, 04/26/2013 - 15:04 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

would that be post WW3 or pre WW3?

 

''There is nothing on this earth sexier, believe me, gentlemen, than a woman you have to salute in the morning. Promote 'em all, I say, because this is true - if you haven't gotten a blow-job from a superior officer, well, you're just letting the best in life pass you by. 'Course, my problem is, I'm a colonel, so I guess I'll just have to keep taking cold showers until they elect some gal president.''

Fri, 04/26/2013 - 15:04 | Link to Comment RebelDevil
RebelDevil's picture

Well guess what, it backfired!
These defaults that are starting to occur at the exchanges are practically guarenteeing the explosion of gold and the implosion of paper within the next 3 months!

Too bad JPM is already acquitted for precious metal manipulation... smh.

Fri, 04/26/2013 - 14:48 | Link to Comment adr
adr's picture

You guys have it all wrong.

Jamie Dimon transfered the gold to Kohler to make solid gold toilets for all the bathrooms in every one of his properties.

He even ordered a ton of bumber stickers from Vistaprint.

"When I shit, I only shit on SOLID GOLD"

Fri, 04/26/2013 - 16:08 | Link to Comment cynicalskeptic
cynicalskeptic's picture

If only he actually SHIT gold.... a modern day goose laying golden turds.  He might actually be worth what they pay him in that case.

Sat, 04/27/2013 - 06:34 | Link to Comment Overflow-admin
Overflow-admin's picture

Sorry, only Tywin Lannister it told to be able do that.

Fri, 04/26/2013 - 14:48 | Link to Comment PUD
PUD's picture

Suspending gold sales to everyone would be awesome news!

Fri, 04/26/2013 - 14:56 | Link to Comment fijisailor
fijisailor's picture

For once I'm in agreement with PUD

Fri, 04/26/2013 - 14:56 | Link to Comment IridiumRebel
IridiumRebel's picture

Talk about gold rocketing higher. Be careful what you wish for.

Fri, 04/26/2013 - 15:14 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Yes, Go ahead, suspend gold sales to the populace.  The result will be the same as last time.  Might as well hand over world economic power to the BRICs right now.  How about letting JPM fucking die instead?  See Pud, I can copy and paste too.

Fri, 04/26/2013 - 15:20 | Link to Comment Al Huxley
Al Huxley's picture

Yeah, as soon as the international body regulating all gold transactions around the world jumps on that, it will be a sweet deal for the west.  Which organization would that be, by the way?

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