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Fastest Pace Of Withdrawals From JPM's Gold Vault In Over A Year
While JPM's eligible gold holdings are nowhere near the record lows hit in the summer of 2013, when they dropped to a tiny 46K ounces, sparking concerns of a potential deliverable default, yesterday according to the daily CME gold depository report, JPM saw a whopping 321,500 ounces, or about 10 tons of gold, withdrawn. This was the biggest outflow since the August 5 rebalance when nearly 1.5 million ounces were withdrawn and added, and was the biggest, and is tied with two identical 321,500 oz outflows recorded in early January. As of yesterday, JPM's eligible gold tumbled by 40% in one day, declining to 485.K ounces from over 800K the day before: the lowest eligible gold inventory since almost exactly a year ago.
What is perhaps more notable, is that the recent outflows of eligible golds are taking place at the same time as there has been a significant reduction in the NAV/gold holdings of the GLD ETF. A question thus arises once again: where is the gold being withdrawn to and who is doing these not insubstantial withdrawals.
Finally, it bears pointing out that since September 1, eligible gold at JPM's vault has declined from 1.5 million ounces to under 500K: a decline of over 1 million ounces in just over a month, and matching the fastest decline on record for the JPM vault recorded in early 2013.
It would appear that someone is certainly in a rush to "withdraw" as much eligible gold as possible at a time when gold has been stubbornly trading in the $1200/ounce range, and when significant moves of either physical or paper gold, appear to not have much of an impact on gold price.
Will JPM's gold vault be further emptied today? We will know the answer in just about 3 hours.
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Probably related to an unnamed European country mysteriously calling back their gold
http://goldswitzerland.com/breaking-european-central-banks-repatriate-go...
they will be put on the German "repayment plan".
Repayment plan meets forensic accounting. Then USD revulsion. Bankers have ruined it for themselves. Just a matter of time now.
sell gold crash jpm hahahaahha
We bored. When does the music stop and we grab a chair?
What chair?
What does Harvey Organ have to say about this?
Harvey! Where's Harvey?
Note: After typing the above, I found him at www.silverdoctors.com
Yep, he's been there all week... sans the cut-and-paste articles at the end of his screed.
JPM's level of gold is meaningless. Either there is a crash in US equities or the dollar. Nothing else matters.
this is miners who stored gold in 1kg 99.99% (1k4nine) bar deliver to SGE international board for delivery
this is 1 kg bar, not for Germany.
Either gold go up or go down, SGE international board will absoab around 1000 tons to fll its 2000 ton capacity fresh-new vaults in Pudong district, that is all.
The question is, where are the physical gold to fill Pudong vault? Pls kindly note China forbid export gold so Pudong vault (SGEI's vault) can't be filled by the gold in SGE's current vault.
Germans may have better luck getting their Gold back from Sears.
I have a more convoluted theory, which is since the Swiss vote looks to support the gold recall, that this is actually London doing CYA so they can deliver something when it's requested.
Unlike Germany I suspect if the Swiss get a failure to deliver on gold stored elsewhere there's going to be a shitshow either in domestic politics there, or in the international markets. Failure really would be the ultimate the king has no clothes moment, and I think the banks are aware of this.
Great theory. The Germans have a stronger chin. They can return fire with new VW & BMW models offered at all price points, Lots of new German vehicles on the roads. Ouch, my domestic market share, says the Anglo PTB. The Swiss can't do that. Finance is their mechanism of survival.
Swiss have a net positive balance of trade; they export. do your homework before bloviating.
Business hour, December 1, 2014 Geneva, Switzerland
Sir, London is calling to say there is no gold. What is our reply?
Tell them all Crown bank accounts held here in Switzerland are frozen. That includes trusts, companies, individuals tied to or having addresses in the UK, Canada, Australia, Bermuda, HK, etc, under the sea, outer space too.
This is the crazy talk on the internet blog; that's not the case. supply comes in from the mines; as always.
Okay, so heavy hitters are buying gold; as I"ve reported here; and as many article here on Zero Hedge have pointed out; yes. this is true. all very normal; they like the price they like the possible alternate futures of that price, and they're buying it. Yes. Okay. But don't get excited about any "shortages" there aren't any; nor is it necessary that there should be in order for the price to rally. It's not a commodity; the price doesn't react to "supply"; only to demand. rather peculiar; but that's because it's not a commodity; now since nobody here believes me anyway, I'll go away and shut up.
