Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
ArticlesNewsFlowGold & Silver PricesMarket Briefing

Claims Per Deliverable Ounce Rises Above 55 at These Prices - JPM's Odd Warehouse Deliveries

IMG Auteur
Jesse
Le Cafe Americain
Published : October 26th, 2013
286 words - Reading time : 0 - 1 minutes
( 2 votes, 4.5/5 ) , 1 commentary
Print article
  Article Comments Comment this article Rating All Articles  
0
Send
1
comment
Our Newsletter...
Disclaimer
Category : Market Analysis

There was nothing in or out of the Comex warehouses yesterday with regard to gold bullion.

TFMetals had some very interesting observations on recent actions in the Comex, in which JPM brought in two tranches of perfectly even metric tonnes to their warehouse.

Anyone who knows the nature of actual gold bars in use understands that they are never crafted even to the ounce, and certainly not to the tonne.

And one has to wonder where such a large amount of gold was found outside the Comex in 100 oz bars and/or from what refinery it has recently been certified Comex good.  Or were the customary requirements waived for some reason on introducing new bullion bars into the Comex complex for them?  Are they self-certifying now? 

They are on the quantities.  As you know, the CME has added a specific disclaimer to their warehouse report that say they perform no audit or inspection whatsoever on what the Banks might report in bullion, and assume no responsibility.

Be all this as it may, the number of claims per ounce of registered metal continues to climb with expanding open interest, and now stands at around 55, which is very high.    And about 40 percent of that deliverable gold sits in the JPM managed warehouse.

Given the potential for a dislocation to the exchange, and the widespread gimmickry that has been uncovered with the Banks and their commodity activity, I would like to think that the CME and CFTC might rouse themselves to have a look.

As I recall, someone who is a hero to the markets said, 'trust, but verify.' And the grounds for trust these days are stretched exceptionally thin.

Weighed and found wanting.

Stand and deliver.
<< Previous article
Rate : Average note :4.5 (2 votes)
>> Next article
Comments closed
  All Favorites Best Rated  
climont   10/27/2013 at 3:44 AM GMT
Profile not specified - check his comments (83)
Follows 0 member    Followed by 2 members     Average note : 50 / 100 -?-
"Trust is nice , verifying is better" . Josef Stalin .
Rate :   1  2Rating :   -1
EmailPermalink
Latest comment posted for this article
Be the first to comment
Add your comment
Top articles
MOST READ
World PM Newsflow
ALL
GOLD
SILVER
PGM & DIAMONDS
OIL & GAS
OTHER METALS
Gold Editorials | Gold Resource News | Gold Fundamental | Gold Discoveries and Drilling Results | Gold Exploration and drilling | Gold In the News and Medias | Gold Most Read Press Releases | List of Copper mining companies | List of Lead mining companies | List of Nickel mining companies | List of Zinc mining companies | List of Gold mining companies | List of Silver mining companies | List of Platinum mining companies | List of Diamonds mining companies | 金銀市價 | सोने_की_कीमत_और_रजत | Precio del oro y plata | أسعار_الذهب_الفضة | ราคาทองคำและเงิน | gold und silberwechselkurs
Contact us Privacy policy Disclaimer About us
copyright 24hGold