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JPM Sees 28% Withdrawal From Gold Vault In One Day As Another 10 Tons Depart
On Friday, when we remarked on the biggest recorded withdrawal from the JPM gold vault, we said: "Something tells us the next few days will see matching withdrawals from JPM's gold vault, which at last check was officially owned by the Chinese." As it turns out we were absolutely correct: according to the just released update from Comex, on Monday the infamous gold vault located below 1 C(hina)MP saw an identical withdrawal of 321,500 ounces, matching the record withdrawal, and amounting to 28% of all JPM gold in storage. Adding to Friday's drop, this means that a record 47% of JPM's gold has been withdrawan in a few short days: a trend we are certain will continue until the total holdings of the vault drop to new record lows.
This withdrawal means total JPM gold slides from 1.128 million ounces to 816,027 ounces, down from 1.459 million ounces a week ago.
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that's why I'm richer than you
full faith and credit
Bring it, JPM, waiting too long...
Since supply is dwindling, the logical conclusion is that price is going to fall. At least, that's what I remember from Econ lol.
Supply hasn't dwindled.. yet.
There's also this to consider:
http://www.bloomberg.com/news/2014-01-14/fed-weighs-further-restrictions...
Got some barbaric relics shipping to me as we speak
Ooo... Me too! Shun-sine mining. (Burp, sussxcuse me. I've been drinking a little)
The really fun part, is that there is no obvious way out for the Morgue.
The ETF's are bull shit, settled in cash, don't track the underlying and marketed to fools. But phys is phys. You got it, or you ain't. It's been a long time since traders took on a major bank, or any specialist, for that matter, but this has a certain eau de toilet about it;)
To: JPM
Thank you.
From:
China. Message ends.
Mmm, physical gold... I can hardly wait to get back to buy more. Not much here...
"Quepos, Costa Rica"
http://tinyurl.com/ptbv7gl
Im broke, so I just backed up the truck on a cc.
No obvious way out? With the government and fed on their side?
Can Yellen print gold?
james_cole, i wouldnt put any store by that news item at all. If they didnt have the balls, clout or inclination to reintate glass-steagall , they sure as shit aint gonna pull something like this
Gold didn't disappear. One holder's supply became someone else's supply. It's not fiat that can be retracted or injected, shredded or printed. Gold doesn't go anywhere and the only time supply increases or decreases is when a new mine goes into operation or a galleon sinks perhaps.
Supply unchanged and this news is nothing but static. JPM has gold, JPM has no gold. JPM long silver, JPM short silver. JPM vaults empty, then all of the sudden 300K ounces are withdrawn from it.
Everybody's pulling numbers out of their asses.
Likewise with Chinese demand stories. China's broke, China's rich, Chinese buying gold, Chinese commit suicides, unable to pay bills, China grows, China shrinks, China is the new US, China's the new USSR and so on.
Gold possession is often anonymous. That's why people like it. It can change hands without anyone finding out. Published audits, I'm sure, are outright lies more than half the time. In reality, nobody knows who holds what.
Press releases regarding JPM transactions are just as credible as Icahn's pumpty-dumpty fairy tales.
You need to have a talk wit my mom, but she's not talkin right now, so it may have to wait.
You seem to be unaware of the simple fact that COMEX gold is (ostensibly) available for anyone to buy and have delivered at current market price, but the buyer is under no obligation to sell at any price but the one he/she chooses to hold out for. Since gold and China appears to be on a ten-lane, one-way highway it's only reasonable to assume they are going to hold their gold, and all the gold they are buying from around the world and within China, for the forseeable future, and that means the supply is effectively diminishing.
guess no one pays attention when JPM nearly tripled their holdings in the 2nd half of last year (hint: look at the pretty graph above).
"supply dwindling'???? yeah keep thinking that.
These are eligible withdraws correct? Clients withdrawing their bullion?
> full faith and credit
I junked ya for just being a plague.
Maybe some of the other junkers would like to share why they junked you?
