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 Morgan’s 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 Morgan’s 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 TEE… and as Harvey Organ and Bill Holter have commented, it’s
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 doesn’t 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 Bank’s vaults in the next
day or so. Or maybe, it’s on its way to CHINA or INDIA. Either
way… 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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