Comex Gold Inventories 12414

In a surprising change from its inventory build over the past few months, JP Morgan had the largest one-day withdrawal of gold ever.  JP Morgan had 321,500 (exactly 10 metric tons) withdrawn from its Eligible category today.

In just one day, JP Morgan lost 22% over its total gold stocks at the Comex.  Total gold inventories at JP Morgan declined from 1,459,027 oz yesterday, to 1,137,527 oz.

Also, there was another 32,150 oz of gold withdrawn from Scotia Mocatta’s Eligible inventories.  This is quite interesting as the removals from both JP Morgan & Scotia Mocatta turn out to be exactly 10 metric tons (JP Morgan) and 1 metric ton (Scotia) for a total of 11 metric tons.

Furthermore, there are only 357,139 oz of gold in the Registered Inventories at the Comex.  February is going to be a big delivery month and it looks as if there may not be the available metal to satisfy delivery requests.

It seems as if 2014 may be the year that the Financial System finally falls over the cliff.

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  1. What makes you say that ‘February is going to be a big delivery month’?

  2. From all the blogs I read I appreciate your columns the most, especially the silver-energy correlation. They hit the nail on the head, fully.

    • stefan,

      Thanks for your positive comment. I enjoy all comments even when individual(s) disagree with me. If I have either made a mistake (which I did recently) or am putting out incorrect data or analysis, I don’t mind being corrected. I always search for the truth even though I can be wrong at times.

      The one thing that I try to do better than many other analysts is to focus on acquiring work from the Best Analysts out there. The KEY is not knowing everything.. the KEY is knowing who to listen to and who to ignore.


  3. “What makes you say that ‘February is going to be a big delivery month’?”

    Because that is the way Comex works. Certain months are active delivery months, others not. February IS and last year 40 Tonnes of Gold was delivered in February. Including Brinks, the Comex has only 11 Tonnes of “Registered” Gold, or Gold which can be delivered against Contracts. Should be an interesting few weeks as first delivery notice day is next Friday, January 31st.

    • Thanks for the answer.

      So is that due to something specific or just a historical trend?

      • LB,

        According to Harvey Organ who follows this more closely, he (emailed me last night) says there are 40 metric tons of gold standing for delivery in FEB. There were 41 metric tonnes for delivery in FEB 2013.

        Thus, 40 metric tons is something like 1.28 million oz. Right now there are only 375,139 oz in the Registered Category for delivery.

        It will be interesting to see if some of that 7 million oz in the Eligible category will be moved into the Registered. However, we have not seen much in the way of transfers lately. With this high amount of gold standing for delivery in just a week… there isn’t much gold in the Registered category to meet this demand.

        Again, the Registered category held over 3 million oz of gold in the beginning of 2013. It now only has 375,139 oz.


  4. Fall over the cliff? It’s only 10 tons, give me a break already! LOL

    • Greg,

      While it was only 10 metric tonnes taken off of JP Morgan, the FALL OFF A CLIFF was referring to the whole Financial System. We must remember, the Western Central Banks conspired (openly) to rig the gold price from 1960-68 through the London Gold Pool.

      The U.S. exported something like 10,000 metric tons of gold during this time-period to help keep the price of gold at $35. However, the London Gold Pool ended when the West (mostly U.S.) ran out of gold.

      The same thing has been taking place in the past several years, however gold has been leaving the WEST and heading EAST. At some point in time this CONSPIRACY to Rig the gold market will end just like the London Gold Pool.

      And… 2014 looks like the year it may happen due to many other factors besides the draining of gold from the West.


      • The German politician who called for the repatriation of 700 tons gold, now wants all the gold back.

        What all “fringe blogs” mentioned, now becomes mainstream. Something broke a few weeks ago. 2014 is going to be interesting.

