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 The more the bullion banks push the price of gold down, the more gold will be withdrawn from the Comex.