JPM Continues To Hoard Gold
By Turd Ferguson
Tuesday, August 13, 2013
The gift that keeps on giving. This is so unusual that I had to write about it again.
Recall that back in July, JPM suddenly had an interest in acquiring silver through the Comex. (I say “suddenly” because, prior to July, JPM had not been nearly this active in taking Comex deliveries. See for yourself here: http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsYTDReport.pdf)
For the July silver delivery month, JPM stopped 2,824 contracts into their house account. This represented 82% of the total for all of July. If you add in the 216 additional contracts they stopped into customer account, they took down 88.3% of all July silver deliveries.
Again and for perspective, for the prior three silver delivery months, the JPM house account stopped a total of 1,250 contracts. This was just 12.7% of the total Dec12, Mar13 and May13 deliveries of 9,864 contracts.
In gold, for Dec12, Feb13, Apr13 and Jun13, the Comex delivered a total of 37,824 contracts. During those past four delivery months, JPM stopped into their house account 2,162 contracts or 5.7%. If you add in the contracts stopped into the JPM customer account, the number rises to 4,230 or 11.2%.
Yesterday, there were 58 deliveries of the August Comex gold.
The JPM house account took 53 of them.