05 August 2015
JP Morgan Saves the Day With a 275,000 Ounce Gold Fill On the Comex
Since there were only 362,000 ounces offered, I was wondering how they would manage this. Claims to deliverable ounces were still running over 120:1.
And just for grins, where were the biggest requests for gold coming from? None other than the house accounts of Goldman and HSBC. What's up with that?
Have no fear, JP Morgan stepped up and moved 276,000 ounces into the 'deliverable' category as show in the second chart.
And they filled 275,000 ounces of that futures delivery request out of their 'house account' as shown in the first.
Just in the nick of time!
The dirty little secret is that this market is a tiny tail wagging an elephant of global physical demand. And the tail waggers seem to be slowly, but surely, losing their grip.