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JP Morgan's House Account Sells 1.07 Million Ounces Of Gold
April 01, 2023
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JP Morgan's house account sells 1.07 million oz of gold or 33 tonne on the first day of the April contract. That is the largest sale in their history. A routine trade or defending the cabal's fiat?

Last night (Thursday March 30) was first notice on the April gold contract and 21,506 contracts stood for delivery. First day delivery notices were 16,923 contracts or 79% of the contracts standing for delivery. That is above the average of 45% and one of the higher fractions in the last 3 years. That is an indicator to me that there are few naked shorts.

JP Morgan's house account issued delivery notices for 10,682 contracts. That is 1,068,200 oz or 33 tonne of gold and worth more than $2 B. That is the largest issuance of delivery notices in a contract month by JP Morgan since ... ever, and it was all done on the first day of deliveries.

The first plot below shows the history of JP Morgan's monthly total issues and stops from 2009 onward. You can see that last night's delivery notices is their largest amount of gold sold in a contract month ever. This single sale yesterday accounts for nearly 10% of the gold sold by JP Morgan over this 13 year period.

The second plot shows the cumulative values. Note that this sale drives their cumulative net gold down to 569,000 oz.

 

r/SilverDegenClub - JP Morgan's house account sells 1.07 million oz of gold or 33 tonne on the first day of the April contract. That is the largest sale in their history. A routine trade or defending the cabal's fiat?

JP Morgan's sale accounts for 63% of all of the gold sold on this first notice day. The second largest seller was Standard Chartered bank at 367,200 oz or 22% of the total.

JP Morgan customer accounts were the third largest seller and accounted for 241,400 oz sold or 14%. JP Morgan's house and customers together sold 1,309,600 oz or 77% of the metal sold. That's a lotta sellin' from one place.

Editing this next 2 paragraphs based on Friday's vault report which was released at 3:15 PM:

The Friday vault report for vault movement on Thursday showed 579,000 oz transferred from eligible to registered at JP Morgan's account. That would have preceded the issuance of delivery notices. That transfer is on top of 578,000 oz transferred from eligible into registered a week ago at JP Morgan's vault. The total is 1,157,000 oz which is nearly a match of the 10,682 contracts they issued this morning (1,068,200 oz).

The net of all that sequence is ... JP Morgan had no gold in registered a week ago, then moved 1.157 million oz to registered in two tranches and has sold nearly all of it to cover shorts on the April contract. Perhaps we shall see the remaining balance of 89,000 oz sold soon.

End of edit ----

Back to the Issues and Stops report ... the largest buyers were BofA at 436,800 oz accounting for 26% of the total. CitiBank was next at 368,100 or 22% of the total. Morgan Stanley customer accounts picked up 260,300 oz or 15% of the total.

Collectively, the banks accounted for 85% of the issues and 60% of the stops.

Non-banks were net buyers of 424,300 oz. We can hope most of that goes Hasta La Vaulta soon. See my recent piece on gold vault departures being proportional to gold stops:

https://www.reddit.com/r/SilverDegenClub/comments/12616of/gold_vault_withdrawals_are_14_times_greater_than/

 

r/SilverDegenClub - JP Morgan's house account sells 1.07 million oz of gold or 33 tonne on the first day of the April contract. That is the largest sale in their history. A routine trade or defending the cabal's fiat?

 

Also notice the dearth of sellers and the breadth of buyers. What would the gold price have done over the last few weeks if JP Morgan hadn't been shorting the hell out of the April contract?

Is this sale a typical trade where they are attempting to maximize profit? OR, is their primary goal defending the cabal's fiat in a time of stress? I read the issues and stops report top to bottom and don't see any reasons stated.

Silver contract

Only 211 contracts stood for delivery and 167 delivery notices were issued on the March silver contract. JP Morgan's customer accounts sold 140 contracts or 84% of the total. A cut and paste of the issues and stops report ...

 

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