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Weekly COMEX Gold Inventories: Huge Gold Withdrawal From JPMorgan Warehouse Headed East
Seeking Alpha ^

Posted on 01/26/2014 4:22:12 PM PST by Red in Blue PA

Last week, as many of gold investors may already know, we saw the largest one-day withdrawal in over a year as the JPMorgan (JPM) warehouse withdrew a stunning 321,500 ounces of gold (10 tonnes). Additionally, we also saw a large withdrawal from the Scotia Mocatta warehouse, which brings the total withdrawal for the week to almost 5% of all COMEX gold stocks.

....

As investors can see, last week's action finally saw a rise in registered gold by a small 5,002 ounces. But that was paired with a huge 350,968 ounce withdrawal from eligible gold stocks - the vast majority of it (321,500 ounces) coming out of the JPMorgan warehouse.

Now what is really interesting, and hasn't been blogged about too much in most of the gold blogs, is when that gold came in and where it's going.

The first thing to take note of is that the gold that was removed was an exact 321,500 ounce amount - not one ounce over or one ounce under 10 tonnes. That means the gold that was removed was not a standard COMEX bar (100 ounces), but rather kilo bars (32.15 troy ounce bars) - which are the preferred variety for Asian and Middle-Eastern buyers.

(Excerpt) Read more at seekingalpha.com ...


TOPICS: News/Current Events
KEYWORDS: china; globaleconomy; gold; jpmorgan; jpmorganvault

1 posted on 01/26/2014 4:22:12 PM PST by Red in Blue PA
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To: Red in Blue PA
Just curious...but was this a withdrawal of cash from gold holdings (i.e. liquidation of gold stock/notes/certs) or what?

This was obviously not a withdrawal of gold bullion (or was it?).

2 posted on 01/26/2014 4:27:59 PM PST by RoosterRedux (The only true wisdom is in knowing you know nothing -- Socrates)
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To: Red in Blue PA

Good thing they didnt have the gold in HSBC, or they would have had some splaining to do before they could get it.


3 posted on 01/26/2014 4:30:42 PM PST by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Red in Blue PA

Gold withdrawals, Bank of China suspending currency withdrawals—”There’s something happening here, What it is ain’t exactly clear...”


4 posted on 01/26/2014 4:30:56 PM PST by House Atreides
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To: jiggyboy; PA Engineer; blam; TigerLikesRooster; Cheap_Hessian; CJinVA; Jet Jaguar; ...

Goldbug ping.


5 posted on 01/26/2014 4:32:07 PM PST by Jet Jaguar
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To: Red in Blue PA

I’m not permitted to read page 2.


6 posted on 01/26/2014 4:32:58 PM PST by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: House Atreides

“Send Lawyers, Guns and Money.......The s—t has hit the fan.”


7 posted on 01/26/2014 4:32:58 PM PST by dfwgator
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To: RoosterRedux

According to the piece it was.


8 posted on 01/26/2014 4:39:59 PM PST by arthurus (Read Hazlitt's Economics In One Lesson ONLINEhttp://steshaw.org/economics-in-one-lesson/)
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To: RoosterRedux

HSCB bank in Britian is making it difficult to make cash withdrawals. The fear is that the surplus capital (deposits) of private individuals has been lent to the government in the for of bond purchases and that capital has been consumed with no real return on investment. There is a worldwide liquidity crisis. Chinese banks are sitting on the world’s biggest real estate bubble. They financed close to a trillion dollars of “ghost cities” that sit empty and are decaying.


9 posted on 01/26/2014 4:40:38 PM PST by allendale
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To: House Atreides

SHTF very soon?


10 posted on 01/26/2014 4:41:45 PM PST by laplata (Liberals don't get it .... their minds are diseased.)
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To: laplata

Yes Last thursday and friday were just coming attractions


11 posted on 01/26/2014 4:45:22 PM PST by al baby (Hi Mom… I was refereeing to Obama)
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To: allendale

12 posted on 01/26/2014 4:46:37 PM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: Red in Blue PA

China’s ghost towns: Satellite pictures show empty skyscraper cities

http://www.dailymail.co.uk/news/article-2005231/Chinas-ghost-towns-New-satellite-pictures-massive-skyscraper-cities-STILL-completely-empty.html


13 posted on 01/26/2014 4:47:03 PM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: onyx
I’m not permitted to read page 2.

Why, have you been naughty? B^)

14 posted on 01/26/2014 4:47:54 PM PST by smoothsailing
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To: RoosterRedux

it was gold bullion


15 posted on 01/26/2014 4:48:45 PM PST by sten (fighting tyranny never goes out of style)
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To: allendale
There is a worldwide liquidity crisis.

I have moved $25K in the last 3 weeks with no problem (between banks and brokerage accounts).

Do you have a credible source for this news?

16 posted on 01/26/2014 4:49:07 PM PST by RoosterRedux (The only true wisdom is in knowing you know nothing -- Socrates)
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To: RoosterRedux

Try doing that in China.


