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JPM Vault Gold Drops By 28.4% Overnight, Slides To Fresh Record Low As Withdrawals Accelerate
With a massive 6,208 (or 80% of the total in the entire Comex system) Customer Delivery issues outstanding against JPM so far in June alone, many have been wondering - how and when will the firm reconcile what is seemingly more demand for JPM vaulted gold than the firm has in its possession?
While we still don't have the answer, what we do know is that as of an hour ago when the Comex released its daily vault depository statistics, JPM has said goodbye to another 28.4% of all of its vaulted gold - the largest one day withdrawal since April 25, the result of the departure of 61.5% of its Eligible gold, or 218k troy oz, as hundreds of thousands of registered ounces in the bast few weeks have seen warrant detachment.
Which means that as of last night, total gold held by JPM has fallen to a new fresh all time low of just 550k ounces, down from 768K the day before, and total eligible gold of only 136,380 troy oz in inventory (just over 4 metric tonnes) - also a record low.
Whoever is "running the JPM vault" shows no sign of relenting. At this pace, the world's biggest gold vault located below 1 CMP, and just next to the Fed's own gold vault, will be empty in about 1.5-2 months.
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So what then? This ended up in the Fed's vault, Benji and the other kike at Treasury printed up the difference and cashed-out the JPM kike's chips?
Nobody trusts the banks anymore.
It is like that paradox I learned in high school. If JPM gold reservers always go down a percentage, will it ever get to zero?
Thankfully it's Dimon and BernanQE, not Zeno, running the show.
Even so...
The day will come when the percentage drop is 100%. So to answer your question, yes.
The conclusion drawn by this article is wrong. Gold has a more levered correlation with interest rates than eurodollars...they're front running the Fed...look out below.
I WANT MY MTV. Errrr....gold.
I (still) want my Maypo.
gold leafed tungsten fire sale!
When you think about it, there's never been a more attractive time to recast a few Gold-liteTM ingots.
Derbanke may want to check-over his, oops, sorry, I meant to say to check-over Germanistan's stash.
Buy fuckers BUY!!! Clean the bastards out
jooo cain't arve yur steenking hold!
The reality is that between COMEX, London, GLD and the top 10+ banks that have substantial gold positions, (paper or physical) NO one knows the true state of the US/EU gold market. Unless there is one default, and the derivitive river starts to flow, all current fraud will stay hidden. The FED and the Treasury will defend JPM with their last printing press and gallon of ink.
We had two defaults already: AMRO and HKex.
Except they don't call it that. But we know what it is.
got gold?
They have known for many months that they will eventually (soon) have to declare "Force Majeure" and settle all requests for delivery in cash.
The sole purpose of the entire "smackdown" since last October has been to make that settlement price as low as possible.
If you can force yourself to think like criminal for a few minutes, it is easy to see what they are up to.
+1
And there you have it.
They're net long now - the Comex can default and it's not even their problem anymore, it's those traitorous bastard hedge funds, selling gold they don't have, bankrupting their own country, etc.....
What makes this even more strange is the JP Morgan is now balls to walls long gold (per the bank particiaption report, link) for the first time since the CFTC supplied the numbers in 2006. It could be that somebody else is going to be squeezed, because in reality JPM is flush with paper gold contracts.
http://winteractionables.com/?p=3308
Why wouldn't they be net long if they were certain that a COMEX default is going to happen soon? The resulting short squeeze will be one for the history books - like January 1980 all over again.
Fractional Gold Bankstering
Maybe they're finally giving Germany their gold...
In a couple of months all the heavy lifting will be over and JPM can get back to what they do best, sell paper.
SHIP IT! - bitchez....
Whale 1 : "Force Majeure" and settle all requests for delivery in cash.
Whale 2: Has been loading up for a while.
Same family, same Whale pod
orca
ate my gold..
So when JPM finally defaults. Gold can then rise without manipulation. Win-Win.
so what about silver...?
Shortage in Gold? JP Morgan having to settle contracts in cash? That's bearish right?
Bearish for what? Paper gold?
Robust....the move from paper into Hard Assets.
I just checked. Mine is still all there. love it. :)
A bitch slap for the Morgue which will rise from the dead, as true zombie bank aided by its un-Federal no-Reserve Bored bank, founded in 1913, unknown to most Americans or the rest of the world.
Nazionists rely on secrecy and surveillance, with the latest NSA disclosure a mere bump in their NWO path.
Defeat the bastids.
Own physical gold, silver, land, stay close to genuine community...not their freak reality TV, Hollywood, multiculti claptrap, all for their globalist Party, not for the people of the world, and least of all the USA.
The content on one's character is more important than the color of one's skin, said Martin Luther King. To which I would add this: the content of your wallet is worth more than all the lies told by modern venal politicians.
It always is upsetting to see money flowing into physical gold, stocks, bonds, and other nonsense. Real capital should be allocated into productive enterprize.
Build infrastructure, create housing, design better products, create trade oppertunity, educate people. CREATE jobs to employ all the educated people in the world.
Money should not be a game for the wealthy to play with ponzi schemes like stocks and soverign bond markets. Money should be sent to where it provides the most value and return in the real global economy.
I would rather buy 100 apartments in Myanmar at $6,000 each than buy a $600,000 corporate junk bond at 3% interest.
Some ideas what to do with real capital:
1. Buy a junior mining company with no cash sucking "corporate operations" and good proven resources and wait for the next cycle. Mining is at a cycle low this is when you go for broke and make it in 5-10 years.
2. Buy anything in Myanmar. Help local entrepreneurs build quality housing, commercial operations, factories.
3. Buy an apartment complex in Texas, enough said.
4. Buy a small portfolio of Mobile Home parks and full them with FEMA trailers to increase value, rinse repeat, rinse repeat. Double your equity and income each 18 mos.
5. The world is full of safe productive investments, please ignore these dramas and keep your capital in motion.
6. Gold is for the paranoid or dictators planning to transfer money for thier children.
Hyperinflation is not a suprize, if it happens anywhere you will get lots of notice. And frankly the US is stable, the dollar will inflate but over 5-10 years not one week.
Fair points, but the globalist gamble has failed, miserably. More wars, less peace. More tax in the developed world, more pain for people in the rest of the world. All for the few, not the many.
In my country, I believe in noblesse oblige, the Constitution; my neighbor is my life. Gold, silver, land, genuine community which does make everything we need...not what consumerists might want.
To each his own. Good luck with yours.
have you ever asked yourself why people starve to death in Africa when we have abundance of food ?
the answer is they have no money to buy the food.
There is no payable demand and lots of free production capacity.
It is difficult to find safe investment (by safe i mean that would return the money invested)
Gold at least does not rust unlike factories' inventory or real estate
How do we know the gold isn't still in JPM's possession and isn't just simply being moved? Can we tell if this is counterparties taking possession?
Is this what has happened:
During Fed-Apr. JPM has turned its position from short to long and wasted quite a bit of customer gold in the process. (See the jump in the registered gold on March and huge volume of delivery requests on JPM House account on Mar-Apr). The customers smelled the fraud around April and are now rushing to demand their gold from JPM vault. (See the huge amount of delivery requests from customer accounts in May and June.)
If this is what has happened, quite a few customers won't ever see their gold as it was gone to cover JPM's shorts in April.
So what happens if/when it runs out? Would this represent the COMEX failure that everybody has postulated? Can they just draw from the other vault like scotia mocatta. It just seems as though they're very relaxed and nonchalant about this. Are there JPM guys soiling themselves across the street?