JPMorgan’s Eligible Gold Plummets 65% In 24 Hours To All Time Low
Zero Hedge
April 26, 2013
We are confident that in the aftermath of our article from last night “Just What Is Going On With The Gold In JPMorgan’s Vault?” in which we showed the absolute devastation of “eligible” (aka commercial) gold warehoused in JPM’s vault just over the Manhattan bedrock at 1 Chase Manhattan Place (and also in the entire Comex vault network in the past month), we were not the only ones checking every five minutes for the Comex gold depository update for April 25. Moments ago we finally got it, and it’s a doozy. Because in just the past 24 hours, from April 24 to April 25, according to the Comex, JPM’s eligible gold plunged from 402.4K ounces to just 141.6K ounces, a drop of 65% in 24 hours,and the lowest amount of eligible gold held at the vault on record, since its reopening in October 2010!
Everyone has seen what a run on the bank looks like. Below is perhaps the best chart of what a “run on the vault” is.
The absolute collapse in JPM’s eligible gold inventory, means total Comex eligible gold has fallen to just 5.8 million ounces, half of what it was in early 2011, and back to levels last seen in March 2009.
So, once again, just like last night, we ask the same questions which are even more critical today than they were 24 hours ago:
- What happened to the commercial gold vaulted with JPM, and what was the reason for the historic drawdown?
- Gold, unlike fiat, is not created out of thin air, nor can it be shred or deleted. Where did the gold leaving the JPM warehouse end up (especially since registered JPM and total Comex goldhas been relatively flat over the same period)?
- Did any of this gold make its way across the street, and end up at the vault of the building located at 33 Liberty street?
- What happens if and/or when the JPM vault is empty of commercial gold, and JPM receives a delivery notice?
Incidentally, JPM now has just under a paltry 5 tons of eligible gold left in storage. We hope this is also the maximum exposure it faces for imminent delivery requests, because if tomorrow it receives withdrawal requests for 141,581.5 ounces +1, then things get really interesting.
This article was posted: Friday, April 26, 2013 at 5:27 am
Comments
Hang in there folks. This doesn't mean you still can't buy Gold or Silver, I prefer Silver its the poor mans precious metal money. The little birdie told me its still going to go lower. Then when you feel its right, you can buy. Buying Gold you could still lose if it completely collapses or hits the bottom but not so with Silver cause its already low to begin with but it will go lower I think. Anyway there is no shortage, the dealers just don't want to sell now because they are losing or might loose in the process, but ;look around to find sellers and only buy silver coins or junk coins cause these can be used as money, it is money, don't buy any thing else. Remember your not buying to invest and make large profits but you are buying to use as real money when the dollar collapses and it will , very soon. But right now they are propping it up by lowering the price of Gold and silver, which is good for us poor folk. They caught on to what we are doing so they have decided to hide the Gold and Silver from us, but these are bars, not coins, remember we are only interested in coins as Money !!Adonai