http://www.zerohedge.com/news/2013-06-11/jpm-vault-gold-drops-284-overnight-slides-fresh-record-low-withdrawals-accelerate
( So , JP Morgan finally was able to rustle up physical ! And this does or at least should give pause to those saying the bullion banks - or at least JP Morgan are net long gold based on the recent Bank Participation Report. JP Morgan is yet to settle contracts which exceed the gold presently in its Dealer vault - can they settle the 494 , 600 ounces outstanding without transferring gold from the Eligible category to the Dealer category ? And with the remaining contracts still to come or outstanding for June , how will they settle those Customer category contracts ? )
JPM Vault Gold Drops By 28.4% Overnight, Slides To Fresh Record Low As Withdrawals Accelerate
With a massive 6,208 (or 80% of the total in the entire Comex system) Customer Delivery issues outstanding against JPM so far in June alone, many have been wondering - how and when will the firm reconcile what is seemingly more demand for JPM vaulted gold than the firm has in its possession?
While we still don't have the answer, what we do know is that as of an hour ago when the Comex released its daily vault depository statistics, JPM has said goodbye to another 28.4% of all of its vaulted gold - the largest one day withdrawal since April 25, the result of the departure of 61.5% of its Eligible gold, as hundreds of thousands of registered ounces in the past few weeks have seen warrant detachment.
Which means that as of last night, total gold held by JPM has fallen to a new fresh all time low of just 550k ounces, down from 768K the day before, and total eligible gold of only 136,380 troy oz in inventory (just over 4 metric tonnes) - also a record low.
Whoever is "running the JPM vault" shows no sign of relenting. At this pace, the world's biggest gold vault located below 1 CMP, and just next to the Fed's own gold vault, will be empty in about 1.5-2 months.
http://harveyorgan.blogspot.com/2013/06/german-constitutional-court-surprised.html
Tuesday, June 11, 2013
German Constitutional Court surprised by lack of terms inside the OMT/Japanese yen skyrockets/Nikkei plummets/Dow plummets/Gold and silver raided/ JPMorgan customer inventory plummets to 136,380 oz
Good evening Ladies and Gentlemen:
Gold closed down by $9.90 to $1377.0 (comex closing time). Silver fell by 28 cents to $21.64 (comex closing time)
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
gold: 1378.20.
silver: $21.68
As I promised you on the weekend that we were going to have 3 tough days in gold/silver due to the Chinese 3 day holiday. The bankers do not have to worry about physical demand coming from China during this time period and thus they have only Europe to worry about. They generally take this opportunity to raid.
At the Comex, the open interest in silver fell by 3352 contracts to 147,476 contracts with silver's rise in price yesterday by 18 cents. We lost a little fluff today but still, the silver OI is holding firm at elevated levels. No doubt the object of the major bullion banks' interest in raiding, was silver as the OI has been remaining stubbornly high for many months.
The open interest on the entire gold comex contracts fell by 4501 contracts to 376,643 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. The number of ounces which is standing for gold in this June delivery month is 938,900 or 29.20 tonnes.The number of silver ounces standing in this non active month of June fell by 120,000 oz to 540,000 oz.
Tonight, the Comex registered or dealer gold remains at 1.475 million oz or 45.87 tonnes. This is getting dangerously low. The total of all gold at the comex fell slightly and now it is just below the 8 million oz at 7.752 million oz or 241.1 tonnes of gold.
However the big news was the huge drop in JPMorgan's customer account by a whopping 217,844.96 oz. Its customer inventory rests tonight at its nadir of 136,380.611 oz or 4.24 tonnes. Its dealer inventory remains at 413,526.284 oz but it still must settle upon contracts issued in the June delivery month which far exceeds its inventory.
The GLD reported that we have no gain or loss in inventory. The SLV inventory of silver also remained firm with no losses or gains in inventory.
Today we have important physical discussions on the latest positions inside the Comex whereby the bankers are now for the first time, long. This sets up a scenario if the shorts (hedge funds) must buy back and there are no sellers as they come in conflict with the bankers who will also be buying.
The authors are Ted Butler, Jessie from Jessie's American cafe and Gene Arensberg.
We have important commentaries today on the German Constitutional
Court who were totally surprised today at learning that there are no terms set for the OMT.
We have important stories on Japan which saw the Nikkei plummet last night by 196 points and then we witnessed its 10 year bond trade at a yield of .88%
The USA/Yen right now at 6 pm is trading at 96.04 to the dollar. The Nikkei opens at 8 pm est.
We are witnessing more violence inside Turkey today and in Greece, the main broadcasting company is going off the air letting over 2,000 employees go.
