Saturday, August 27, 2011

First Silver, Now Gold. JPM Transfers 9,173oz of Gold Overnight from HSBC Vaults

Earlier this week we reported that JPMorgan adjusted nearly all of their eligible silver into registered vaults OVERNIGHT. We speculated that it appears that JPM is gearing up for a potential onslaught of longs standing for delivery in September.
Zerohedge today noticed that perhaps JPM is expecting similar problems in the gold COMEX, as JPM yesterday received 9,173oz of gold withdrawn from the HSBC vault.
Perhaps JPM is beginning to feel Chavez' gold rope tighten around its neck?