First, it was JPM [3]asking HSBC for assistance [3]and getting a handout of over 6k ounces of gold.
The next day [4], following a shut out by HSBC, JPM had no choice but to go to the second largest vault, that of Scotia Mocatta and get more than triple times that, or just over 20k ounces.
Today, the Comex gold crunch has gotten so confusing, nothing short of a color-coded schematic can do it justice.
First, moments ago the Comex reported [5]that JPM doubled down once more and received a third consecutive infusion of over 43K ounces from HSBC, just as we predicted last Thursday when we said [4], that "with HSBC moving 43.4K oz from Registered to Eligible, we would expect either another major Comex withdrawal in the next few days from HSBC, or this is merely HSBC making room for further gold "requests" by JPM." It was the latter to a tee.
However, what is most fascinating is that while HSBC could not say no to JPM's stern "requests", which also as predicted saw over 44K ounces of gold leave its warehouse forever in satisfaction of prior delivery demands, and in the process taking its eligible inventory to a record low of just 100k ounces, HSBC had to concurrently obtain a comparable infusion of gold from Scotia Mocatta, which for the second day in a row has become the guardian angel of the Comex handing over 20k ounces to JPM last week [6], and now 23k ounces to HSBC.
Finally adding to the confusion, all three major vaults proceeded to convert tens of thousands of ounces in and out of registered in a totally uncoordinated fashion, but at least this time there was no restocking of JPM eligible gold with Scotia registered.
[7]
The above chart shows what happened in terms of intravault activity alone, where the only net exit of gold from the Comex took place at JPM. Everything else was, well, a "musical chairs" scramble to actually obtain the gold.
What is really going on behind the scenes, however, nobody knows.