In just one day, JP Morgan’s Eligible (Customer) gold inventory fell a whopping 61% today.  That’s 6.7 metric tonnes of gold taken off of JP Morgan’s inventory.  As you can see there are only 136,380 oz of gold left in Morgan’s Customer inventory.   Basically, JP Morgan has a little more than 4 metric tonnes of gold left in its Eligible or Customer inventory.

Furthermore, that 217,844 oz withdraw from JP Morgan’s vault accounted for 28% of its total inventory.  Now, JP Morgan only has approximately 555,000 oz left in its total inventory.

It will be interesting going forward here to see if JP Morgan will be able to satisfy its withdrawal requests of gold.  The more the bullion banks push the price of gold down, the more gold will be withdrawn from the Comex.

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  1. Turdite rl999 | June 11, 2013 at 2:15 pm |

    I wonder if this has something to do with the post Mr. Harvey Organ wrote last night – that JPM had still not made good on previous large transactions. Quoted below;

    If you will recall, we needed to see 100,000 oz of gold removed from JPMorgan’s customer account. (1000 contracts served upon our longs in mid May).

    Last Tuesday, we had 15,416.93 oz removed from the JPM’s customer account. No doubt that this gold was part of the 1000 contracts issued by JPMorgan customer account and thus we calculated that as of last night 28,389.579 oz was settled upon, leaving 71,611.00 oz still left to arrive in the settling process.

    In summary on the customer side of things for JPMorgan:

    Wednesday we had 333 notices served upon by JPMorgan’s customer side.

    Thursday morning we received notice that we had 826 notices served upon of which 725 contracts were issued by JPMorgan’s customer account and 10 notices from their house or dealer account.

    Friday morning, 318 notices were filed and of that total 317 notices were issued by JPMorgan and all of these were on their client or customer account.

    And now today, 132 notices were filed (all from JPMorgan) of which 131 notices were issued from JPMorgan’s customer account and one notice from the dealer side.

    I guess JPMorgan’s customer account cannot settle because there is no gold inside the customer account to settle upon!!

  2. Turdite rl999… it just may well have been. Regardless, that’s a great deal of gold to be removed in just one day. 6.7 metric tonnes of gold is large sum.

    I wonder what will happen when JP Morgan can’t deliver anymore customer gold contracts .


  3. Very informative article, keep up the great work SRS!

  4. Hi,
    could you elaborate on the last sentence from the article. And why is there so much buying when gold is going down? I thought that people only buy when things go up.

  5. Chris,

    I am out right now. However, this is not a typical bear market. Normally when prices fall volumes dry up. Not with this gold market. Asian and Indian buying is very strong and will even pick up more as prices fall.

    I would imagine a good portion of that 217,000 ounces taken off JP Morgan was from the Eastern buyers.


  6. They will start settling in cash positions, and spin it as being negative for gold. Take notice they have covered their short positions on gold. After gold gets rained silver, platinum, palladium will go next. i m not sure if that is how it will work out but that is my guess.

  7. gold/silver price is completely a con job.

    what a world we live in!

  8. I have hard time to reconcile the low inventory at JPM vault and the fact that in the past 6 months hedgers reduced their net short positions from the peak last october to level not seen in many years.
    This goes along the comments of Ted Butler about the massive withdrawal of fisical from the GLD organised by JPM see
    That looks to me like a sleight of hand, where fisical was removed and went to ???? , while JPM (the architect) will keep play the paper game. What comes to my mind is alway the question : who owns the fisical

  9. the first chinese gold etf will be trading at 0.01 gram per share. every 300,000 shares could redeem one 3-kilo gold bar on demand.

    all shares will backed by gold contracts trading at shanghai gold exchange, which delivery more than 1000 tons gold every year, much more than comex.

    this is partially paper and partially physical ETF. but since the physical redemption threshold is lower than GLD, i believe it is a better and safer alternative than GLD.

    but personally, i will stick with silver. i hope one day there’ll be silver etf in china too.

  10. i just read an interesting comment made by the head of commodities trading at china construction bank:
    entities importing gold into china is not subject to FX control, meaning RMB is already freely convertible in capital accounts.

    so the chinese do understand what gold is and how import gold is.

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