Is JP Morgan Getting Nervous about its Silver Inventories?

COMEX SILVER 72213BSomething interesting has been going on in the Comex silver warehouse inventories this week.  Not only have large amounts of silver been removed from the Comex since Monday, but there also have been some large transfers that seem quite peculiar.
In three days this week, Scotia Mocatta transferred 1.8 million oz of silver from its registered inventories to JP Morgan’s eligible inventoriesFurthermore, a total of 2.7 million oz of silver were withdrawn from the Comex (net of transfers) and Scotia Mocatta saw its registered silver inventories decline nearly 20%.
The real question is… what’s going on here? Is JP Morgan building physical supplies to hand in against delivery notices?

2013 Silver Eagles As Low As $3.29 Over Spot!

2013 Silver Eagle

 

From The SRSRocco Report:

In the beginning of the week, there was a large 2.2 million oz withdrawal of silver from the Comex.  However, part of this amount was transferred to JP Morgan:

COMEX SILVER 72213B

Here we can see that Scotia Mocatta transferred nearly 600,000 oz of silver from its Registered inventory to JP Morgan’s Eligible.  Basically, the registered category is silver that is available for delivery and is also labeled as the dealer inventory.  The eligible category is silver owned by an individual or party that is not available for delivery and is known as the customer inventory.

Now, on Tuesday we had another large withdrawal of silver from the Comex but the majority of it came from Scotia Mocatta’s warehouse.  And again, if we look at the spreadsheet below, we can see another large transfer of silver from Scotia’s registered inventory to JP Morgan’s eligible:

COMEX SILVER 72313

So, we had 600,000 oz transferred on Monday and another 600,350 oz on Wednesday for a total of 1.2+ million oz in  just two days.  I find this quite interesting because JP Morgan has a substantial amount of silver in its eligible inventories of over 20 million oz.

Then on Thursday, there was another large transfer of silver from Scotia to JP Morgan:

COMEX SILVER 72513

In three days, Scotia Mocatta transferred 1.8 million oz of silver from its registered inventories to JP Morgan’s eligible inventories.  Furthermore, a total of 2.7 million oz of silver were withdrawn from the Comex (net of transfers) and Scotia Mocatta saw its registered silver inventories decline nearly 20%.

The real question is… what’s going on here.  Could this be just a typical transfer of metal from one bank to another?  Or could it be that an individual or party has transferred their silver from Canada to the U.S.?  Those are all probable answers.

However, we really don’t know what is going on here as everything in the Banking Industry is a big secret.  All we can do is speculate.  I wrote Harvey Organ and asked him what he thought of these transfers.  He replied be saying it could be that JP Morgan is building physical supplies to hand in against delivery notices.

While the more professional traders and Wall Street analysts would blow off these silver transfers as part of doing a honest days business… there really isn’t much honesty left in the banking community.  For example, we just learned of new govt. probe into Goldman and JP Morgan’s warehouse industry via ZeroHedge:

Goldman And JP Morgan Probed Over Metals Warehouse Manipulations

Following our initial uncovering of the manipulation and monopolization of the metals warehousing business two years ago, the last few days have seen the public’s attention grabbed by the reality of what the banks are actually doing. Following this week’s hearing, as the Fed reconsiders banks roles in non-banking businesses (and the ‘societal benefit’), it seems the CFTC has woken up. As the WSJ reports, the Department of Justice has opened an initial probe into the metals warehousing industry and the Commodity Futures Trading Commission has also sent letters to some firms telling them to preserve documents, in what is likely the beginning stages of an investigation.

FULL ARTICLE LINK

With this and all the other conspiracies and frauds taking place such as the LIBOR scandal and etc, I actually believe something is AMISS and there is  probably something STRANGE taking place in JP Morgan’s silver warehouse.  I wish I could shed more light, but at least I can reveal what is taking place and we will have to see how this unfolds in the future.

War Bird

Comments

  1. Bloody Hell one interesting week-end. Lol Hope It’s Not A Bank Holiday On Monday. LMAO

    • Not to worry, Charlie.  The Bank of Charles will always be open!  LOL!
       

    • Don’t worry, the game will play out.

      Edward Snowden reviewing NSA kill shot in September makes me smile.