17 posted on 01/26/2014 4:51:32 PM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: Red in Blue PA

looks like 0failure is moving to prop up his favorite anti-Amerucan communist partner


18 posted on 01/26/2014 4:51:32 PM PST by sten (fighting tyranny never goes out of style)
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To: al baby

We’ve been living on borrowed time for a long time. It’s got to hit the fan eventually and “eventually” gets closer by the day.


19 posted on 01/26/2014 4:52:02 PM PST by laplata (Liberals don't get it .... their minds are diseased.)
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To: RoosterRedux; ConradofMontferrat

I don’t know if this helps but here’s another link:
*****************************
*snip*

Just Damn!!

Found that stinker!

http://www.zerohedge.com/news/2014-01-24/jpmorgans-gold-vault-has-biggest-one-day-withdrawal-ever

Have NO IDEA how credible this news source is, (caveat emptor.)

OTH, if it is accurate, something evil this way comes.

27 posted on Sunday, January 26, 2014 5:17:26 PM by ConradofMontferrat


20 posted on 01/26/2014 4:55:31 PM PST by Irenic (The pencil sharpener and Elmer's glue is put away-- we've lost the red wheelbarrow)
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To: allendale
They financed close to a trillion dollars of “ghost cities” that sit empty and are decaying.

OTOH, you have to hand it to the Chinese.....at least they have something to show for it. The money from the stimulus is gone forever, with not even one phantom city to show for it.
21 posted on 01/26/2014 4:55:43 PM PST by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: RoosterRedux

The Federal Reserve has printed a huge amount of currency as “quantitative easing” Hence your deposits are “safe” for the moment but that is not to say that American banks have not done essentially the same squandering of capital as the Europeans and Chinese. The US liquidity crisis is papered over and eventually your dollar deposits will be worth less unless there is spectacular real economic growth. The Europeans are squeezed because Northern European countries that have a high savings rate have successfully resisted to date the printing of euros.


22 posted on 01/26/2014 5:26:23 PM PST by allendale
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To: Red in Blue PA
Don't worry, when we run out of gold, we can give people dollars!


23 posted on 01/26/2014 5:27:49 PM PST by PGR88
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To: smoothsailing

LOLOLOLOL.
I reckon so.


24 posted on 01/26/2014 5:31:21 PM PST by onyx (Please Support Free Republic - Donate Monthly! If you want on Sarah Palin's Ping List, Let Me know!)
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To: House Atreides

“Paranoia strikes deep”


25 posted on 01/26/2014 5:37:46 PM PST by STJPII
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To: House Atreides
To keep some perspective, ten tons sounds like a lot but the standard ordinary central bank transaction is in the neighborhood of 400 tons.
26 posted on 01/26/2014 5:38:42 PM PST by hinckley buzzard
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To: Red in Blue PA

No doubt, O is selling off America’s gold treasury to further destroy the country’s future.


27 posted on 01/26/2014 5:38:59 PM PST by Rapscallion (Had enough? Let me know.)
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To: hinckley buzzard
At $1270/oz, ten tons is valued at 408 million dollars. Hardly an earthshaking amount.
28 posted on 01/26/2014 5:41:37 PM PST by hinckley buzzard
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To: laplata

I know it scares me like nothing else not really for me but for my nieces and nephews and there kids and for all the good young people of this once great country


29 posted on 01/26/2014 5:41:42 PM PST by al baby (Hi Mom… I was refereeing to Obama)
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To: House Atreides

A currency war with China?


30 posted on 01/26/2014 6:11:34 PM PST by GOPJ (Liberals never let something as petty as being 100% wrong stop them - Blood of Tyrants)
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To: Irenic

That chart of JPMorgan is scary. Scarier is it’s close association with Soros.


31 posted on 01/26/2014 6:23:08 PM PST by bgill
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To: Irenic

FYI, JPMorgan is also the bank that handles all the EBT transactions and iirc gets 2% of each.


32 posted on 01/26/2014 6:25:18 PM PST by bgill
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To: al baby

I agree. The young and good people don’t deserve the future that the bastards are bringing upon them.


33 posted on 01/26/2014 6:26:34 PM PST by laplata (Liberals don't get it .... their minds are diseased.)
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To: onyx

“I’m not permitted to read page 2.”

sign up for free account and then you can read.


34 posted on 01/26/2014 6:26:39 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Red in Blue PA

When they start moving gold around in that quantity, get worried.

Remember, just before China was abandoned, Chiang Kaishek sent truck after truck to empty all the Chinese banks.


35 posted on 01/26/2014 6:27:55 PM PST by Viennacon
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To: GOPJ

Your guess is close, except that it’s U.S. bankers and investors joining in a foreign currency war against the U.S., which will harm U.S. exports. With the tapering talk and other propaganda, they drove down some currencies of trading partners that we already have extreme trade imbalances with. We don’t have the production to pay so much debt used to buy foreign products and keep so many anti-competition government offices going, but they smell blood and want more. Here’s the real news behind the noise.

http://blogs.wsj.com/moneybeat/2014/01/24/will-fed-pause-on-jittery-financial-markets/?mod=WSJ_hpp_sections_markets
Will Fed Pause on Jittery Financial Markets?
Wall Street Journal
By Cynthia Lin
Jan 24, 2014
“If tensions across financial markets intensify, could it throw a wrench in the Fed’s tapering plan?”