On the USA side of things we have two great commentaries from Bill Holter and Mark Grant on the scandal with respect to the secret surveillance of citizens by the USA government. You do not want to miss their comments on the situation.
We will go over these and many other stories but first.....................
Let us now head over to the comex and assess trading over there today.
Here are the details:
The total gold comex open interest fell by 4501 contracts from 381,144 back down to 376,642 with gold rising by $3.90 yesterday. The front active month of June saw it's OI fall by 167 contracts from 1901 down to 1734. We had 132 contracts served upon our longs yesterday. We thus lost 35 contracts or 3500 oz that will not stand this month. The next delivery month is the non active July contract and here the OI fell by 13 contracts down to 486. The next active delivery month for gold is August and here the OI fell by 4288 contracts from 219,376 down to 215,088. The estimated volume today was fair at 144,017 contracts. The confirmed volume yesterday was poor at 115,257 contracts.
The total silver Comex OI also retreated despite silver's rise of 18 cents yesterday. It's OI fell by a fair sized 3352 contracts to 147,476. No doubt we lost a little extra fluff of demand yesterday but the remaining longs are totally impervious to pain as the will withstand all frontal attacks on them by JPMorgan and company. The front non active June silver contract month shows a loss in OI contracts of 24 contracts. We had 0 notices filed on Friday so in essence we lost 24 contracts or 120,000 silver ounces will not stand for metal for the June contract month. The estimated volume today was very good, coming in at 55,276 contracts. The confirmed volume yesterday was also good at 51,924. I guess the bankers will try everything possible at the silver longs including the kitchen sink, the bathtub and you name it in an attempt to dislodge the longs from their positions.
We had 1 customer deposits today and it was tiny. This is very strange for a very big delivery month:
i) Into Brinks; 64.3 oz
total customer deposit: 64.3 oz
We had 1 huge customer withdrawals today and finally, it was with our illustrious friend JPMorgan;
i) Out of JPMorgan: 217,844.96 oz
total customer withdrawal: 217,844.96 oz
If you will recall, we needed to see 100,000 oz of gold removed from JPMorgan's customer account. (1000 contracts served upon our longs in mid May).
Last Tuesday, we had 15,416.93 oz removed from the JPM's customer account. No doubt that this gold was part of the 1000 contracts issued by JPMorgan customer account and thus we calculated that as of last night 28,389.579 oz was settled upon, leaving 71,611.00 oz still left to arrive in the settling process.
In summary on the customer side of things for JPMorgan:
Wednesday we had 333 notices served upon by JPMorgan's customer side.
Thursday morning we received notice that we had 826 notices served upon of which 725 contracts were issued by JPMorgan's customer account and 10 notices from their house or dealer account.
Friday morning, 318 notices were filed and of that total 317 notices were issued by JPMorgan and all of these were on their client or customer account.
7853 contracts x 100 oz per contract or 785,300 oz served upon + 1539 contracts or 153,900 oz (left to be served upon) = 938,900 oz or 29.20 tonnes of gold.
We lost 35 contracts or 3500 additional oz of gold will stand for the June contract month.
We now have the official USA production of gold last year and it registered 230 tonnes. Thus approximately 19.16 tonnes of gold is produced by all mines in the USA per month. Thus the amount standing for gold this month represents 152.40% of that total production.
i) out of Delaware: 995.50 oz
iv) out of Brinks: 100,657.13 oz
total customer withdrawal : 101,652.63 oz
Gold closed down by $9.90 to $1377.0 (comex closing time). Silver fell by 28 cents to $21.64 (comex closing time)
In the access market at 5:00 pm, gold and silver finished trading at the following prices :
gold: 1378.20.
silver: $21.68
As I promised you on the weekend that we were going to have 3 tough days in gold/silver due to the Chinese 3 day holiday. The bankers do not have to worry about physical demand coming from China during this time period and thus they have only Europe to worry about. They generally take this opportunity to raid.
At the Comex, the open interest in silver fell by 3352 contracts to 147,476 contracts with silver's rise in price yesterday by 18 cents. We lost a little fluff today but still, the silver OI is holding firm at elevated levels. No doubt the object of the major bullion banks' interest in raiding, was silver as the OI has been remaining stubbornly high for many months.
The open interest on the entire gold comex contracts fell by 4501 contracts to 376,643 which is still extremely low. There is no question that all of the weak speculators in gold have now departed. The number of ounces which is standing for gold in this June delivery month is 938,900 or 29.20 tonnes.The number of silver ounces standing in this non active month of June fell by 120,000 oz to 540,000 oz.