      What can happen, a large solar flare which will cripple electronic communications, taking a billion people out because of hunger?

      Not going to happen.

  2. And are they not about out of Gold?
    Mabey they intend to use the Silver as a door stop, to prop open the vault, too finish off the Gold inventory.
    You just never know.

  3. End the Federal Reserve……..never going to happen!
    End corruption in Washington DC…………never going to happen!
    End QE ………….never going to happen!
    End buying silver……………NEVER GOING TO HAPPEN!

    • 14 States want to succede from the Union, is that not going to happen? It is going to get worse before it gets better, thanks for the enthusiasm.

      Silver will one day find its true value in your life time.

      Keep Stacking

  4. I think it’s fairly obvious that the registered and eligible figures for JPM, Scotia Mocatta and others are completely false. The disclaimer for comex vaults confirms this.
     
    As Harvey Organ revealed in an interview in 2010 on KWN, when he and his son Lenny went to the only bullion vault in Canada, the Scotia Mocatta vault for delivery on a silver futures contract in September 2008, his son discovered all they were holding in the vault were 60 1000 oz bars.
    http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/4/7_Andrew_Maguire_%26_Adrian_Douglas.html

    • if they visited a vault in canada they did not visit a vault eligible for delivery against comex
       
      http://www.cmegroup.com/trading/metals/silver-depositories.html
       

    • After Harvey and his son’s interview on KWN it came out in other reports that Harvey did not undertand allocted vs unallocted accounts.  Harvey had an unallocated account.  That’s why there was little gold in the vault he was shown.

    • “Harvey had an unallocated account.  That’s why there was little gold in the vault he was shown.”
       
      Whether it is allocated or unallocated, the silver or gold should be there. What it clearly showed is that the banksters were and still are running a fractional bullion banking scam. This is nothing new. The blacksmiths were running this scam with paper gold receipts and physical gold hundreds of years ago.

      Around September 2008 at the time of the visit of Harvey Organ’s son to the Scotia Mocatta vault, there was supposedly around 90,000,000 oz in registered silver in comex vaults. Something obviously doesn’t smell right.

    • “Around September 2008 at the time of the visit of Harvey Organ’s son to the Scotia Mocatta vault, there was supposedly around 90,000,000 oz in registered silver in comex vaults. Something obviously doesn’t smell right.
       
       
      Repeat, if they visited a branch in canada it was not a comex vault.

    • Repeat, if they visited a branch in canada it was not a comex vault.
      What are you a misinformation plant? That’s completely, 100% false to say that.
      Now, you prove what vault they visited and where it’s located.

    • @JLee2027
       
      I do not know what has set you off today but let’s try some elementary reading comprehension.  The original poster mentioned that harvey and his son visited the “only bullion vault in canada” and were surprised it was almost empty.  Is that the proof you were looking for?  
       
      Let’s explore this a little further… I made no claim about what vault was visited, when, or where.  I simply replied that if the vault visited was in canada, as the original poster suggested, then it couldn’t possibly be a comex delivery vault.  I will leave it up to you to prove this false or true.

      Hint 1: Let’s try that reading comprehension thing again and maybe try following the link I have posted in a reply above.

      Hint 2: I’ll save you the trouble, it is 100% factual and true.

  5. The registered and eligible lines have zero to do with whether it is “customer” or “dealer” inventory, not sure what is even intended by “dealer”?

    The only way to follow whether a transaction is for a banks customers or for their own account is to watch the delivery notices.  If you do this you’ll also have noticed that JPMo is stopping notices in their “house” account that was issued the same day from their ” customer” account… in other words jpmo had customers who decided they wanted to sell short on comex and deliver their bars in satisfaction of those contracts and JP took the other side.  

    report for the year is here: http://www.cmegroup.com/delivery_reports/MetalsIssuesAndStopsYTDReport.pdf
     
    We can actually discern quite a bit from these numbers, i noticed these earlier this week and my quick analysis from these numbers is that JPMo is long futures (I’m not the only one who believes this and to further support this remember they recently released a report that they were friendly to commodities).  When you are long futures and dont sell you get ownership and theyve taken sizable chunks from the vault you mention, however scotia has not shown up as an issuer of silver, meaning that the silver coming out of this vault was sourced via delivery (we know this because the withdrawal comes out of the registered line) and from the accounts of customers of other brokerage companies who happened to have it in store in that vault.  JPMo probably is happier with the silver in their own vault as that way they can pay storage to themselves (or get a discounted/free rate).
     
