JP Morgan has increased their eligible COMEX silver inventories by 225% from 180,247 ounces to 586,381 ounces OVERNIGHT!
This is highly unusual as we have only seen 1 other deposit into JP Morgan's eligible vault in the past 4 months.
No-one, and we mean no-one, has trusted JP Morgan enough to deposit their silver into JPM COMEX vaults this summer.
Could this be a sign that JPM is gearing up for a massive amount of longs actually standing for delivery in September?
If so, combined with the likely announcement of QE3 by The Fed in 2 weeks, and silver is setting up for a MASSIVE September explosion.
COMEX WAREHOUSE SILVER INVENTORY REPORT 9/8/11
*Brink's had a large deposit of 600,158 ounces into eligible vaults
*Brink's also had a withdrawal of 73,359 ounces out of eligible vaults
*The Delaware Depository had a deposit of 67,490 ounces into eligible vaults
*No changes for HSBC
*JPMorgan received a deposit of 406,134 ounces into eligible vaults (which had held only slightly more inventory of most of our readers)
*Scotia Mocotta had a withdrawal of 34,963 ounces out of REGISTERED vaults
*Scotia Mocotta also had a withdrawal of 60,670 ounces out of eligible vaults
*Scotia also received a deposit of 386,730 ounces into eligible vaults
*TOTAL REGISTERED COMEX Silver inventories declined by 34,963 ounces to 32,043,703 ounces
*TOTAL ELIGIBLE COMEX Silver inventories increased to 72,318,485 ounces
*TOTAL COMEX Silver Inventories increased to 104,362,188 ounces