[This analysis shows that JPM cannot deliver that much gold. It was a move to plunge the price, but the inability to deliver could destroy the bank – unless it can quickly re-purchase at greatly reduced prices. That may have been the strategy to plunge the price in the first place, but it is extremely risky. Meanwhile, Goldman Sachs also tried to instigate a sell-off in early April, but it has not sold any of its own gold holdings.] www.realityzone.com
AccrossTheStreet Posted 2013 Apr 27
Jamie Dimon Has Issues (or Meet The Idiot Selling Gold)
In Open Thread on Friday, April 26, 2013 at 12:27 pm
Update: On Friday April 26, JPM customers (US government??) added a whopping 558 contracts (55,800 troy oz.) to the totals reflected in this article. The CME group daily report can be found here, but note, these daily reports go into Never-neverland when the new one comes out (so save it if you want it for future reference).
Somebody should explain to the blathering numbskulls at CNBS that when just one firm accounts for 99.3% of the physical gold sales at the COMEX in the last three months it’s not what most of us on this side of the rainbow would consider “broad-based” selling. Of course discovering this kind of relevant information requires an internet connection, 2nd grade math and reading skills, and the desire to do a teeny-weeny bit of reporting. Sadly they’ve wandered so far down the rabbit hole that the concept of “physical demand” (i.e. people actually wanting to take possession of the stuff) is puzzling to them because the vast majority of the world’s so-called “gold-trading” takes place in the realm of make believe (which is their natural habitat). It’s all fun and games until somebody loses their metal and “somebody” has lost one hell of a lot of metal in the last 90 days.