Tonight, the Comex registered or dealer gold remains at 1.475 million oz or 45.87 tonnes. This is getting dangerously low. The total of all gold at the comex fell slightly and now it is just below the 8 million oz at 7.752 million oz or 241.1 tonnes of gold.
However the big news was the huge drop in JPMorgan's customer account by a whopping 217,844.96 oz. Its customer inventory rests tonight at its nadir of 136,380.611 oz or 4.24 tonnes. Its dealer inventory remains at 413,526.284 oz but it still must settle upon contracts issued in the June delivery month which far exceeds its inventory.
The GLD reported that we have no gain or loss in inventory. The SLV inventory of silver also remained firm with no losses or gains in inventory.
Today we have important physical discussions on the latest positions inside the Comex whereby the bankers are now for the first time, long. This sets up a scenario if the shorts (hedge funds) must buy back and there are no sellers as they come in conflict with the bankers who will also be buying.
The authors are Ted Butler, Jessie from Jessie's American cafe and Gene Arensberg.
We have important commentaries today on the German Constitutional
Court who were totally surprised today at learning that there are no terms set for the OMT.
We have important stories on Japan which saw the Nikkei plummet last night by 196 points and then we witnessed its 10 year bond trade at a yield of .88%
The USA/Yen right now at 6 pm is trading at 96.04 to the dollar. The Nikkei opens at 8 pm est.
We are witnessing more violence inside Turkey today and in Greece, the main broadcasting company is going off the air letting over 2,000 employees go.
On the USA side of things we have two great commentaries from Bill Holter and Mark Grant on the scandal with respect to the secret surveillance of citizens by the USA government. You do not want to miss their comments on the situation.
We will go over these and many other stories but first.....................
Here are the details:
The total gold comex open interest fell by 4501 contracts from 381,144 back down to 376,642 with gold rising by $3.90 yesterday. The front active month of June saw it's OI fall by 167 contracts from 1901 down to 1734. We had 132 contracts served upon our longs yesterday. We thus lost 35 contracts or 3500 oz that will not stand this month. The next delivery month is the non active July contract and here the OI fell by 13 contracts down to 486. The next active delivery month for gold is August and here the OI fell by 4288 contracts from 219,376 down to 215,088. The estimated volume today was fair at 144,017 contracts. The confirmed volume yesterday was poor at 115,257 contracts.
The total silver Comex OI also retreated despite silver's rise of 18 cents yesterday. It's OI fell by a fair sized 3352 contracts to 147,476. No doubt we lost a little extra fluff of demand yesterday but the remaining longs are totally impervious to pain as the will withstand all frontal attacks on them by JPMorgan and company. The front non active June silver contract month shows a loss in OI contracts of 24 contracts. We had 0 notices filed on Friday so in essence we lost 24 contracts or 120,000 silver ounces will not stand for metal for the June contract month. The estimated volume today was very good, coming in at 55,276 contracts. The confirmed volume yesterday was also good at 51,924. I guess the bankers will try everything possible at the silver longs including the kitchen sink, the bathtub and you name it in an attempt to dislodge the longs from their positions.
Comex gold/May contract month:
June 11/2013
the June contract month:
the June contract month:
Ounces
| |
Withdrawals from Dealers Inventory in oz
|
nil
|
Withdrawals from Customer Inventory in oz
|
217,844.96 (JPMorgan)
|
Deposits to the Dealer Inventory in oz
|
nil
|
Deposits to the Customer Inventory, in oz
| 64.30 (Brinks) oz |
No of oz served (contracts) today
|
195 (19,500 oz)
|
No of oz to be served (notices)
|
1539 (153,900 oz
|
Total monthly oz gold served (contracts) so far this month
|
7853 (785,300 oz)
|
Total accumulative withdrawal of gold from the Dealers inventory this month
|
39,657.389 oz
|
Total accumulative withdrawal of gold from the Customer inventory this month
| 252,777.73 oz |
We again had tiny activity at the gold vaults
The dealer had 0 deposits and 0 dealer withdrawals.
We had 1 customer deposits today and it was tiny. This is very strange for a very big delivery month:
i) Into Brinks; 64.3 oz
total customer deposit: 64.3 oz
We had 1 huge customer withdrawals today and finally, it was with our illustrious friend JPMorgan;
i) Out of JPMorgan: 217,844.96 oz
total customer withdrawal: 217,844.96 oz
If you will recall, we needed to see 100,000 oz of gold removed from JPMorgan's customer account. (1000 contracts served upon our longs in mid May).
Last Tuesday, we had 15,416.93 oz removed from the JPM's customer account. No doubt that this gold was part of the 1000 contracts issued by JPMorgan customer account and thus we calculated that as of last night 28,389.579 oz was settled upon, leaving 71,611.00 oz still left to arrive in the settling process.
