JP Morgan Loses 45% Of Registered Gold Stock In One Day

While the drain of COMEX gold and silver Registered inventories continues as demand for physical precious metals increases, JP Morgan experienced a 45% decline of its Registered Gold Inventories in one day.  JP Morgan now only has a lousy 10,777 oz of gold remaining in its Registered gold inventories.

Basically, JP Morgan holds 1/3 metric ton of gold in its Registered inventories.  This is the reason we are seeing the paper gold ratio on the COMEX above the 250/1 ratio.  If we look at the COMEX warehouse table below, we can see just how little Registered Gold remains on the exchange:

COMEX-Gold-091515

Not only did JP Morgan suffer a 45% reduction (8,941 oz) of its Registered Gold inventories, it also experienced a 122,124 oz withdrawal from its Eligible stocks.   We must remember, its JP Morgan’s Registered Inventories that are available for delivery into the market, not its Eligible.

Currently, the COMEX holds a total of 163,334 oz (5 metric tons) of gold in its Registered inventories for ALL BANKS… LOL. 

COMEX Silver Registered Inventories Plunged Again Today

If you read my article, Stunning Development in the U.S. Silver Market, you would have seen this chart below:

RATE-OF-CHANGE-Comex-Registered-Silver-Inventories

As of yesterday, there were 50.4 million oz (Moz) of silver stored as Registered inventories at the COMEX warehouses.  What is interesting about the current drain of COMEX Registered silver inventories, is that its average monthly decline rate of 4 Moz (per month) is more than double the previous decline from March 2010 to July 2011 of 1.8 Moz per month.

For whatever reason, the Registered silver inventories are declining at a much faster pace than they were during the huge price spike in 2011, even though the price of silver is trading at $14-$15 while industrial silver demand is falling.

Today’s COMEX silver warehouse update was another whopper:

COMEX-Silver-091515

While the exchange experienced a net 450,657 oz deposit of silver, the important figures to focus on are the decline in Registered inventories.  Brinks transferred 568,092 Registered silver to its Eligible category and the CNT Depository withdrew 601,231 oz for a total of 1,169,324 oz.

The total Registered silver inventories at the COMEX are now at 48.6 Moz compared to a high of 70.5 Moz in April.  As I stated above, the average monthly decline rate of silver out of the COMEX Registered was 4 Moz.  However, in one day it fell nearly 1.2 Moz.

With India importing record amounts of silver as well as the huge surge of physical silver investment demand, it is putting stress on the 1,000 oz wholesale market.  It will be interesting to see the Fed rate hike decision on Thursday and its impact on the precious metals.

If the Fed raises or keeps rates the same, I believe we will continue to see more stress on the wholesale precious metals market.  We live in interesting times.

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13 Comments on "JP Morgan Loses 45% Of Registered Gold Stock In One Day"

  1. Where’s all the comments the last 2 days? Am I the only one reading this all of a sudden or did those glitches in the site last week disable comments?

    • silver weasel,

      No… just that the site was down for a week and it takes time for folks to come back and leave comments. Comments are still working just fine.

      steve

  2. 5 TONS ! laughable !
    5 TONS ! My god, this is not a market, come on, lol !! If it’s not a market, then the GLD and SLV price is absolutely meaningless !
    At a time when SGE see 50-70 tons withdraw A WEEK !

    • David,

      I agree. 5 metric tons of total deliverable gold on the COMEX is beyond a joke. How much longer can the charade go on… LOL.

      steve

  3. “I agree. 5 metric tons of total deliverable gold on the COMEX is beyond a joke. How much longer can the charade go on… LOL.”

    For at least another 20 years. It’s a joke to think they will run out of gold or silver. They never will.

  4. Steve, theres about 200 tonnes left in the elligible category – which is quite a lot i suppose, but in your view, does an impending force majeur incentivise holders to advise comex to complete delivery and remove it from elligibility/comex altogether, or is there a large portion of that 200 tonnes that is owned on behalf of the global oligarchs that will dump it into registered to try and sustain the worldwide debt matrix ponzi ?

    • carlos,

      Yes, while there is a lot of gold still sitting in the Eligible category, I would imagine a good percentage of this amount is held tightly as investors would not sell or allow it to transferred into the Registered inventory.

      That being said, the REAL FOCUS should be on the $100+ trillion of soon to be worthless Global Conventional Paper Assets under management, including the $25 trillion U.S. Retirement market. This is the most important aspect most analysts fail to consider. The popping of this PAPER PONZI will force investors to go into gold and silver.

      So, any pathetically little amount of gold and silver stored in Exchanges or where ever, will do nothing to stop the tidal wave of future buying.

      steve

      • “That being said, the REAL FOCUS should be on the $100+ trillion of soon to be worthless Global Conventional Paper Assets under management, including the $25 trillion U.S. Retirement market. This is the most important aspect most analysts fail to consider. The popping of this PAPER PONZI will force investors to go into gold and silver.”

        I personally don’t think it will be soon that stocks, etc. move towards worthless, although soon is a relative term of course. The powers that be in every country that matters in global economics doesn’t want this interconnected system to crash. But it doesn’t have to crash, only languish, for more fiat currency to start moving into G & S….or try to. I see G & S priced in fiat currencies increasing before there is a substantial decline in global equities. or “paper assets”.

  5. According to this article: Don’t Believe The Hype; Comex Gold Warehouses Well Stocked – Two Analysts

    http://www.kitco.com/news/2015-09-15/Don-t-Believe-The-Hype-Comex-Gold-Warehouses-Well-Stocked-Two-Analysts.html

    ” Barclays…………….. notes that open interest normally declines sharply in the last few weeks before first-notice day. ”

    (Key word being normally.)

    “This is due to financial players closing positions to avoid the risk of a short squeeze …. Due to a sharp drop in opening interest, the coverage ratio of physical stocks improves dramatically leading up to first-notice day,” the report said.”

    “EM demand for gold has shifted some metals into Asia, especially with conscious efforts from countries such as China to develop local gold trading hubs.”

    Where does a normal COMEX trading day fit in this scenario?

  6. It seems that they increase the interest-rate.The miner stocks stronger than normal.

    Maybe we see 0.5% tomorrow.

  7. APMEX just expanded their spread on Silver Eagles again. It is now 19.5%! They want $4.99 over spot (500 or more). Physical silver investors who are participating in this are absolutely getting fleeced right now by the retailers. If APMEX had any suspicion this shortage in retail products would last then they’d be offering a higher premium for their own purchases and closing the spread instead of opening it.

    Mike

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