Advertise | Bookmark | Contact Us | E-Mail List |  | Update Page | UraniumSeek.com 

Commentary : Gold Stock Review : Markets : News Wire : Quotes : Radio : Silver : Stocks - Main 
  
 GoldSeek.com >> News >> Story  Disclaimer 
 
Latest Headlines

GoldSeek.com Radio Gold Nugget: Peter Schiff & Chris Waltzek
By: radio.GoldSeek.com

The Gold Owners’ Guide to the Rest of 2014
By: Michael J. Kosares

Gold Mining Stocks Are Beating Bullion: A Win-Win
By: Frank Holmes

USD FMQ carries on growing despite tapering
By: Alasdair Macleod

Gold & Silver Market Morning
By: Julian D. W. Phillips, Gold/Silver Forecaster - Global Watch

Gold’s Sweet Spot - Strongest Months Are August, September, November And January
By: GoldCore

Asian Metals Market Update
By: Chintan Karnani, Insignia Consultants

Gold Seeker Closing Report: Gold and Silver Fall About 1% While Stocks Drop 2%
By: Chris Mullen, Gold-Seeker.com

US Failure: Unintended Consequence
By: Jim Willie CB

Why Manipulation Is Such an Important Topic
By: Bill Holter

 
Search

GoldSeek Web

 
Gold Continues To Bleed From the COMEX



-- Posted Wednesday, 26 June 2013 | | Disqus

By Steve St. Angelo, SRSrocco Report

As the paper price of gold falls even lower due to market manipulation, gold continues to bleed from the COMEX Warehouse stocks.  Another 156,310 ounces were removed from the Customer inventories.  What is even more interesting is how much gold has been removed from the COMEX since the beginning of the year.

If we look at the COMEX Inventory table below, we can see that 64,177 oz were removed from HSBC and 92,133 oz were removed from Scotia Mocatta.  Again, both of these were withdrawn from the Eligible or Customer Inventories.

While HSBC and Scotia Mocatta can afford these sort of gold withdrawals from their customer inventories, as you can see, JP Morgan cannot with only 141,197 oz remaining.  Basically, the gold that was removed from these two bank vaults, would have totally wiped out JP Morgan's remaining customer inventory.

Furthermore, as we can see from the chart below, Gold Continues to Bleed from the Comex:

Since the beginning of the year, total COMEX gold inventories have fallen 32%, from 11 million oz in January to 7.5 million oz today.  This chart is from 24hGold.com, and has not be updated yet as it still shows the previous days total in the top right part of the chart at 7.68 million.

So, as the bizarre paper trading in the precious metal markets keeps pushing the price of gold lower, investors continue to withdraw more gold out of the COMEX warehouses.  It will be interesting to see what happens to JP MORGAN'S pathetically small gold inventories in the next several weeks and months. 

Lastly, it is quite interesting that copper is only down 18% since the beginning of the year, while gold is now down 26% and silver a whopping 41%.  I will be discussing how the extremely low paper prices of gold and silver are impacting the miners at the SRSroccoReport.


-- Posted Wednesday, 26 June 2013 | Digg This Article | Source: GoldSeek.com

comments powered by Disqus



 



Increase Text SizeDecrease Text SizeE-mail Link of Current PagePrinter Friendly PageReturn to GoldSeek.com

 news.goldseek.com >> Story

E-mail Page  | Print  | Disclaimer 


© 1995 - 2014


© GoldSeek.com, Gold Seek LLC


GoldSeek.com Supports Kiva.org

The content on this site is protected by U.S. and international copyright laws and is the property of GoldSeek.com and/or the providers of the content under license. By "content" we mean any information, mode of expression, or other materials and services found on GoldSeek.com. This includes editorials, news, our writings, graphics, and any and all other features found on the site. Please contact us for any further information.

Disclaimer

The views contained here may not represent the views of GoldSeek.com, its affiliates or advertisers. GoldSeek.com makes no representation, warranty or guarantee as to the accuracy or completeness of the information (including news, editorials, prices, statistics, analyses and the like) provided through its service. Any copying, reproduction and/or redistribution of any of the documents, data, content or materials contained on or within this website, without the express written consent of GoldSeek.com, is strictly prohibited. In no event shall GoldSeek.com or its affiliates be liable to any person for any decision made or action taken in reliance upon the information provided herein.
OilSeek.com