The Phaserl


The Incredible Shrinking COMEX Gold Warehouse Inventories

by JS Kim, Gold Seek:

During this banker raid on paper gold and paper silver, while banking shill Nouriel Roubini was spouting more propaganda in the distribution channels of the mass media of a gold collapse to sub-par $1000 an ounce prices, we were busy informing our readers about the Lies of Nouriel Roubini (whose sole purpose in life, by the way, seems to be to scare uneducated people into selling off their physical gold and silver into the hands of waiting bankers). At the very start of this price slam this past April, we coined an in-depth piece about Why the Western Banking Cartel’s Gold and Silver Price Slam Will Backfire.” Now, all the reasons we provided in that April piece are coming home to roost among the Western banking cartel today.

Just 3-1/2 years ago in early 2011, COMEX warehouses held more than 11 million ounces of eligible gold, with JPM holding more than 3 million of these 11 million ounces. As of August 9, 2013, JPM’s eligible gold has fallen from 3+ million ounces to 361,606 ounces. Thus, it is safe to conclude that physical gold is being withdrawn from COMEX warehouse due to a lack of trust in the global banking sector’s honesty and credibility.

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