Most likely because fonestar is fanatically pro-Bitcoin and that doesn't fit in with their doomer bullets, beans and bullion fantasies.
don't delude yourself, its because you have no credibility
What's a credibility and why would I want one? I already got my Bitcoins.
"full faith and credit"
JPM is losing out the the barbarous antique phys gold... but have no worry, JPM can accumulate many other forms of wealth, among other JPM can stack BTC ...its mining is getting tougher, its value is ever increasing... have peace in mind, stawks baounds BTC all are of high quality assets
" a trend we are certain will continue until the total holdings of the vault drop to new record lows."
After that, the firetrucks show back up right?
and then a piper cub will run into the building and it will turn into dust?
Only means one thing to me - bring on more Taper PRONTO..
No one is wanting the paper, JPM ?
Phew!...
Que the paper shorts. The show must go on...
Every day, right on queue.
I wish those massive withdrawls end up in my bedroom.
What a fucking farce this is.
Blow up already...
They flogging that dead horse of a story. This will make gold go up why?
Actually it will have little affect on the short term price of Gold as the Gold Price has little to do with Physical Gold...(It is about 1/112th considering Comex Inventories at this point)
They did not claim a direction for the price of Gold in the report.
I will forecast that the price of Gold, as reported, will realize its true value of ZERO in the near future. That is because what is priced is not Gold but CONTRACTS to buy Physical Gold.
And when DEMAND for those contracts diminish, as COMEX, JPM, and the GLD ETF inventories are totally depleted, as the Gold is not available for Delivery, then the contracts will become WORTHLESS. The contract's value becomes ZERO.
At that time there will be an unprecedented DEMAND for the Physical Metal and just who knows what Prices for Physical Gold will be commanded.
The fraud will be EXPOSED and there will be little to nothing that your weak Government Officials can do in order to stop it.
That is the reason the report is important.
If you do not hold it then you do not own it.
"I will forecast that the price of Gold, as reported, will realize its true value of ZERO in the near future. That is because what is priced is not Gold but CONTRACTS to buy Physical Gold".
One of the best comments I've ever seen regarding the price of gold.
And, the German gold is where?
In China.
On the X-37, somewhere on the dark side of the moon awaiting the BTC block chain download to clear the transaction. Should only be another coupla months.
all there... and shipping it grain by grain...
Still to be mined, I guess.
When I inquired as to the whereabouts of the German gold I was told it was located up my ass, around the corner, down mainstreet and out the other end.
The reality is, is that the old gold has been melted down in to kilo bars, and the new gold is located in "deep storage" aka it is dispersed around nevada to the tune of a few grams per tonne.
it was probably all melted down and sold off many years ago to satisfy demand and keep the price under control. It has been documented about the CBs doing this. SO, you or I could very well own some of 'germany's gold' in the form of an ounce or fractional coin. Hate to say it, but it serves them right for trusting the fed with their soveriegn gold. Although to be fair, after WWII i doubt we gave them much choice
for real....? we are still doin this....?
Yup.
I'm convinced in a year when CME has all of 10 ounces in the warehouse that the TBTF banks will be leveraged 1000:1 and doing HFT on it, just so they can claim the price is X. (Where X, of course, is a giveaway to Asia and well below a free market price.)
We have a long wait ahead for a free gold market. Not until the Fed implodes.
mystery indeed…why the paper price falls as demand soars and supply is being slowly cut down (exploration and capex completely cutoff)…physical held in COMEX, LBMA, and SGE is being drawn down rapidly...ETF holdings shrinking day after day.
The system ever more vulnerable to an ever smaller demand for delivery requested...The Fed assumed to be tapering again tomorrow down another $10 B /mo…down to $65 B /mo in purchases. Typically when there is record leverage and cash all in (as we have now) then something has to be sold in order to buy these additional $10 B T’s and $10 B MBS. But any selling with this sort of record leverage begets more selling and on and on. And Japan insinuating no growth to their QE???
