Just in time for the Halloween Spooks to come out and play by slashing the prices of the precious metals, JP Morgan (vampire squid), experienced another ghastly withdrawal from its gold inventories today. Something quite eerie seems to be taking place as the majority of Comex gold withdrawals are coming out of the dark dungeons at JP Morgan Chase.
In just one week, JP Morgan lost 41% of its total gold inventories. On October 22nd, JP Morgan held 983,694 oz of gold… and as of the last update on Thursday, October 30th, there were only 581.819 oz remaining. This was a drain of 401,875 oz in a tad bit more than a week.
That’s a lot of gold….
A standard good delivery gold bar at the Comex weighs approximately 100 oz. Thus, JP Morgan saw more than 4,000 of these nice gold bars leave its vault in short order.
(courtesy of goldbarsworldwide.com)
Not only are a great deal of these gold bars leaving JP Morgan’s vault, we are also witnessing a large withdrawal from the total gold warehouse stocks at the Comex. In just one month, nearly a million ounces of gold were removed from Comex inventories.
In the next chart, we can see that at the end of September, there were 9,286,525 oz of gold at the Comex. As of Thursday, October 30th, total gold warehouse stocks were 8,350,953 oz. This was a decline of 935,572 oz, or 10% in one month:
And… if we do the math, that’s a staggering 9,355 bars of gold withdrawn from the Comex vaults and shipped to some individual, group or entity. I would imagine these folks were more than happy to exchange Fiat Dollars for one of the oldest forms of real money in the world.
Now, if we take it a step further… there was a lot more gold removed from the Comex if we go back to its peak of nearly 10 million oz at the end of August this year. Since then, more than 1.5 million oz of gold have been withdrawn from Comex.
If this downward trend of gold warehouse stocks continues, there is still a lot of the yellow metal at the Comex to satisfy deliveries for a while. However, JP Morgan only holds 581,819 oz of gold in its inventory. So, if the bank suffers another one of these record day withdrawals (321,500 oz shown below)… they might get a meeting with the GRIM REAPER sooner than later.
Happy Halloween…. and make sure if you are going to buy gold, do yourself a TREAT and purchase the real thing and not fall for a TRICK by owning a paper claim-check.
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