        • Well we can guess if inventories are that low then they will be trying to push the gold price lower so losses will incur on those contracts and physical gold won’t be taken
          Then the banks can buy the paper and let it go back up and profit off the manipulation
          Just my guess like to see others thoughts
          We can all dream that banisters stop manipulation the market but that would leave there investment in the political system to suffer loss that’s not going to happen
          Worse case scenario some terrorist backers start taking physical gold to expose the evil of western culture of greed and send a death blow to the banisters and the corrupt politicians

  5. “Furthermore, there are only 357,139 oz of gold in the Registered Inventories at the Comex. February is going to be a big delivery month and it looks as if there may not be the available metal to satisfy delivery requests.

    It seems as if 2014 may be the year that the Financial System finally falls over the cliff”.

    Yes this is a turn of events; the possibility of Comex not settling eligible contracts with physical fulfillment. As to whether that would be a “fall over the cliff” event or not; who knows. Several things have transpired that writers and interviewed experts labeled as probably triggering events for an unraveling of the financial system. We will see.

  6. I have a coin store. Starting Nov of 2012, I have noticed a decrease of gold on the market. Less people are selling. i have seen a 50% drop in retail

    There are more people buying however. I have a very short shelf life on any gold bars and coins. My gold is gone in less than 24 hrs.

    I really do not know what is going on in the big markets but I can tell you about my retail market.

    • tk,

      Thanks for the insight from your coin store. I do know this… U.S. Gold export scrap has fallen considerably since 2008.. a record year. In 2008, the U.S. exported 886 metric tons of gross gold scrap. So far this year, we have only exported 121 metric tons.

      I believe the American public has sold the majority of its gold scrap.


      • lastmanstanding | January 26, 2014 at 9:47 am |

        I think you are correct…My LCS takes in about 1/5 of what it did in the past. Virtually non-existent.

        90% silver coins still trickle in…when they do, it is in massive amounts. Strong hands…finally being broken…luckily, there are strong hands there to scoop it up.

        Everyday, the paper game is closer to the end. We just don’t know they day.

  7. Well, if the JP Morgan vault is THE hourglass, I guess a lot of gold dust just fell through the isthmus (with apologies to Dr. Fekete).

    Note: not JP Morgan’s vault…

  8. Those Feb contracts will be settled with “equivalent ETF shares” or cash. The divergence between physical & paper gold price will be put to the test. Who will demand actual physical delivery and will anyone be able to provide it?

    • NJ Seedas,

      Yes, this is probably correct as it has been happening the same way in the past. But, I still think a certain amount will be delivered in physical metal form. We are getting closer to that point where the whole fiat monetary financial system collapses.

      With that being said… I actually think there is a much worse threat than the collapse of the Financial & Economic Global System. I will be discussing this in THE U.S. & GLOBAL COLLAPSE REPORT.


      • “With that being said… I actually think there is a much worse threat than the collapse of the Financial & Economic Global System”.

        And who knows; it might be a triggering event outside of the U.S. China is accumulating gold and other tangible assets, but that doesn’t fix huge financial problems they have.

  9. Great article, Steve. Thank you!
    I keep telling myself I am finished buying gold. But after noticing lately that “the foxes are exiting the hen-house”, and at least one CEO resigning without explanation, I bailed out of my ETF (GLD) to the tune of an $11,000 loss. I was just too afraid to wait and try to get back up to the break-even point. So I took the net proceeds and purchased a significant amount of Valcambi Combibars. My loss on paper was mostly compensated by the lower gold prices, and I feel far more comfortable having physical possession.
    That was to be my last gold purchase… I thought.
    Your article here is a real eye-opener, and has induced me to double another order for Valcambi’s. It is a wonder that gold is still easily available (with a reasonable premium) to the average citizen.
    I have 3 experts I follow consistently: Mr. Rickards, Maloney, and Wiedemer. I have a great respect for Mr. Wiedemer, but cannot understand why he continues to recommend GLD for 5% of an investment portfolio. I feel like I got out by the hair of my chinny-chin-chin, and only time will tell to what degree.
    Again, thank you for this article; you’ll likely turn into my 4th ‘hero’.

    • ” I have a great respect for Mr. Wiedemer, but cannot understand why he continues to recommend GLD for 5% of an investment portfolio”.

