JPM Reclassifies Another 4.7K Ounces Of Gold Into Eligible

Tyler Durden's picture

It's that time again when we cautiously peek at cell H25 of the daily CME Group Metal Depository Statistics worksheet to find if, following Friday's dramatic and volatile trading session in gold, someone, anyone decided to submit a delivery ticket to the JPM vault located at 1 Chase Manhattan Plaza, and reduce the already near record low gold inventory which at last check was just over 5 tons, and just one 163K troy ounce delivery request would lead to all commercial gold at the JPM vault to run down to zero. Not this time.

As it turns, in a carbon copy of Friday's internal conversion, in which 17.5k ounces of gold were selectively converted from Registered to Eligible status (for all those sticklers about nomenclature definition, this is how easy it is to convert one into the other and vice versa and how meaningless said designations really are), on Friday JPM decided to do some more redefinition, and converted another 4.7k ounces of gold from registered into eligible, pushing up the total by a fractional amount to 163.8k ounces, still just a hair's breath away from the all time record low reported last Thursday.

And as a tangent, it is perhaps just as notable that HSBC just saw 76K ounces of its registered gold, or 17% of the total gold stored underneath Bryant Park, exit through the front door, destination unknown, leaving just 378K ounces of registered gold with the London-headquartered bank best known for aiding and abetting international money laundering, without admitting or denying it of course.

The second daily internal conversion in a row:

And the total JPM eligible gold as reported by Comex:

Thus, we look forward to tomorrow's update to see how much more "registered" gold JPM will convert into eligible, or if nobody will continue to demand delivery after the biggest "run" on JPM's vault in history.

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Mototard at Large's picture

Seriously off topic, but the mainstream media is reporting in Canada on how the Central Banks have a "war on savers".



Neil Macdonald: The 'monarchs of money' and the war on savers Power Shift: First in a series on the rise of the central bankers and the global imposition of cheap credit
Aeternus's picture

They are very obviously dumping their paper positions and hauling off the physical into their private bunkers.


Something BIG is about to happen VERY SOON!



Kirk2NCC1701's picture

Never mind JPM. Even bigger amounts are leaving HSBC and Scotia bank. What do the Brits and Canucks know, that we should also?

All off into private bunkers?

Cacete de Ouro's picture

Bryant Park? Well hey let's get the shovels out~~~

The HSBC vault is the old Republic National Bank vault...wonder if any of the Safra family's gold is hangin' out there on level SC2 ?

Wile-E-Coyote's picture

This thought crossed my mind just after the smack down, the bastards are dumping paper, and buying physical at a discounted price. ....................Oh... FUCK YOU BLYTHE whore bitch, spawn of Satan.

Cacete de Ouro's picture

A dozen bars fell off the golf cart in the tunnel last week on the way back from 33 Liberty; then Dudley drove over them coming over yesterday and blew a tire...he was damn angry I can tell ya...
so they had to throw in the 4700 oz adjustment

Its a bumpy ride in that there tunnel

Careless Whisper's picture

One day they're gonna let the potheads out of prison, and fill those cells with real criminals.

Manthong's picture

do chen.. coin shop report from down there?


Canada's economic president , Garth Turner, would state you have to remove the tinfoil from your hat and don't touch mutual funds and keep your money in the stockmarket..Gold is a relic..The dollar will last forever and ever..and ever..and ever.................................................................................................

Canadian Dirtlump's picture

having the first name garth is the ultimate low ground in an economic argument. LMAO!


Alea Iactaest's picture

Hey, I've got friends in low places...

Kirk2NCC1701's picture

It's code for the Insiders to "buy & hoard". Familiars always look after the Vampire masters.

LetThemEatRand's picture

The big question is how long they can continue to play this shell game.  

fonzannoon's picture

fucking forever. Forget it.

I wonder if JPM just bought a bunch of gold from HSBC.

If we assume these numbers are accurate, then the only explanation I can come up with is JPM said to whoever showed up with a delivery ticket: "I fucking dare you to ask for delivery".

I'm chalking this up to the gold vaults just went the way of the debt ceiling. Permanent suspended animation.

Time to move on to the next non event.

prains's picture

they said; 'go talk to the black dude standing over there'

wee-weed up's picture

Isn't that what the poll watchers said to anyone who wanted to vote other than for Obama at a Philadelphia voting precinct back in 2008?...

You remember... those uniformed menacing-looking Black Panther dudes with billy-clubs...

Those same criminals Obama's AG then threw out the voter discrimination case against. "Holder's people."

yabyum's picture

You mean all four Black Panthers? Jesus, get over it,far better arguments out there.

wee-weed up's picture

No!... anyone who believes in the rule of law will NEVER "get over it."

Nor condone an Attorney General and his President who would sweep it under the rug!

Shame on you for even suggesting such a thing!

LetThemEatRand's picture

Not to stoop into the filth and circularity of the Red Team/Blue Team debate, but are you still equally pissed about Bush v. Gore?  The two Teams are in competition for who can debase the Rule of Law the best.  The theft of America's wealth is occurring because private bankers, military contractors, everyone who benefits from the police state apparatus, etc have bribed politicians.  Start with that and then work down to the puppets once the puppet masters are no longer in control.

wee-weed up's picture

"Not to stoop into the filth and circularity of the Red Team/Blue Team debate"...

uhh... you just did!