In summary on the customer side of things for JPMorgan:
Wednesday we had 333 notices served upon by JPMorgan's customer side.
Thursday morning we received notice that we had 826 notices served upon of which 725 contracts were issued by JPMorgan's customer account and 10 notices from their house or dealer account.
Friday morning, 318 notices were filed and of that total 317 notices were issued by JPMorgan and all of these were on their client or customer account.
Yesterday, 132 notices were filed (all from JPMorgan) of which 131 notices were issued from JPMorgan's customer account and one notice from the dealer side.
And now for today, of the 195 notices issued for today, 136 notices were issued from JPMorgan and all of these came from its customer account.
If we add the 71,611.00 oz that was owed last week, together with the following notices converted into oz: (we do not include the 136 notices as this will be settled later in the week or next week)
i) 333 notices equals 33300 oz
ii) 725 notices equals 72500 oz
iii 317 notices equals 31700 oz
we have 209,111 oz of gold to be settled. Today's 217,844.96 oz no doubt satisfied these claims and were settled upon.
We had one adjustment.
i) out of Scotia: we have 5382.40 oz was adjusted out of the customer and back into the dealer at Scotia.
Thus tonight we have the following closing inventory figures for JPMorgan:
i) dealer account: 413,526.284 oz
ii) customer account drops to 136,380.611 oz. (or only 4.2 tonnes of gold)
Now for JPMorgan's dealer side and what the inventory should be:
Last Tuesday night we reported that 4935 contracts have been issued by JPMorgan's house account since first day notice and not yet subtracted out of inventory
You will also recall a week ago on Saturday and again last Monday night, I reported that JPMorgan had 470,322.102 oz in it's dealer account. From that day until now, 58,795.82 oz was either withdrawn or adjusted out, leaving the dealer side at 413,526.284 oz where it sits tonight.
On the dealer side Thursday we had 10 notices issued on JPMorgan's dealer account.
On Friday: zero
If we add the 71,611.00 oz that was owed last week, together with the following notices converted into oz: (we do not include the 136 notices as this will be settled later in the week or next week)
i) 333 notices equals 33300 oz
ii) 725 notices equals 72500 oz
iii 317 notices equals 31700 oz
we have 209,111 oz of gold to be settled. Today's 217,844.96 oz no doubt satisfied these claims and were settled upon.
We had one adjustment.
i) out of Scotia: we have 5382.40 oz was adjusted out of the customer and back into the dealer at Scotia.
Thus tonight we have the following closing inventory figures for JPMorgan:
i) dealer account: 413,526.284 oz
ii) customer account drops to 136,380.611 oz. (or only 4.2 tonnes of gold)
Now for JPMorgan's dealer side and what the inventory should be:
Last Tuesday night we reported that 4935 contracts have been issued by JPMorgan's house account since first day notice and not yet subtracted out of inventory
You will also recall a week ago on Saturday and again last Monday night, I reported that JPMorgan had 470,322.102 oz in it's dealer account. From that day until now, 58,795.82 oz was either withdrawn or adjusted out, leaving the dealer side at 413,526.284 oz where it sits tonight.
On the dealer side Thursday we had 10 notices issued on JPMorgan's dealer account.
On Friday: zero
On Monday: 1
On Tuesday: 0
Thus, 4946 contracts have been issued so far for 494,600 oz and these
ounces have yet to settle from JPMorgan's dealer side.
JPMorgan's dealer vault registers tonight 413,526.284 oz
somehow we have a huge negative balance as i) the gold has not left JPMorgan's dealer account and has yet to settle
and
ii) it is now deficient by 81,074 oz (413,526 inventory - 494,600 oz issued = 81,074 oz)
In other words, the entire 413,526 must be first transferred out of Morgan's dealer category ( in the same format as in the customer category) leaving it with zero, plus the 81,074 of additional gold
JPMorgan has not had any deposits in gold in quite some time.
How will JPMorgan satisfy this shortfall??
With tonight's huge withdrawal from the JPMorgan customer account, JPMorgan does not have enough gold in its vaults to satisfy claims upon it. And we still have
over 153,900 oz left to be settled upon. JPMorgan generally handles 80% of all issuance.
Thus, 4946 contracts have been issued so far for 494,600 oz and these
ounces have yet to settle from JPMorgan's dealer side.
JPMorgan's dealer vault registers tonight 413,526.284 oz
somehow we have a huge negative balance as i) the gold has not left JPMorgan's dealer account and has yet to settle
and
ii) it is now deficient by 81,074 oz (413,526 inventory - 494,600 oz issued = 81,074 oz)
In other words, the entire 413,526 must be first transferred out of Morgan's dealer category ( in the same format as in the customer category) leaving it with zero, plus the 81,074 of additional gold
JPMorgan has not had any deposits in gold in quite some time.