So, why is the Fed tapering and what is the linkage w/ PM’s and the run on physical metal and rundown in prices??? And is the event horizon here and now or is this simply the removal of an asset class from the public never to be repriced or traded again???
You may be able to buy PM's but you're going to pay thru both nostrils
Anyone consider that the Fed says they are tapering from here on in but still just print the same amount, maybe even more than 85 billion a month. what a great con that would be. They'll eventually end QE as broadcast but secretly just print and then tell everyone, "See, ending QE didn't crash the system, we told you". does anyone know how to detect such a happenstance. The Fed will never be audited so they can doing whatever the fuck they want but where would you look for evidence of this in the market?
i dont know te specifics but by some reckonings there were another $10 billion per month here and there bringing it to $95b in recent months- so its feasible i spose
Somebody still reads the FT it seems.
Wow one little hiccup last friday in the fiat markets and Gold became the goto again. Society is very fragile. Thanks Feds.
nothing to worry about... all is under control...
elevator... TO THE TOP FLOOR PLEASE!!!
Where is the short squeeze ZH kept raving about??
A squeeze in gold has about as much chance as the Papal doves
I may not be the sharpest knife in the drawer, but I'm fairly certain that any issues the morgue may have wouldn't be disclosed in any manner that we would be made aware of.
Can anyone tell me what happens when it goes to 0???
JPM would be out of the metal, so they'd have to short using someone else's.
(That's just a joke, they naked short, so they don't need any whatsoever. It will suck if you're JPM's counterparty on those trades and expect delivery, tho.)
JPM will be writing naked shorts on a commodity that no longer exists. I wonder what the fines will be once caught... Probably a couple billion and a slap on the wrist...
The second graph needs to be updated downwards - pronto!
And, of course, the solution to record withdrawals (at least in JPM's minds) is to drive the price of gold back down from recent highs??? This just shows the momentum trading mentality of the big banks who think that falling prices means people will sell, and ever higher prices means people will buy...
.gov is in on this too. I say 50/50 with the Chinos.
No way they're so stupid or desperate to let all the gold just walk away.
There's much more to this, especially now that the metals community seems to believe they have it all figured out.
When have the Racketeers not been steps ahead of even the most astute observers? It's Psy ops
Stay tuned
Maybe you are right Vincent.. its a topsy turvy world !!!
Bring the popcorn.
"No way they're so stupid or desperate to let all the gold just walk away."
You are assuming they have it / any.
What am I missing here with JPM and their paper gold holdings? I thought JPM had reversed their net short of like 85,000 paper gold contracts to a net long of 85,000 paper gold contracts, right?
So if JPM has the market cornered in paper gold contracts now while at the same time losing all their phyzz gold from the vaults, then how or where do they think they're going to get any real gold for their bullshit paper holdings after all their phyzz is all gone to China?
What good will cashing their paper in for fiat do for them once the paper market collapses along with what's left of the fiat dollar? Will they cash in for Yuan/Renminbi?
I guess I just don't get what they're doing, but hopefully a ZH'er can help clue me in please?
As always...keep stackin' the phyzz (especially Ag for as long as it's still on sale and available to put in your pockets!)
They'll sell their long contracts to the muppets before they are worthless.
Man. It is enough to make you jump off the roof of the JPM building.
we few, we happy few, we band of silver holders . . .
Few indeed would be happy riding it from $50 to $19
Few would be happy riding it down to $19 unless your local neighbourhood goes bankrupt, like Turkey seems to be doing.
Me, I'm back to stacking.
I am extremely happy about that.
You seem to value a Currency, the US Dollar, that is on the fast track to destruction.
I do not value US Dollars but value the Metal.
I am betting that the US Currency implodes and loses all of its value. Nothing that can happen will make me more overjoyed that the realization of that day.
That is the day when the FRAUD ends.
Yes, but you see, the idea is to buy low and sell high. I bought at $6.37; so to me what you refer to is just a normal market over reaction and over correction. You're supposed to know better than to buy things when everyone else is and the price chart has become vertical; if you don't know this you can lose in anything; not just silver.
why? It's worth well over $50 not long from now so getting deals all the way down from $50 sounds great to me.