For your information, I consider Bush II the worst president in American history...

That is... until Obama!

And I'll never forgive Bush for allowing someone as incompetent as Obama to be elected.

LetThemEatRand's picture

I did stoop, and I am filthy for it.  So why do you care about the panthers if you agree that the entire system is rigged?  How about directing your hostility towards the riggers (yes, that's an "r")?

wee-weed up's picture

I do not agree that the entire system is rigged. That's a easy cop-out on your part.

But I will always point out illegal activity when I see it. Do you?

Even if your President and his AG are guilty?

LetThemEatRand's picture

Not my president, but yes, I do.  I was very caught up in the Red/Blue debate until a few years ago and then after O was elected it finally dawned on me that these guys don't run the show and their sole purpose is to divide us.  And yes, I call out what I see as the important illegal activity on a regular basis.  I no longer view anything politicians do of substance to have anything to do with them.  When Holder blatantly and openly admits that he did not prosecute a single banker because it would negatively impact "the system," I don't blame Holder.  It's like spending all of your time as a cop busting the guys who hijack the trucks instead of the mobsters they work for.

wee-weed up's picture

So, we agree on a lot of things...

But... I believe those in powerful elected and appointed positions should be held firmly accountable for their actions, and to absolve them, and instead blame some nebulous powers above them is futile in trying to solve the immediate problem of corrupt elected officials. I prefer to try to deal with exposing the corrupt elected and appointed officials in any way I can.

LetThemEatRand's picture

I understand your point, but they are not nebulous.  Look at who gave money to whom.   Look at who runs the media that pounds the public with the idea that Ron Paul is a nutcase and frames the debate as whether we have dropped enough bombs on Afghanistan or hired enough TSA agents, and who refuse even to discuss the questions of millions of Americans about 9/11 or Boston.  That's a concrete, good start.  Until these people are held to account, we'll have Romney versus Obama versus Clinton versus Bush forever.

Western's picture

I just read a number of your comments and decided you're incredibly incredulously idiotic, and fucking dumb too.


Also, I think you get paid to post such fecal matter.

Cdad's picture

Honest to God...what will it finally take to put this TBTF disgrace down?  How much wealth does J. Dimon need to destroy, in the name of propping up the failed status quo banking industry...before someone finally leads him off in handcuffs?

This absolutely toxic bank needs to need to further discuss anything at all.  Mr. Dimon...isn't it just about time for you to elect to "spend more time with family?"  A grateful nation awaits with profound hope.

prains's picture

no good just taking dimon away in cuffs you'll need to take all of the wall street playa's as well as congress and potus's past, present and future, then you might have a glimmer of hope at a do over

Dewey Cheatum Howe's picture

One of the first and most obvious persons who's head needs to be put on a pike is Hank Paulson. He is one of the key players that unchained the beast completely.

Dr. Engali's picture

Hank Paulson was merely a face for the crime syndicate, a small time pusher. He got his marching orders from higher up. Sure it would be nice to see his head on a stick, but busting him is like getting the drug pusher on the street. he goes to jail and the supplier would just get another patsy. The people who really need to hang are those who work behind the scenes.

fonzannoon's picture

Hank already looks like his head is on a stick. DB issued 90 million shares of stock today...massive dilution, and the stock went up. no offense to the commentor above with the "something big is about to happen soon" stuff...but the nightmare idea of this going on and on seems to me to be winning out.

prains's picture

there are so many nameless wall street fucktards that have booked it with millions in their pockets that history will need a steady hand to track all these fuckers down when it comes time, make your kids smart and make them want to retrace their history.

Dr. Engali's picture

When all the central bankers are working in tandem it sure seems like it can go on forever. I think that every major player knows that they have no other choice except to play their game. The first one who tries to get out first will be the one to collapse it all, and who wants that on their plate? They need a distraction to cover for their sorry asses.

Antifederalist's picture

Robert Rubin. The mastermind. Should be in jail.

RaceToTheBottom's picture

Didn't that small time pusher get something like 300 million tax avoidance in addition to providing GS a 10 billion parting gift?  Sounds big enough to hang to me.

1C3-N1N3's picture

They ain't done yet.

Do you think the current incarnation of the USD is the only currency the FED and commercial banks will ever issue?

When one product bombs out, you come up with other "new and improved" products, yes?

CitizenPete's picture

Silly.  It's not about money and wealth. 

css1971's picture

All of it...

And it's still not enough.

Antifederalist's picture

Blythe: Jamie we have a problem.

Jamie: no, Blythe, you have a problem.

Alea Iactaest's picture

Blythe: Actually, Jamie, I'll blow you just to see you headfake Congress again like you did on that whole "London Whale" thingy.

FieldingMellish's picture

4700 ozs? What are they doing, looking in the sofa cushions?

Major Major Major's picture

If all they could re-jigger is 4,700 ozs, and they still did it, then they are Sofa King Fucked or Sofa King Stupid... maybe both.

Cursive's picture


I'm praying for millions of Indian weddings next month!  Jai-ho!

TeamDepends's picture

Commencing rererehypothecation...

kito's picture

Ohhh puhlease......As if they will let their ledgers create panic....ledgers are also just paper...any amount can be printed on it.......

fonzannoon's picture

Kito where are we meeting to celebrate the S&P breaking 1600?