-- Published: Friday, 24 October 2014 | Print | Disqus
By Steve St. Angelo, SRSrocco Report
As the increasingly volatile stock markets bounced back higher today, JP Morgan experienced one of the largest withdrawals of gold from its inventories this year. In just one day, a stunning 321,500 oz of gold (10 metric tons) were removed from JP Morganís Eligible inventories.
Total gold inventories at JP Morgan fell 33% from 983,693 oz yesterday, to 662,193 today. Of course, this had to come from JP Morganís Eligible inventories, because there are only 176,436 oz of gold in their Registered inventories.
You will notice, that the amount is exactly 321,500 oz (10 metric tons) to the TEEÖ and as Harvey Organ and Bill Holter have commented, itís extremely rare for a gold bar or series of gold bars to equal exactly 10 metric tons. Instead, we should see a fraction of an amount shown as an example in the MANFRA, TORDELLA & BROOKES gold transfer of 29,752.630 oz from the Registered category to Eligible.
Looks like this transfer was LEGIT as we can see the fraction of 0.630 oz shown in the transfer. I gather JP MORGAN feels that it doesnít need to be bothered with accounting for these silly fractions, when they have to deal with much larger numbers such as the $70 trillion of Derivatives on their balance sheet.
It will be interesting to see if this 10 metric ton gold withdrawal from JP Morgan becomes an entry in one of the other Bankís vaults in the next day or so. Or maybe, itís on its way to CHINA or INDIA. Either wayÖ just another interesting data point taking place as the broader stock markets continue to CONVULSE up and down like someone suffering from a HEART-ATTACK.
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-- Published: Friday, 24 October 2014 | E-Mail | Print | Source: GoldSeek.com