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JP Morgan Vault Gold Drops To New Record Low; Brinks Gold Plunges By 24% In One Day
Last week we defined the golden sentiment rule as "anything that isn't off the chart soon will be." This will happen in a "perfectly sustainable" fashion, where increasingly more paper gold is shorted to record levels even as actual physical holdings held by official Comex vaults continues to drop. For one particular reason why the price of paper gold may be at 3 year lows, we will provide some formerly classified perspective shortly in a post. But in the meantime, and while we await the weekly CFTC commitment of traders report (delayed until Monday due to the July 4 holiday), we are happy to report that the JPM disconnect between the epic delivery requests and its reported gold holdings (for which the "Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness") reconnected modestly, and as per the latest Comex update, another 6.8k ounces of gold was pulled from JPM's 1 CMP world's biggest gold vault, dropping its total gold inventory to a fresh record low.
Perhaps even more notable is that on Friday, that "other" depository, Brink's, saw 24% of its entire registered gold holdings, or 133k ounces, quietly get withdrawn. This, together with the moves in JPM and HSBC inventory, meant that total Comex gold holdings dropped by 116K ounces to a new low not seen for the first time since 2006.
Finally, for that all important marginal source of paper gold supply or demand, ETFs,the two largest ones (GLD and IAU) have now retraced 50% of their "holdings" gain since the fall of Lehman.
Someone more inquisitive than us may wonder: just where is all this gold being "withdrawn" to...
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You keep posting this. You must have an interest in it. Where do you physically go to pick up this gold? Please don't try to tell me it will be shipped after I send the money.
according to WHOIS:
312 Hellene Drive
Bellevue, NB
The night was dark, no moon, as the trucks pulled up from the JPM vault to the dock. Their heavy loads were soon transferred to the Chairman Mao, an aging but stout commercial vessel. Quietly, the ship put out to sea upon the rising tide.....
"Well, Comrade Wong, we have moar gold to add to our stash,hahhaha"
"Comrade Wo Fat!"
"Yes, Bong?"
"The shipment... why is some of it gray?"
"What do you mean, Bong?"
"We were stacking the bars as ordered. Only the ones on the outside of the pallets are yellow. The ones inside the stack are gray. I do not read the barbarian round-eye words, but they have these characters stamped on them: T-U-N-G-S-T-E-N"
Wo Fat's eyes narrowed. "Get me to the radio shack. I must call Beijing on the secret line."
The captain intervened.
"No can do, Comrade Wo. After the Snowman American was debriefed, HQ said to communicate with these."
"Pigeons?"
"Yes. Write your message on this little note and we release it to fly west."
"So, it has come down to this. We shall retaliate!"
"I'm sure, Wo. At the least, another huge shipment of fake viagra to the round-eyes!"
You can always count on hedgefunds to be piled up on the wrong side of any trade just before a trend change. People need to realize, there is no qualification to be a hedgefund manager.
I thought you had to be borderline idiot for that job.
Question for anyone who might be in the know:
We know they can default and deliver money in the place of the promise to deliver gold but do they need to be completely drained of gold before they can take that option?
Germany issues notice of intent to collect gold from NY Fed vault. Fed issues call on physical gold lent to bullion banks at 1%. Paper gold sold by borrowers of said physical gold driving down 'gold price'. Physical gold bought from market by bullion banks.X Bullions banks return physical gold to Fed. Fed ships physical gold to Germany.
X we are right about here.
Also, bullion banks see massive physical orders coming from the East in London trade and then put a hit on the paper market in NY trade to get momentum investors to dump ETF holdings and play the arbitrage.
Paper gold is BULLSHIT...any fool who bought into the gold paper market has never studied history, and, for that reason deserve whatever they don't get. I'm not even nominally an economist, but I'm also not stupid enough to buy gold or silver that I do not personally hold physical possesion of. Let the chaos begin!! I LOVE CHAOS!! I cannot wait for the whole sky to fall.
aliens...what do you think they are here for