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The Color-Coded Comex Crunch: Behind The JPMorgan PHYSICAL GOLD “Musical Chairs” Scramble

from Zero Hedge:

First, it was JPM asking HSBC for assistance and getting a handout of over 6k ounces of gold.

The next day, following a shut out by HSBC, JPM had no choice but to go to the second largest vault, that of Scotia Mocatta and get more than triple times that, or just over 20k ounces.

Today, the Comex gold crunch has gotten so confusing, nothing short of a color-coded schematic can do it justice.

First, moments ago the Comex reported that JPM doubled down once more and received a third consecutive infusion of over 43K ounces from HSBC, just as we predicted last Thursday when we said, that “with HSBC moving 43.4K oz from Registered to Eligible, we would expect either another major Comex withdrawal in the next few days from HSBC, or this is merely HSBC making room for further gold “requests” by JPM.” It was the latter to a tee.

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3 comments to The Color-Coded Comex Crunch: Behind The JPMorgan PHYSICAL GOLD “Musical Chairs” Scramble

  • NaySayer

    Is this why gold & silver have gone up $2 in the last two business days? They don’t have the metals to delivery if they keep smashing the price at the $19 level?

    I know the only reason they would stop manipulating the gold & silver prices downward is because they physically cannot do it anymore. They either let the price rise or risk an open default on the COMEX or LBMA.

    Unless they get their hands on another large pile of physical gold & silver to sell into the market at ludicrously low prices, we can expect metals prices to rise.

    I guess it depends on if the Vatican is going to start letting their vaults get raided since apparently the GLV and SLV are running dry.

    • SGT

      I was just thinking this through tonight, and I really believe the end game for this paper fraud is getting frighteningly close. I would not criticize anyone who decided to double down on physical silver right now, at these prices.

      • NaySayer

        $1 per business day, that is what the silver price is going up. And again, what is the reason for the manipulation in the first place? To keep real money silver/gold from sounding the alarm that there is something horribly wrong with the dollar and the u.s. economy?

        But I think even your average brain dead Dancing with the celibritard/nfl watcher knows that already. What is the point of keeping it smashed down now? To keep the illusion afloat just a little longer? Maybe. Nobody wants to be the one on whose watch it blew up, even if the collapse was baked in the cake when you took the job. Bernanke wants out before it blows.

        I will be watching interestedly to see if it keeps going up at this $1 a day clip. If it does, there will be a snowballing effect as gold/silver perform their traditional function of alarm that the currency is nearly dead. I expect people to pile on if that happens.

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