JPMorgan Accounts For 99.3% Of The COMEX Gold Sales In The Last Three Months [Zerohedge]

Submitted by Mark McHugh from Across The Street

Jamie Dimon Has Issues

When just one firm accounts for 99.3% of the physical gold sales at the COMEX in the last three months it’s not what most of us on this side of the rainbow would consider “broad-based” selling.  Of course discovering this kind of relevant information requires an internet connection, 2nd grade math and reading skills, and the desire to do a teeny-weeny bit of reporting.  Sadly they’ve wandered so far down the rabbit hole that the concept of “physical demand” (i.e. people actually wanting to take possession of the stuff) is puzzling to them because the vast majority of the world’s so-called “gold-trading” takes place in the realm of make believe (which is their natural habitat).  It’s all fun and games until somebody loses their metal and “somebody” has lost one hell of a lot of metal in the last 90 days.

This is the CME Group’s COMEX metals issues and stops year-to-date report, which can be found here everyday for free.  It chronicles the physical delivery notices of various metals, including gold.  Let’s have a look:

“I” is for “Idiot”
That’s how I remember it, anyway. “I” actually stands for “issues,” meaning the firm parted with its metal (@ 100 troy ounces a shot), and “S” stands for “stops,” meaning the firm took delivery of gold. “C” is for customer accounts, “H” is house accounts.  The first thing you should notice is that most transaction net out to zero in a given month (blue boxes), meaning the firm’s gold holdings didn’t change. What they delivered one day they got back the next, or vice versa.  The green boxes show firms who received more than they delivered and the red boxes indicate firms who coughed up gold for Bernanke bucks (aka idiots). Note that Deutsche Bank’s massive take in February more than offsets its deliveries in December and April.

 

Read more

JPMorgan’s Eligible Gold Plummets 65% In 24 Hours To All Time Low [Zerohedge]

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.

 

Read more

Physical Gold & Silver Shortages Are Accelerating PREMIUMS EXPLODING

Gold and Silver shortages are increasing. However the current spot for paper silver is around $23USD. However, PREMIUMS are at $10 or higher per coin.

The paper market price and the physical price are starting to decouple. This is going to be fun to watch.

Hang onto your physical if you have any as this circus is just getting started. These are ebay links. My coin shop in my town does not have any of these coins available at the moment.

Couple links….

http://www.ebay.com/itm/2013-1-Oz-Silver-American-Eagle-1-Coin-SKU27334-/130877240044?pt=Bullion_US&hash=item1e78e432ec

http://www.ebay.com/itm/2011-Canada-5-Maple-Leaf-1oz-9999-Fine-Silver-Coin-UNC-/330906492012?pt=Bullion_US&hash=item4d0b905c6c

 

Article: Why the Western Banking Cartel’s Gold and Silver Price Slam Will Backfire – And How You Can Protect Yourself from the Blowback
“…
For all intents and purposes, the spot price is equivalent to the fake banker engineered price that cavorts across the ticker on your television everyday. But go to a dealer and try to buy at that ticker price and you will discover that it is a delusional fake price that no dealer is willing to kindly grant you. Instead, when I checked prices on 1-troy ounce American Eagle coins on Apmex last week, there was a 5.8% premium on gold coins and when the spot silver price had fallen to $22.99 an ounce earlier in Asia last week, Apmex was still listing their 1-oz American Eagles at $29.01, a whopping 26.2% higher than the spot price. Only a complete buffoon of economics, like Paul Krugman and his zombie followers, would ever believe that the price of real silver was $22.99 at any point and time last week.”

http://www.zerohedge.com/contributed/2013-04-22/why-western-banking-cartel%E2%80%99s-gold-and-silver-price-slam-will-backfire-and-how

Precious metals CEO: Physical silver market is “ugly”

“Last week, we turned away business in excess of 100,000 ounces because of stock depletion…”

By now, everyone has speculated on what caused the great precious waterfall which started on April 12 and continued for the next four days.

 
Read more at http://investmentwatchblog.com/physical-gold-silver-shortages-are-accelerating-premiums-exploding/#5D6BJe2GB081al8k.99

Professor Fekete on the Gold Smash: “Who Said the Hydra Would Take it Lying Down” [libertyblitzkrieg]

Ostensibly a lower gold price would solve the problem Bernanke has. Demoralized gold bugs would be forced out of their holdings through margin calls. Disillusioned investors would shun gold. This would make physical gold available to rescue the strapped gold futures market.

In fact, however, a lower gold price is making the problem more intractable, not less. The Fed is diving from the frying pan into the fire. This is the point missed by almost all observers and market analysts. They ignore the underlying flight into physical gold that continues unabated, in spite of (or, better still, because of) the panic in the paper gold market. The Fed’s intervention in bankrolling short interest is going to back-fire, for the following simple reason. The Fed’s strategy is inherently contradictory. A lower price for paper gold makes it easier, not harder, to demand delivery on maturing futures contracts.

- Professor Antal E. Fekete

Of all the articles I have read since the attack on the precious metals markets, this piece by Professor Fekete is the best one yet. I completely agree that this was an extremely desperate and brazen attempt by the Central Planners, one that is quite clearly backfiring big time.  My favorite excerpts are below:

In waking up too late that there was a problem after gold futures markets have been flirting with backwardation for a year or so, officialdom was forced to act. Act it did in a typically haphazard fashion. A few days ago, on April 12 and 15 the paper gold market was demoralized by a ferocious attack on the lofty gold price. This in and of itself is proof that Bernanke is fully aware that permanent gold backwardation is imminent, and that it will create and unmanageable situation. It’s got to be stopped in its track at all hazards.

 

Read more

Keiser Report: Correlation & Causation of Gold Price (E434)

Chinese Gold & Silver Exchange Society Runs Out of Gold…Importing from Switzerland and London []

Hong Kong’s Chinese Gold & Silver Exchange Society has been in operations for over a century, and it’s President Haywood Cheung was interviewed by Bloomberg news earlier today.  Whoever orchestrated the attack on gold and silver in the last week or so has gravely miscalculated, since the response to the drop has been surging demand for physical gold and silver.  While I tend to be skeptical when I hear about silver shortages since these reports have been so exaggerated in the past, the lack of silver coin availability and premiums are the most extreme I have seen since the financial and economic meltdown of 2008.  Now we discover that the Chinese Gold & Silver Exchange Society has essentially sold out of gold bullion, and must wait until Wednesday for shipments to arrive from Switzerland and London.

Read more

JIM RICKARDS: Here’s The Difference Between ‘Paper’ Gold And ‘Physical’ Gold [businessinsider]

It’s not that the price is different, per se.

 

When gold crashed on Monday, dragging market prices down to a low of $1321.50 an ounce from levels around $1560 only days before, holders of physical gold saw the value of their holdings decline as well.

However, we’ve seen a lot of claims that somehow there’s a difference between the market for physical gold (people buying gold bars or gold coins) and that for “paper” gold (which refers to gold futures traded on the COMEX or shares of GLD, the gold ETF).

Jim Rickards, a prominent gold bull and author of the book Currency Wars, told Business Insider that the disconnect between the two markets evidenced by the crash on Monday is not one of price, but “in terms of behavior, in terms of people’s responses to market developments.”

So, what does that mean exactly?

Jim Rickards

Read more: http://www.businessinsider.com/jim-rickards-explains-paper-versus-physical-gold-2013-4#ixzz2R0OeMvUC

 

 

Follow

Get every new post delivered to your Inbox.

Join 4,931 other followers