      For some people the current paradigm or system has served them well. I guess they recommend what they know.

  10. OutLookingIn | January 26, 2014 at 1:57 pm |

    Steve, the “fall over a cliff” will be done in slow motion. Failing to deliver physical gold will in essence, be a default. Settlement of outstanding contracts (standing for delivery) will be accomplished with paper assets. After all, what we have witnessed for the past five years is a slow motion train wreck, with the wreckage about to burst into flames!
    Helped along by the mounting credit wind pressure, of supposed credit defaults origionating out of China. How much exposure the western fianacial system has in this market, by way of OTC/CDS or interest rate swaps – who knows? I would surmise that there would be some exposure, given the wide spread global use of these financial WMD’s.
    I detect global nervousness coming out of the markets, that is mounting with increasing intensity as the new year wears on. This is manifested by the recent strength of physical precious metals and general FX weakness, along with increasing fund flows to percieved safe havens.
    Looking at the global macro politico/ financial horizon, one sees nothing but a gathering of dark storm clouds which portend a sense of foreboding that something evil, this way comes.

  11. The day of reckoning is getting closer an everybody wants the comex to default. And I mean everybody including our government. This should scare you some. My opinion here was the plan all along in the pm,s market. It real obvious now what there intent an finial plan is. Here is the facts we all know to be very true. 1# The price of precious metals have been kept down for along time to a point where nobody wants to mine it. 2# Theres been a tremendous large amount of gold leaving the great USA an lately its been in staggering amounts. And with the price still going down. Just with these 2 facts here I will till you the out come to be coming true this year 2014. The day will come this year the comex will default on delivery and it will be your worst night mare. The government will come in an freeze the prices till all there dirty work is done. They will actually till the world of the plan of the NWO an how it will come to be. An later when this is done they will make a set price for pm,s say 10% to 15% of the average price in the world to mine it. An to guarantee this price you will have to sell the to the U.S. Gov. The day it defaults in march is my guess

  12. | January 28, 2014 at 11:28 am |

    What does this mean? What does so much gold withdrawn from the banks mean? Why is it related to a financial system fall in 2014? Thanks.

    • mystery indeed…why the paper price falls as demand soars and supply is being slowly cut down…physical held in COMEX, LBMA, and SGE is being drawn down rapidly (another 10 tons out of JPM eligible today…or 30% of their remaining holdings just left). ETF holdings shrinking day after day.

      The system ever more vulnerable to an ever smaller demand for delivery requested…

    • The Fed assumed to be tapering again tomorrow down another $10 B /mo…down to $65 B /mo in purchases. Typically when there is record leverage and cash all in (as we have now) then something has to be sold in order to buy these additional $10 B T’s and $10 B MBS. But any selling with this sort of record leverage begets more selling and on and on. And Japan insinuating no growth to their QE???

      So, why is the Fed tapering and what is the linkage w/ PM’s and the run on physical metal and rundown in prices??? Mystery.


  14. They took another 10 tons Monday 1/27…

  15. A very uninformed question. If the economy is going to tank (what little I know supports this) is it to late to buy silver. Not to get rich but to try and hedge the economic pain of a collapse? If we do go over the cliff does 100-200 oz of silver help a small family or would you need vastly more than that? Thank you in advance to any answers this question may get.

    • Short Answer : Yes.

      But having a 100 oz silver bar wouldn’t do you any good, you would need small denominations, silver dimes, quarters, a few one or half ounce rounds or bars.

      ALSO! consider this: If your budget is in the $1000-$2000 range and your goal is family survival in tough times, you would be better served by purchasing an economic hunting rifle in a common caliber or gardening implements.

      The subject you are broaching is complicated, and depends on a lot of factors, the biggest one being your own gut instinct. How bad do you think things will get?

  16. Talking about falling off a cliff, a JPMorgan VP fell off a 33rd floor in London yesterday.

    • TheHoliestCrow | January 30, 2014 at 12:45 am |

      Any details on that fellow, like a name maybe. And did he have help getting out the window or was he a do-it-his-sellfer ?

Comments are closed.