JPM Sees 28% Withdrawal From Gold Vault In One Day As Another 10 Tons Depart
On Friday, when we remarked on the biggest recorded withdrawal from the JPM gold vault, we said: “Something tells us the next few days will see matching withdrawals from JPM’s gold vault, which at last check was officially owned by the Chinese.” As it turns out we were absolutely correct: according to the just released update from Comex, on Monday the infamous gold vault located below 1 C(hina)MP saw an identical withdrawal of 321,500 ounces, matching the record withdrawal, and amounting to 28% of all JPM gold in storage. Adding to Friday’s drop, this means that a record 47% of JPM’s gold has been withdrawan in a few short days: a trend we are certain will continue until the total holdings of the vault drop to new record lows.
Ever wonder how propane went from $2.29 a gallon to $4.20 plus tax in only seven months? Food is next.
David DeGerolamo