Plus there's paper hedges along the way to get cash, be it slv puts or writing slv calls, agq, gld, covered calls on fnv, slw, exk all along the way... seems silly for you to presume it's bad to get a valuable thing for a lower price.
Much like when I got gold when it was in a bubble at 1275 and all the way down... you know, back in 2010.
I was more than happy to get a deal all the way down to 1150 or so when it stopped going down.
I still have some but I needed cash so I exchanged some for fiat at 1400, 1580, 1870 and after the peak back at 1470.
If I had been a more experienced trader I would have had agq calls, gld calls & used some excess paper to get more metals plus other things I had, this time around, got with cash from selling the metals.
I'd have had cash + metal instead of unloading the metal (not all but more than I'd like).
Squeal,piggies.
Italy to ignore Draghi and sell its Gold;
"Along with other opposition parties, the M5S, led by firebrand comedian Beppe Grillo, is working to filibuster a decree that aims to sell off 100 billion euros in central-bank gold reserves to help ease Italy's economic woes."
And what will they do next time?
Sell the kitchen sink.
"Cut out corruption, use a guillotine."
If you like your gold....you can keep your gold....if you can find your gold.
fyi, http://www.24hgold.com/english/interactive_chart.aspx?title=COMEX%20WARE...
So, JPM gold went to the Comex?
JPM's Clients withdraw bullions from Comex eligible warehouse on 01-24-2014.
I wonder when the rumor will come out that the USSA has NO MORE GOLD...
That rumor has been lurking around for a few years. Except nobody in the mainstream has picked up on it. Is that what you mean?
Kinda like ABN Amro, the german Bundesbank gold, etc. etc. There's a thousand reasons everybody should panic, but nobody in the west seems to care...until they do.
They'll only care when China and/or Russia decides to switch over to a gold-backed trade system and stop accepting USDs. Then everybody will understand in a hurry why owning bets on the price of gold is different than owning gold.
It couldn't happen to a nicer bunch of people.
Are they going to:
A) deplete this vault, then magically generate (steal) more from somewhere else?
B) deplete this vault because time is short for JPM?
C) deplete this and the rest of the vaults quietly because we are rapidly closing in on the Keynesian reset?
CHINA TO PURCHASE THE FEDERAL RESERVE?
Charleston Voice blog: http://chasvoice.blogspot.com/2014/01/china-to-purchase-federal-reserve.html
The U.S. Government Defaulted in October, 2013.
By JC CollinsIn essence, China has been slowly buying up the Federal Reserve for some time now. If you can call it a purchase. Its more of a negotiation over assuming the liabilities of both the Federal Reserve and the U.S. Treasury.
The Federal Reserve is the largest holder of U.S. debt at $2.1 trillion. China is second at $1.3 trillion. Think of it as the United States government doing a debt consolidation of all its treasury bonds because it can no longer pay or service the debt.
China, or the BRICS countries, and/or a consortium of international interests, most likely organized through the I.M.F., will manage the U.S. debt through exchange rate increases and trade tariffs.
The reality for Americans for the next decade or more will be price increases/inflation of 30% to 50%, segmented by industry and region, until such a time that its debt, or a negotiated margin of their debt, is cleared from the books.
The post WW2 boom in the United States was funded by the exportation of the dollars inflation to what is now the emerging markets. Americans lived on the backs of other countries. Now the tables have turned. Or have been turning for many years already. This would explain outsourcing, trade agreements, immigration, favorite nation status, etc...
Why would China and other countries take on the risk of this debt? Simple, it’s economic reset or economic collapse. Its in the worlds interest to re-structure the U.S. debt to save the whole whale from beaching itself.
Rumors are circulating that the U.S. dollar will have a rate for in country use, and a separate international rate. That is because the U.S. treasury and the Federal Reserve are about to be severed from each other. The Treasury will control the in country dollar, and the “international reserve” dollar will be controlled by China and or the I.M.F. consortium of debt holders.