You are right. Supply only starts coming into the equation (as far as spot price) when you refer to paper contracts. The amount of phys is a known quantity. Whereas demand only comes into the equation when people/entities demand phys.
This is why the biggest play you can make in gold is to buy gold futures contracts and actually require physical delivery.
Also, the somewhat less bullshit number is the registered stocks, ie., the actual stocks made available for delivery. That's still relatively high (891K) vs. where it was at certain points last year (~400K).
What, and go long Tungsten?
Kilobars going to China.
Pretty good evidence that in addition to the Swiss gold vote- that the Shanghai exchange, is out of gold and silver. At these prices, available supply is shrinking and drying up. The slack of a down market has left some inventory. Keep your eyes on the Shanghai exchange- it is primarily a physical exchange where people take delivery as opposed to the Crimex where traders (banks) trade 3x the amount of world production in a a few days- and never take delivery.
What will eventually happen is that there will be Gold at the Shanghai...if you want to pay a hefty price for it.
To obtain Physical Gold the Shanghai will buy futures at the Comex and attempt to take delivery.
And when the Comex does not deliver then the game ends. The writing is on the wall. They are large enough to take the Comex down.
Force majeure. Stand and deliver
I think that if you trade futures in commodities, you must take delivery. People buying and selling oil (or any other) that have no reason to trade but to only make money is wrong. If there is many times the amount of paper oil changing hand a day than we use, some thing is wrong. It also adds unnecessary volatility to the markets that affect paeople daily lives. So if you can't take delivery of how ever much oil you just bought for whatever date, you can't trade it. And you have to prove that you can take delivery as well. So show me your warehouse for your oil, corn, wheat, frozen OJ, et al.
Rich people in Europe buying metric tonnes; for their own holdings. For real. I mean, one metric tonne at a time, but I've watched the sales take place; look at the inventory figures on bullionvault.com; they inventory the vaults every day. look at the tonnes owned by individuals.
Good. Sooner or later Physical Supplies are depleted IN THE MARKET.
(The supply is not depleted as the uses are minimal because of the expense. You are correct. Supply always exists but...AT WHAT PRICE? The strong hands will not sell. For what reason will they sell? Low prices do not encourages sales. They encourage PURCHASES.)
As currencies falter the Strong Hands still have no reason the sell.,..EVEN AT ELEVATED PRICES.
If you are going to take a seat before this game of musical chairs ends...well...there may already may be a lack of seating available. I suggest that you take one now and capitalize on the bargain prices.
When prices decline some more, AS I EXPECT THEM TO APPROACH ZERO ON THE COMEX, there may not be any Physical Gold left for sale at those low prices. Strong hands will not sell into declining prices and will not sell into rising prices. That means...STRONG HANDS WILL NOT SELL REGARDLESS OF THE PRICES BID OR PRICES ASKED.
I noticed their holdings increased after the April 2013 take down. They had to 'shake the tree'. I expect another tree shaking, shortly. Probably, $1000/oz by New Years. Eventually, that won't work. When most is physically held versus held in paper.
gold is a barbaric relic
must i type /sacr?
Apparently, because apparently some here apparently don't get the sarcasm.
Kowalli I should downvote you just for pandering to (or worrying about) the mouth breathers. Who the fuck cares if you got a red arrow? Wear it proudly. Besides, the /s tag was there for anyone paying attention.
Edit: I just downvoted my own post.
Me too. Just because!
Is this physical gold or paper/digital gold? Big fucking difference and I doubt anyone on this blog knows the truth.
Physical for sure
So, there's physical demand yet miners hare getting hammered and the spot price is flat. Makes sense, NOT.
Indeed LP
This one is about silver but it carries broader implications for the PM market(s) if and when it "pops"... Of course like everything else that is lawless in the Western CB community we need some judges and lawyers that are willing to take "risks" in the oaths they took to the rule of law in order to change it!
http://investmentwatchblog.com/mining-ceo-calls-on-fellow-miners-to-halt...
Should something like that gain traction, we get WWIII in earnest. Better buy some more lead and brass, just to be safe, although I doubt it will gain traction. People/corporations will be "silenced" first.
People/corporations will be "silenced" first.
I'm afraid you are right and the growing list of dead bankers oil executives, i.e. Thierry Leyne and Christophe de Margerie case in point!
