Most Popular
1. Banking Crisis is Stocks Bull Market Buying Opportunity - Nadeem_Walayat
2.The Crypto Signal for the Precious Metals Market - P_Radomski_CFA
3. One Possible Outcome to a New World Order - Raymond_Matison
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
5. Apple AAPL Stock Trend and Earnings Analysis - Nadeem_Walayat
6.AI, Stocks, and Gold Stocks – Connected After All - P_Radomski_CFA
7.Stock Market CHEAT SHEET - - Nadeem_Walayat
8.US Debt Ceiling Crisis Smoke and Mirrors Circus - Nadeem_Walayat
9.Silver Price May Explode - Avi_Gilburt
10.More US Banks Could Collapse -- A Lot More- EWI
Last 7 days
Stock Market Volatility (VIX) - 25th Mar 24
Stock Market Investor Sentiment - 25th Mar 24
The Federal Reserve Didn't Do Anything But It Had Plenty to Say - 25th Mar 24
Stock Market Breadth - 24th Mar 24
Stock Market Margin Debt Indicator - 24th Mar 24
It’s Easy to Scream Stocks Bubble! - 24th Mar 24
Stocks: What to Make of All This Insider Selling- 24th Mar 24
Money Supply Continues To Fall, Economy Worsens – Investors Don’t Care - 24th Mar 24
Get an Edge in the Crypto Market with Order Flow - 24th Mar 24
US Presidential Election Cycle and Recessions - 18th Mar 24
US Recession Already Happened in 2022! - 18th Mar 24
AI can now remember everything you say - 18th Mar 24
Bitcoin Crypto Mania 2024 - MicroStrategy MSTR Blow off Top! - 14th Mar 24
Bitcoin Gravy Train Trend Forecast 2024 - 11th Mar 24
Gold and the Long-Term Inflation Cycle - 11th Mar 24
Fed’s Next Intertest Rate Move might not align with popular consensus - 11th Mar 24
Two Reasons The Fed Manipulates Interest Rates - 11th Mar 24
US Dollar Trend 2024 - 9th Mar 2024
The Bond Trade and Interest Rates - 9th Mar 2024
Investors Don’t Believe the Gold Rally, Still Prefer General Stocks - 9th Mar 2024
Paper Gold Vs. Real Gold: It's Important to Know the Difference - 9th Mar 2024
Stocks: What This "Record Extreme" Indicator May Be Signaling - 9th Mar 2024
My 3 Favorite Trade Setups - Elliott Wave Course - 9th Mar 2024
Bitcoin Crypto Bubble Mania! - 4th Mar 2024
US Interest Rates - When WIll the Fed Pivot - 1st Mar 2024
S&P Stock Market Real Earnings Yield - 29th Feb 2024
US Unemployment is a Fake Statistic - 29th Feb 2024
U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - 29th Feb 2024
What a Breakdown in Silver Mining Stocks! What an Opportunity! - 29th Feb 2024
Why AI will Soon become SA - Synthetic Intelligence - The Machine Learning Megatrend - 29th Feb 2024
Keep Calm and Carry on Buying Quantum AI Tech Stocks - 19th Feb 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

COMEX Gold Registered Inventories - JP Morgan Moves the Shells Again

Commodities / Gold and Silver 2013 Oct 01, 2013 - 01:11 PM GMT

By: Jesse

Commodities

With regard to metals inventories, the eligible category includes any bullion of a suitable format that is held in one of the COMEX authorized warehouses, which are individually managed by one of the bullion banks.

The second category of metal is called registered, or dealer, bullion inventory. This is bullion of a suitable format that is held in one of the COMEX authorized warehouses, AND has been registered as deliverable into the market by its owner.


Yesterday JP Morgan changed 99,086 ounces of gold bullion in its warehouse from eligible to registered. Since as you know if you frequent this café, the level of registered gold was at record lows, and so with the advent of the October deliverable month, Morgan thought they would throw a tranche of metal into the breech.

I will put up the graphs of inventory levels as they become available later tonight.

As you know tomorrow begins the active delivery month of October for precious metals on the COMEX.

With a few other minor changes, the total amount of gold bullion at the COMEX, both registered and eligible, now stands at 6,862,816 ounces. This is a very low level of total inventory.

The total amount of registered, or 'deliverable' gold, is now at 769,837 ounces. This is better than it has been, and will bring the 'owners per ounce' back down from the stratosphere.

But it does have the character of 'robbing Peter to pay Paul,' since all the metal comes from the eligible category which seems to be attracting no new bars of high quality 100 oz. bullion. And so it does nothing to improve the leverage of all paper claims to allocated ounces of real gold bullion.

While October is active, the month of December is the one that will test the resolve of the bullion banks and their masters to continue to cap the precious metals at artificially low prices, before their discretionary horde of bullion becomes too thing to hold the line.

Antics notwithstanding, the flow of gold from West to East is steady, pronounced, and certainly no secular phenomenon, but a great trend change that is being driven by an evolution in world finance.

The metal came from within the warehouse structure, so it resulted in the same amount of metal leaving the 'eligible category.' They cling to the thin threads of their great shell game that has run past its prime.

That game will end when someone puts a stop to the motion on the table, and forces the bullion banks to show what they have in both hands. And then there will be a reckoning of accounts, which is long past overdue.

Weighed, and been found wanting.

Stand and deliver.

By Jesse

http://jessescrossroadscafe.blogspot.com

Welcome to Jesse's Café Américain - These are personal observations about the economy and the markets. In plewis

roviding information, we hope this allows you to make your own decisions in an informed manner, even if it is from learning by our mistakes, which are many.

© 2013 Copyright  Jesse's Café Américain - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jesse Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in