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.
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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 ...
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.
LOLOLOLOL.
I reckon so.
“Paranoia strikes deep”
No doubt, O is selling off America’s gold treasury to further destroy the country’s future.
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
A currency war with China?
That chart of JPMorgan is scary. Scarier is it’s close association with Soros.
FYI, JPMorgan is also the bank that handles all the EBT transactions and iirc gets 2% of each.
I agree. The young and good people don’t deserve the future that the bastards are bringing upon them.
“I’m not permitted to read page 2.”
sign up for free account and then you can read.
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.
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?”
take it out in cash , then take it to another bank and deposit it. Let me know if you have "any problems".
“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
Notice that the gold is going east—not west.
Bullion.
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