If some of us manage to survive WWIII, we may find out that all the dead ones were willing and able participants for turning the corner and got terminated simply because they wanted to break their "club membership"! Like the Bill Binney's, Tom Drake's, Russell Tice's and Sybil Edmonds in the IC, this is how you eventually break the cycle when "enough" collectively say that it's gone too far and they've had "enough"!
de Margerie certainly fit that profile well with his very public statements on doing continued business with Russia because the Western sanctions were a farce. On Leyne unfortuntely we will probably never know until those who knew him in business grow a set and step forward with the intel to tell us what happened!
Guess time will tell if it becomes a growing trend. Let's hope for our sakes that it is!
That scenario reminds me of this one:
Police: Gang member killed for trying to quit MS-13
A gang member has been charged in the 2008 deadly stabbing of a fellow gang member who was trying to leave the violent criminal enterprise known as MS-13, authorities said.
Nineteen-year-old Nelson Javier Fuentes, of D.C., was charged Monday with first-degree murder and murder in the aid of racketeering in the slaying of 27-year-old Luis Membreno-Zelaya, also of the District.
According to charging documents, Membreno-Zelaya was trying to get out of the street gang, and had gone so far as to remove his gang tattoos. That violated MS-13's strict rules of conduct, and gang bosses issued a "green light" for the death of Membreno-Zelaya, documents said.
WWIII, or more like a global Liberian-style civil war? I don't see the ability on the part of anybody to put on a sustained fireworks show deserving of being called WWIII. I just don't think any of the big powers have the energy to waste for a sustained fight abroad. At least not without all of their citizens subjects rolling out guillotines back home.
(Not that they wouldn't try of course).
It starts making sense when you realize one or more players inside the current system wants to convert fiat to physical. Then it makes all the sense in the world that the price is depressed and that someone is moving 10T from JPM's vault in a day.
Now, if you really want to get into tinfoil hat land... I puzzled out this idea last night while reading some threads here.
What do you think would happen to the gold price (and physical avaiability), if a country with very high indivdiual, private physical gold holdings, one of the highest populations on the planet, and near legendary lack of sanitation were hit with ebola? Seems like suddenly a lot of folks would be dead and their gold would be up for grabs, no?
I should go drink some koolaid.
Is there even one case in China? My tin-foil hat goes the other direction. That many people hard working dedicated to the survival of one government could easily dictate global markets by simply deciding to only do business in one currency. Would be even more successful if they were all already immune...
The only thing that history clearly demostrates is that borders and currencies change all the time...
India, not China, is who I'm referring to.
makes sense, china cleaning up the neighborhood first.
>>near legendary lack of sanitation were hit with ebola?
I didn't know France had a large amount of gold per citizen.
There is great weather here in tinfoil hat land. And the silver is plentyfull.
10 tons of physical is traded every day in Shanghai Gold Exchange.
Why the price goes down, is another story. I would call the scheme the biggest robbery ever.
Actually, this is one reason why the price measured in some reasonable manner, like the monthly average; does not go down. the price performance of gold and silver has been very good in demonstrating iron like support on down moves; buyers ares supporting the price; if that's not good enough for you, too bad. what you're hoping for, or wishing for, is a kind of panic into gold and silver, which may be quite a ways off. that's when people raise the bid to get into the market, instead of buying only on the dips, so to speak. there isn't any "scheme".
Makes perfect sense. Study markets. buying can be done carefully. programmed buying is buying at a predetermined price point; so it doesn't drive up the price at all; by definition. Mining is a business, mining stocks are stocks; I never told anybody to buy any stocks; probably some cycle will play out and mining will become more profitable; maybe a lot of miners will quite before then; nobody knows. that's why you don't buy mining stocks; especially if you don't understand markets.
As a recovering market sucker, it makes perfect sense to me. They love to beat down sectors like this. I call it the reverse pump and dump. Shorting is simply fraud when done by banskters. They also love to keep many dead stocks alive, at penny stock levels, for years on end to 'sucker' small fry into buying (churning). That's before even considering the monetary aspect of gold.
Last year when the deliverable gold fell towards 0, market participants suddenly and somewhat counterintuitively lost all interest in taking delivery of something they could see they soon wouldnt be able to get.
I imagine they will do JPM a solid this time as well. cuz apparently they're like that.
Right, it was held by banksters for just such an emergency.
