Where is the Gold and Where Did it Go?

by Bill Holter
Miles Franklin

June has come and gone and I have seen no movement from JP Morgan’s gold vaults other than 217,000 ounces withdrawn from the customer (eligible) holdings. They issued as you know roughly 6,000 (600,000 ounces) contracts for June delivery. Gold has not entered their vault, very little has been adjusted with other custodians and registered and eligible. I find it very hard to believe that more than a very small percentage of buyers who would stand for delivery would just take a warehouse receipt and not have the gold moved…somewhere, somehow. Either move it from the registered vault to the eligible, from JP Morgan to another (their own) custodian or just plain delivered out.

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