Hey Rocky. Watch me pull a rabbit out of a hat.
From Harvey Organ this evening:
"Ladies and Gentlemen, we have a three-fold problem:
i) the total dealer inventory of gold is at a very dangerously low level of only 44.32 tonnes, and none of the 9.5 tonnes delivery notices from May and the 30 tonnes from June have been removed from inventory as of yet.
ii.a) JPMorgan's customer inventory remains at an extremely low 136,380 oz.
If you are a customer of JPMorgan and have your gold in its vault, I think it is best to remove it before we have another fiasco like MFGlobal.
ii.b) JPMorgan's dealer account rests tonight at 413,000 oz. However all of this gold has been spoken for plus an additional 81,000 oz
iii) the 3 major bullion banks have collectively only 30.08 tonnes of gold left!"
I do not watch the Commitments of Traders and the broad sweep of inventory levels like Harvey and others do.
As you know I do not think that this is where the scheme breaks, except as a secondary effect perhaps. The COMEX is a paper shell game. The real fireworks will begin more likely in a run on the bullion banks, and the depletion of physical supply sparked by some major scandal or failure to deliver.
Keep an eye on silver. The central banks don't have any.
And do not think for a moment that this will go down easily. There are desperate but powerful forces at work.
But I do enjoy watching this sort of thing unfold.
"You are a den of vipers and thieves. I have determined to rout you out, and by the Eternal, (bringing his fist down on the table) I will rout you out!"
President Andrew Jackson, February 1834, from Andrew Jackson and the Bank of the United States (1928) by Stan V. Henkels