If there is one thing I know for certain, it's that we will never actually know what the morgue holds in it's vaults.
dunno ... i saw some empty gold spray cans out back by the dumpster
Send Geraldo in to open them up. My guess is he would have the same look on his face when he opened Al Capone's secret vault and found that to be empty as well.
Listen Dr.
One thing we know for sure, it doesn't hold the cure for eating pussy!
OH!
"Will JPM's gold vault be further emptied today? We will know the answer in just about 3 hours."
Kelly, Crap game, Oddball, and Big Joe just forded the river .... will be there shortly
oblig https://www.youtube.com/watch?v=MXs3xoEsYJM
I'm waiting for people to start demanding their futures contracts be fulfilled, that will be an exciting time.
with what authority--!
you will take a fiat transfer or cemet boots and a swim
So how the fuck is the price down today?
D-D-Deflation
learn it
love it
yep, the out going "deflationary tide" before the "hyperinflationary tsunami"/currancy reset.
seriously, that could be an outcome
all riding on future policy decisions
but the next phase in the cycle - deflation - set in stone
The very real resource requirements to maintain a decent standard of living are the only thing set in stone. How people actually do that is something else altogether.
Get long black markets and sharecropping, beat the rush.
I agree, it's not like we haven't seen this particular pattern before. (Almost every single time, actually.)
The Fed reminds me of one of those lab monkeys they get addicted to cocaine that's delivered when they press a button. At the end the monkey slaps the button so frequently it kills itself. The Fed/banks are addicted to inflation so deflation is the worst thing imaginable, and they'll be whacking the print button to the end.
Both the Government and the Federal Reserve cannot allow for Deflation as everything is based upon servicing debt. If the Government deflates then a default is certain as the Government cannot afford to cover its bills.
They cannot allow it.
We are deflating currently. But they will print as they must.
10 tons is easy to get all day every day for JPM. They won't even blink or check inventory as they order up more from their .gov wholesale supplier at $42 an ounce, or steal it from their clients. This will go on like tomorrow is never coming until it is all gone. And then boom, overnight, everything is going to go batshit and break. Bankers are stupid and short term traders because the rules say they can be stupid and short term. So let that whale keep jumping out of the water and making a big splash--Until one day, after he has splashed all the water out of his ocean, he lands on the beach and is eaten by ants. It turns out, an ocean is a just a big deep hole when the water is all gone.
Soon all the PM indicators will result in a
RUSH TO THE LIFEBOATS,
but the lifeboats are full
Sneaky bastards
Must be going directly to Tel Aviv.
Why do I always think of the 3-shells-and-a-pea game, when I hear JPM in concert with "gold vault"?
Clearly this is a result of JPM selling naked into the physical gold market with the intent to repurchase. Whenever the price bounces people take delivery and JPM is left scrambling to find the gold they sold.
It is going to keep happening as long as the banking cartel of old out of touch morons insists on this kind of pricing:
http://www.macrotrends.net/1444/gold-to-monetary-base-ratio
No need to trade or sell at these levels. Just fight your way in through the hoarde of Chinamen, Indians, and stackers to get your share. The bankers will be willing buyers at 5k.
They must have brought a big filing cabinet to move all that paper...
I wonder if any of this could have something to do with this...
http://srsroccoreport.com/china-10000-tons-of-gold-reserve-could-have-been-done-with-ease/china-10000-tons-of-gold-reserve-could-have-been-done-with-ease/
hey yen cross, technical forex query. is there any corallation between inter brics crosses and brics/dollar crosses? is it diverging from any corallation? (my fn mind is shot!!!!how is that fn word spelled!!!!!god!!!!dammit!!!!)
Yes, but not as much as vs the majors. usd,eur,gbp,jpy
GLD is now below 750 tons. It has lost 600 tons from peak 12/2012.
Can't wait until it is all gone so we can learn the true value/price of gold.
I seriously doubt they have 750 tons now or ever lost 600 tons. GLD (and SLV), are a complete bankster fraud and farce. HSBC as the custodian? Please...
There is no integrity, transparency or honesty in reporting their real physical holdings.
There's a reason China bought the JPM building with the gold vault in the cellar . . . and isn't there a tunnel connecting to the Fed's vault?
Like a spider sucking it's prey!
http://ts1.mm.bing.net/th?&id=HN.608018574605290040&w=300&h=300&c=0&pid=...