The U.S. in fact defaulted back in October of 2013. This has not been told to the public at large. Why would the congress insinuate that the debt ceiling is now irrelevant? The only way the debt ceiling, or debt limit,(eg. the amount the government can borrow) can become irrelevant is if the U.S. has in fact defaulted and the process of default negotiations are taking place. Think of it as the rest of the world cutting up the credit cards belonging to the United States government.
China has recently purchased the JP Morgan building in Manhattan for $725 million. One could reason that they have in fact purchased all of JP Morgan. And I’m sure it will soon be announced that China has or is in the process of purchasing other Western banks and physical assets. These banks make up the majority owners of the Federal Reserve. (edit: Big call out to Archer for catching my typo and error in the amount which the building was sold.)
http://www.bloomberg.com/news/2013-10-18/jpmorgan-tower-sale-sets-record-for-chinese-in-new-york.html
The gold reserves of the west have been depleted by China. Some say there is no gold left. This is more physical assets gone from the legers of the Western banks. The system of debt based money creation of the Western world is dead. It’s over. The shift East is in the final stages of completion.
Obama’s so called “pivot east” is less about positioning assets to counter the stirring of the eastern dragon, and more to do with making those military assets easy to confiscate when the terminal day arrives. (edit: not Obama specifically, but the Federal Reserve system and the military it controls. One assumes the rhetorical is understood.)
It will happen over a weekend, as many have already predicted. The televisions will announce the largest deal in financial history between the Federal Reserve and China. They will discuss how all the worlds currencies have been revalued to reflect true production ratios and physical assets. Accounts will be balanced. War criminals will be prosecuted.
This is only a summary post to capture the broad strokes. Keep checking back as I will post a more detailed metric “oriented” essay on the thesis presented here. – JC
china's purchasing gold and U.S. Treasury basically is an attack on the weakness of western financial system, which is the debt.
You must have been drinking beers with Jim Willie
intresting reading, http://philosophyofmetrics.com/2014/01/21/sdrs-and-the-new-bretton-woods...
I thought they gave their last 5 lbs to the germans?
Who here believes that JPM is China's Bitch?
Whomever told Bart Chilton to shut up and go away is the entity calling the shots.
It's almost like Dimon is playing this game to avoid being the Bitch in the Big House
This is to be used for the Gold Backed Treasury IRAs right!
n/a
Didn't someone throw themselves off the JPM building in London this morning ?
Not linking it, just saying.
Turns out he was a 'Technology Expert' - He likely knew too much, I think.
Might have been trying to pull a 'Snowden' on the Banksters?
Now there's a concept to conjour with!
Maybe they had a contract with the Chinese landlord that said they had to be out of the Gold vault by the end of January.
If you have been wondering what my avatar is: That's my Mother.
OMG - JPM must be shitting bricks!!!!
I like to think that the gold coin I just added to the stack came from the JPM vault. Just makes me happy.
Heavy armored trucks seen leaving JPM weaving all over the road. Chinese drivers.
With the highest on record leverage at COMEX of 112 owners for every single ounce of Gold and record low COMEX registered Gold at 11 t we have the set up for the major blow out phase in the Gold market. Who in their mind will continue to hold Gold at LBMA any more? According to Eric Sprott, we can expect a failure to deliver Gold and lawsuits with deliveries last February from COMEX of 40 t and China buying at least 100 t of Gold every month on average now.
http://sufiy.blogspot.co.uk/2014/01/gold-jumps-as-mother-of-short-squeez...
@ Sufiy, thanks for dropping some additional relevant info +1
If history is any guide at all, the US billionaire class is not about to give up their power - and their military hardware - so easily. Not without a war.
As any reader of ZH should know, China's economy is not so strong, that they can buy out our billionaires.
Or stable enough to stop the coming collapse.
Or even stable enough to save their own asses when their economy collapses.
I admit I don't know what that JPM Vault purchase is about.
Nevertheless, my call: Bullshit!