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Why is JPM Hoarding Gold?

from TF Metals Report:

Last month, we asked why JPM was hoarding silver. Now, with August gold deliveries just underway, is it time to ask why they are hoarding gold, too?

The silver hoarding question was asked on July 11. At that time, JPM had absorbed nearly 90% of the July Comex silver deliveries, primarily for their own or “house” account. That trend did, in fact, continue through the entire delivery month and when the totals were finally tabulated, JPM had stopped 3,040 of the 3,444 deliveries for July. That’s 88.27% of the total! It gets even better. Of the 3,040 that JPM took down, 2,824 went into their own house account. That’s 12,140,000 ounces of silver (377+ mts) and 82% of all Comex silver deliveries for July. To JPM. Into their own house account.

The full post from July 11 is here: http://www.tfmetalsreport.com/blog/4830/why-jpm-hoarding-silver

Read More at TFMetals.com

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2 comments to Why is JPM Hoarding Gold?

  • Glitter 1

    “Ted estimates that JPM has used this year’s beatdown scheme to completely flip their net position in gold futures. From a net short position estimated near 50,000 contracts last February, Ted has concluded that JPM is now net long approximately 85,000 contracts! That’s a 135,000 contract flip and their net position of +85,000 long gives them concentrated position of 25.3% of all Comex gold open interest, after removing the open interest related to spread trades.
    •IF Ted is correct, then JPM has effectively “cornered” the Comex gold market.”

    For all of you Jim Sinclair bashers,this is exactly what Jim said would happen and he said it months ago.

  • steelerdude

    So effectively, Ben/Barack can give JPM a call and tell them to sell gold/silver to continue to keep the price down…

    am I correct?

    The cash loss will be peanuts to JPM….

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