36 posted on 01/26/2014 6:31:28 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: RoosterRedux
I have moved $25K in the last 3 weeks with no problem (between banks and brokerage accounts).

take it out in cash , then take it to another bank and deposit it. Let me know if you have "any problems".

37 posted on 01/26/2014 6:32:23 PM PST by Dick Vomer (democrats are like flies, whatever they don't eat they sh#t on.)
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To: hinckley buzzard

“At $1270/oz, ten tons is valued at 408 million dollars. Hardly an earthshaking amount. “

Not trivial either: equals .005% of the total amount of gold estimated to be mined in all of human history


38 posted on 01/26/2014 6:33:32 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Red in Blue PA

Notice that the gold is going east—not west.


39 posted on 01/26/2014 6:34:21 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: RoosterRedux

Bullion.


40 posted on 01/26/2014 6:38:58 PM PST by Vermont Lt (If you want to keep your dignity, you can keep it. Period........ Just kidding, you can't keep it.)
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To: RoosterRedux

China has been pumping billions into their economy over the past couple of weeks.

Hey have needed to inject liquidity into their banking system almost every night.

It is pretty much a China thing, but the fear is of a contagion.


41 posted on 01/26/2014 6:41:21 PM PST by Vermont Lt (If you want to keep your dignity, you can keep it. Period........ Just kidding, you can't keep it.)
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To: familyop

Meanwhile back at Porcupine. Creek. That show could really be cut throat


42 posted on 01/26/2014 6:41:24 PM PST by al baby (Hi Mom… I was refereeing to Obama)
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To: Dick Vomer

You won’t have any problems. You WILL have a set of new friends that will keep in touch.


43 posted on 01/26/2014 6:44:18 PM PST by Vermont Lt (If you want to keep your dignity, you can keep it. Period........ Just kidding, you can't keep it.)
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To: familyop

List of contributing factors as p0er InvestmentWatch

#1 The looting, violence and economic chaos that is happening in Argentina right now is a perfect example of what can happen when you print too much money

#2 The value of the Argentine Peso is absolutely collapsing

#3 Widespread shortages, looting and accelerating inflation are also causing huge problems in Venezuela

#4 In a stunning decision, the Venezuelan government has just announced that it has devalued the Bolivar by more than 40 percent

#5 Brazilian stocks declined sharply on Thursday. There is a tremendous amount of concern that the economic meltdown that is happening in Argentina is going to spill over into Brazil

#6 Ukraine is rapidly coming apart at the seams

#7 It appears that a bank run has begun in China

#8 Art Cashin of UBS is warning that credit markets in China “may be broken“. For much more on this, please see my recent article entitled “The $23 Trillion Credit Bubble In China Is Starting To Collapse – Global Financial Crisis Next?”

#9 News that China’s manufacturing sector is contracting shook up financial markets on Thursday

#10 Japanese stocks experienced their biggest drop in 7 months on Thursday

#11 The value of the Turkish Lira is absolutely collapsing

#12 The unemployment rate in France has risen for 9 quarters in a row and recently soared to a new 16 year high

#13 In Italy, the unemployment rate has soared to a brand new all-time record high of 12.7 percent

#14 The unemployment rate in Spain is sitting at an all-time record high of 26.7 percent

#15 This year, the Baltic Dry Index experienced the largest two week post-holiday decline that we have ever seen

#16 Chipmaker Intel recently announced that it plans to eliminate 5,000 jobs over the coming year

#17 CNBC is reporting that U.S. retailers just experienced “the worst holiday season since 2008“

#18 A recent CNBC article stated that U.S. consumers should expect a “tsunami” of store closings in the retail industry

#19 The U.S. Congress is facing another deadline to raise the debt ceiling in February

#20 The Dow fell by more than 170 points on Thursday. It is becoming increasingly likely that “the peak of the market” is now in the rear view mirror


44 posted on 01/26/2014 7:20:47 PM PST by Viennacon
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To: hinckley buzzard
That's close to the figure China has to Anni up Jan. 31st...
45 posted on 01/26/2014 9:26:58 PM PST by caww
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To: Viennacon

>>>#11 The value of the Turkish Lira is absolutely collapsing<<<

The value of Turkish Lira is collapsing all the time since I first encountered it.
I first visited in 1994 and 1,000,000 Liras could easily buy me a harem, on a second visit in 1998 it could barely buy a bottle of beer.
It has been worse than that in 2005, and as I visited last summer they had new banknotes missing numerous zeros from the old ones. But still collapsing at the speed of sound.
I had Euros eventually changing them into a local currency witnessing some 10% collapse of Lira to Euro just in a few weeks of my stay there.


46 posted on 01/27/2014 1:24:26 AM PST by cunning_fish
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To: Viennacon

#21 Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.


47 posted on 01/27/2014 7:48:47 AM PST by 2001convSVT (Going Galt as fast as I can.)
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