How will JPMorgan satisfy this shortfall??
With tonight's huge withdrawal from the JPMorgan customer account, JPMorgan does not have enough gold in its vaults to satisfy claims upon it. And we still have
over 153,900 oz left to be settled upon. JPMorgan generally handles 80% of all issuance.
Tonight the dealer inventory remains tonight at a low of 1.48 million oz (46.03) tonnes of gold. The total of all gold slightly falls, resting tonight at 7.7750 million oz or 241.05 tonnes.
Today we had 195 notices served upon our longs for 19,500 oz of gold. In order to calculate what I believe will stand for delivery in June, I take the OI standing for June (1734) and subtract out today's notices (195) which leaves us with 1539 contracts or 153,900 oz left to be served upon our longs.
Today we had 195 notices served upon our longs for 19,500 oz of gold. In order to calculate what I believe will stand for delivery in June, I take the OI standing for June (1734) and subtract out today's notices (195) which leaves us with 1539 contracts or 153,900 oz left to be served upon our longs.
Thus we have the following gold ounces standing for metal in June:
7853 contracts x 100 oz per contract or 785,300 oz served upon + 1539 contracts or 153,900 oz (left to be served upon) = 938,900 oz or 29.20 tonnes of gold.
We lost 35 contracts or 3500 additional oz of gold will stand for the June contract month.
We now have the official USA production of gold last year and it registered 230 tonnes. Thus approximately 19.16 tonnes of gold is produced by all mines in the USA per month. Thus the amount standing for gold this month represents 152.40% of that total production.
now let us head over and see what is new with silver:
Silver:
June 11.2013: June silver contract month:
| Silver |
Ounces
|
| Withdrawals from Dealers Inventory | nil |
| Withdrawals from Customer Inventory | 101,652.63 oz (Brinks, Delaware) |
| Deposits to the Dealer Inventory | nil |
| Deposits to the Customer Inventory | 388,796.365 (Scotia,CNT) |
| No of oz served (contracts) | 2 (10,000 oz) |
| No of oz to be served (notices) | 73 (365,000 oz) |
| Total monthly oz silver served (contracts) | 35 (175,000 oz) |
| Total accumulative withdrawal of silver from the Dealers inventory this month | 982,955.47 oz |
| Total accumulative withdrawal of silver from the Customer inventory this month | 2,951,374.2 oz |
Today, we had good activity inside the silver vaults.
we had 0 dealer deposits and 0 dealer withdrawals.
We had 2 customer deposits:
i) Into CNT: 48,755.145 oz
ii) Into Scotia: 290,041.22 oz
total customer deposit; 338,796.365 oz
We had 2 customer withdrawals:
We had 2 customer deposits:
i) Into CNT: 48,755.145 oz
ii) Into Scotia: 290,041.22 oz
total customer deposit; 338,796.365 oz
We had 2 customer withdrawals:
i) out of Delaware: 995.50 oz
iv) out of Brinks: 100,657.13 oz
total customer withdrawal : 101,652.63 oz
we had 0 adjustments today
Registered silver at : 41.758 million oz
total of all silver: 164.384 million oz.
The CME reported that we had 2 notices filed for 10,000 oz today. In order to calculate what we believe will stand in the month of June, I take the Oi standing for June (75) and subtract out today's notices (2) which leaves us with 73 notices or 365,000 oz.
Thus the total number of silver ounces standing in this non active delivery month of June is as follows:
35 contracts x 5000 oz per contract (served) = 175,000 oz + 73 contracts x 5000 oz or 365,000 oz left to be served upon = 540,000 oz
we lost 120,000 silver ounces today at the Comex silver.
Thus the total number of silver ounces standing in this non active delivery month of June is as follows:
35 contracts x 5000 oz per contract (served) = 175,000 oz + 73 contracts x 5000 oz or 365,000 oz left to be served upon = 540,000 oz
we lost 120,000 silver ounces today at the Comex silver.
Now let us check on gold inventories at the GLD first: flat today as compared with Monday.
Jan 11.2013:
June 10.2013:
Jan 11.2013:
Tonnes1,009.85
Ounces32,467,579.48
Value US$44.592 billion
June 10.2013:
Tonnes1,009.85
Ounces32,467,579.48
Value US$44.885 billion
* * *
http://silverdoctors.com/bill-murphy-us-govt-gold-scandal-worse-than-irs-scandal/#more-27772
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