Comex Deliverable Gold Falls to 658,443 Ounces

There was a change in status of 48,652 ounces of gold bullion in the JPM warehouse which were withdrawn from the registered to the eligible category.  Apparently someone had a change in heart.

Big change in heart.  About one and half tonnes worth.

I will post the claims per ounce chart later when the irrepressible Aussie Nick Laird produces the latest update, but it should be around 55 claims per ounce.

It will take higher prices to move more of that gold out of the eligible to the deliverable category, the antics of JPM notwithstanding.

But in the meanwhile quite a bit of gold has been draining away from the West to chase the premiums for delivery in the East.  The offtake in the Comex and the GLD ETF have been remarkable, not seen in any of the other precious metals.   And then there is the 'investment' activity of the western Central Banks with their nation's gold reserves.  The obligations must weigh heavily.

I find it quite interesting that there is a new scandal brewing in the FX markets involving price rigging.   It is odd how the Banks have been caught rigging so many markets, but when it comes to precious metals, the apologists find all sorts of odd behaviour to be quite innocent and above reproach.

We are approaching the time when those who have will throw down, and those who have not, will fade away.  I do not see the future as inevitable.  But I do believe that there will be a reckoning of sorts. There always seems to be.

Weighed, and found wanting.

Stand and deliver.