Comex Gold Inventories Collapse By Largest Amount Ever On Record
“BullMarketThinking.com”
A stunning piece of information was brought to my attention yesterday. Amid all the mainstream talk of the end of the gold bull market (and the end of the gold mining industry), something has been discretely happening behind the scenes.
Over the last 90 days without any announcement, stocks of gold held at Comex warehouses plunged by the largest figure ever on record during a single quarter since eligible record keeping began in 2001 (roughly the beginning of the bull market). See chart below.
Total drainage of physical inventories reached nearly 2 million oz.’s of gold, which at today’s prices represent roughly $3,000,000,000 dollars.
According to chart sage Nick Laird, this data indicates that, “Eligible stocks which are owned in LBMA/Comex good delivery form are being drawn down—which means they are being removed from the warehouses. As to how and why they are [being] removed, that is a mystery. [Up until now], eligible stocks were on the continual increase throughout the bull market. Now that trend has changed.”
What is most interesting in reviewing this chart data, is seeing where the largest drops have occurred. The largest inventory drainage is being reported from JP Morgan Chase & Scotia Mocatta warehouses. See charts below.
JP Morgan Chase’s reported gold stockpile dropped by over 1.2 million oz.’s, or rather, a staggering $1.8 billion dollars worth of physical gold was removed from it’s vaults during the last 120 days.
2013-04-09 06:36:51
Source: http://bullmarketthinking.com/comex-gold-inventories-collapse-by-largest-amount-on-record/
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Whistler Blowers, Insiders
Thanks Tekoa, nice catch. Apparently the smart money (i.e. people in the know) has quietly been shifting their assets away from the Exchanges, kind of like removing your money from a troubled bank.
It is increasingly obvious that our financial system is in peril and any person of sound mind and critical thinking abilities should understand that our financial system as a whole has been hollowed-out through fraud, greed, crony capitalism, theft, bribery, and coercion has destroyed the financial markets beyond repair.
If you do nothing, then shortly you will have nothing. Remove your assets because that 0.50% to 3% you are currently receiving is not worth losing 40-80% of it’s value through confiscation, if not all of it.
Personally, I have removed my 401K holdings and paid the penalty. It is better than losing most of it through confiscation.
You’re a smart man… I have been telling my wife since 08 to close her 401K, of course she thinks it will all be ok because the last time she only lost 50% of the value… Some people can’t read the writing on the wall regardless of how BIG THE LETTERS ARE.
When the rug gets yanked out next time, many people are going to irreparably harmed.
truthzilla, it is imperative that you convince her. “Normalcy Biased” is a very dangerous condition to be in at this time. I am not a financial expert but I know several who are and each of them separately has emphatically stated that to extend my positions in these markets would be akin to committing Seppuku.
It has become increasingly apparent that our system at this time is very fragile and quite unsustainable and that there will be much financial blood on the streets, if not actual blood.
Please have the wherewithal to protect you and your family for up to 3-5 months if everything should take a serious downturn. That would include putting provisions away to protect yourselves. Think outside the box in incorporating your options into your plans.
I am not suggesting to become anxious or apprehensive but as a former Eagle Scout I understand the motto: “Be Prepared”.
Your wife might not be fully on-board with your plans but a quick review of historical events concerning financial and economic collapse in other countries, along with their consequences for them not acting on those disasters and an explanation of your game-plan to alleviate those outcomes might win her over to your way of thinking. Good luck.
Personally I never trusted banks so won’t lose anything. All though the shoe box is a bit tattered now and I may need to procure another.
The same thing happened with silver over that last couple days. All this as the price craters. Someone is getting nervous. Let’s get it on. Game almost over