    Also, its important to note the scotia warehouse is in new york, not canada.

  6. It’s called a … shell game. Where’s the pea?

    • They used to use a “pea” for this but because of the rise in price of dried peas, have followed Bernanke’s advice, and now use heuristics to redefine it as “pee”.  This is what we get when we guess its location correctly.  X-[

    • Ed_B
      Yes, a British comedian described that as ‘Goldman Showers’.

    • @PatFields
       
      “Yes, a British comedian described that as ‘Goldman Showers’.”
       
      Disgusting… but also fitting.  Also fits in with the idea of “getting hosed” when things turn out badly.

  7. In the latest Thunder Road Report by Paul Mylchreest there is actually a recent quote from the Reserve Bank of India (p50) which is as follows:-
    “the traded amount of ‘paper linked to gold’ exceeds by far the actual supply of physical gold: the volume on the London Bullion Market Association (LBMA) OTC market and the major Futures and Options Exchanges was OVER 92 TIMES that of the underlying Physical Market.”
    http://www.scribd.com/doc/156238322/TRMS2final
     

    • 59LesPaul
      Andrew Maguire first revealed that fact a couple years ago in a Congressional Testimony Hearing. It’s interesting to see it finally confirmed by a government, in no uncertain terms. Probably a ‘Gandhi Type’, embarrassed that the British Raj still endures in India.

  8. The notion that the Justice Department would open a credible investigation into this issue is NOT credible.  That the DOJ would open an investigation into the Treyvon Martin problem, at great cost to the tax payers, is credible. 
    At this rate Goldman Sachs would have to start speculating in  Zimmerman futures before Holder and his crew did a damn thing about corrupt commodity trading.

    • AG, don’t disagree with this, but i don’t see anything in the numbers above that is inherently corrupt?  JP long futures, takes delivery, and ships to their own warehouse.  This would be the same thing i would do if i ran a warehouse and took delivery of a lot of silver in someone else’s.
       
      The interesting question is: what are they doing this for? Typically this type of move would be to take silver to a higher priced market, but why bring it to your own house first, why not just ship direct?  Also, the notices friday that they are getting out of the physical game, right after taking ownership of a ton of physical… those two pieces to me are the most interesting.

      Taking to another market is bullish as it means physical prices are higher than what a counterparty will pay via comex… the second piece, with them getting out of the physical game and all, smells a bit funny, why the need to take so much if you’re out of the game?  Just sell your long position and move on… if this silver doesn’t move elsewhere i’m sure others will start to question the motive as well.

      I think the cftc and DOJ interest is more into the base metal side after all the mainstream reports of goldman costing us billions in aluminum can costs.

  9. @CrissyL  JP Morgan Should Be Worried, Charlie Has Them Pegged. LMAO



  10. Yikes!  Yet another famous Charlie-gram.  Gotta love it!  Ha ha… way to go, Charlie.  
     
    Hope ya don’t get too crazy with the clothes.  Next thing we know, one of the gals on SD will say how great you’d look in Spandex and away we GOOOOOOOOO!   lol
     

  11. I don’t pay all that much attention to who has what in  their vaults, Mikey.   It’s kind of a bit above my pay grade and the folks that know about that stuff explain it to me.  The illegal actions at JPM are so legion that it’s almost funny when they actually do something legal.  LOL
    I was out on the range today and am  pretty proud of myself. I did the hostage drills with a picture of Charlie M 45  and his monkey.  My glock 19 ran flawlessly and after 13 rounds, 1.5 magazines, the results were decent.
    3 targets, all half size. 10 yard drill,  2-5 shots each   I nailed the monkey every shot except one where I nicked Charlie’s ear.  Sorry Charlie, I know you were fond of that ear but what the heck, I put 4 in the Buck FNRanake’s Cranio Ocular.  Sweet.
    Charlie, your monkey est mort, RIP, worm food.  I’ll mail you the three targets tomorrow.  Cheers.

Speak Your Mind