Apropos of little - does anyone know if the Third Temple is supposed to be built out of gold?
Might explain some things...
Futures + options expiry next week. FOMC as well. Volatility is guaranteed.
Jokes on them: there was never any gold, let alone a vault.
It's all going to turn , after the Swiss vote.
You expect anything other than a "No"? Voting is the new placebo. Even if they do get a "Yes" (highly unlikely), they have to convice the Cantons. Trying to convince government officials that it is in the nation's best interest for them to give up control is even more unlikely.
Turn those mines back on.
I've bought gold at $270 an ounce. I've bought gold at $1,360 an ouunce.
And I sleep just fine.
Chyna Syndrome
Was 10 TONS withtdrawn in just one day? That's how it was worded.
Or was the report only released yesterday, indicating that 10 tons was withdrawn during a period of time? It wasn't entirely clear, but gave the IMPRESSION that 10 Tons were withdrawn yesterday.
If 10 Tons were shipped out in one day, that had to be one hell of a logistical move, given the transportation and security that I'm sure was required. That's a BUNCH of Gold. I'd loved to just watched such a thing, because that would be just a cool thing to see.
When moving that much Gold, I'm sure one couldn't help but to wonder whether they'd miss a few bars. lol No, I SHOULDN'T work at Ft Knox - assuming there's anything in there, which is dubious by many accounts.
Multiply by 10... One ton of gold is 15 inches x 15 inches x 15 inches, or 37cm x 37cm x 37cm.
Gold is traditionally weighed in Troy Ounces (31.1035 grammes). With the density of gold at 19.32 g/cm3, a troy ounce of gold would have a volume of 1.61 cm3. A metric tonne (equals 1,000kg = 32,150.72 troy ounces) of gold would therefore have a volume of 51,762 cm3 (i.e. 1.61 x 32,150.72), which would be equivalent to a cube of side 37.27cm (Approx. 1' 3'').
Source: World Gold Council.
"A question thus arises once again: where is the gold being withdrawn to?"
Let me try to help with a simple quiz:
A. China
B. Germany
C. Fort Knox
D. Who the fuck knows?
If you answered A, congratulations go to the head of the class. You also win a free copy of an English-Mandarin dictionary. Study it well, as you and your children will need it.
By the way, just heard that bankers have again taken up base jumping without parachutes. Too bad JPM bankers haven't yet participated in this fine sport.
Once again, here's a possiible:
http://goldswitzerland.com/breaking-european-central-banks-repatriate-go...
Perhaps the answer is here. Link please....OK here it comes............huge amounts of gold are suddenly moving to Europe.
http://goldswitzerland.com/breaking-european-central-banks-repatriate-go...
In many respects JPM has checked out of the gold biz. The bankster du jour there is HSBC.
http://winteractionables.com/?p=15883
What about the 400 tons of Italian gold pledged during the LTCM fiasco?
Hmmmm..
Just 2 days ago it was reported in many online business journals that last month both RUSSIA and CHINA had imported record amounts of gold bullion - to add to their large domestic production. INDIA, which has NO domestic gold production, reported imports of gold bullion somehing like 450% greater than one year ago - and therefore the Indian government is thinking of once again instituting large sales taxes (previously 10%) and import limits on physical gold.
Oddly enough, the Indian government has NO problem with people buying "paper gold" (gold ETF's), even though the purchase of imported gold bullion and gold ETF's both hurt India's "balance of payments" re: foreign trade. The Indian government simply does NOT want people buying more PHYSICAL GOLD. I wonder WHO is pressuring India's bureaucrats???? ;-) ;-) ;-)
Last time India raised the sales tax on gold and limited imports, "illegal imports" of gold flooded into India as smugglers took advantage, resulting in a so-called "black market" in physical gold. Of course, one's bureaucrat's "black market" in another man's "free market".
Is it time to loot another sovereign nation yet?
Smart people know when to panic.
https://www.academia.edu/8942403/The_Hysterical_Focus_is_your_friend_
You'll wake up one morning and there won't be any Gold available to purchase.That's when the money pours into mining shares.Trouble is,you'll have to pay up really big for those assets that hold real money,not fiat paper printed currency.Never hurts to hold insurance.It's no longer "just in case",it's when.And the biggest reason why is this(and you thought a trillion was big?)When Obama leaves office they think she'll hit 20 trillion,no shit:Play the video http://demonocracy.info/