Karlsruhe ECB legality decision on a knife edge
“I’m late, I’m late, for an inescapable fate….”
The Slog: The growing news in gold is that the pre-Crash rush to get
out of bank vaults and into heavily guarded wall-safes elsewhere is on
bigtime: and some of the banker promisory notes are looking a little
crumpled. But as the stampede into private assets gathered speed, over
in Germany the Constitutional Court held the power to finally put the
euro to rest.
At close of play last night, the total gold held by JP Morgan had
slumped to a new all time low of 550k ounces, down from 768K the day
before: 268 thousand ounces in one day. This leaves them, however, not with 550k to dispatch, but only 136.4K of so-called eligible gold. Put simply, if the call-back rush continues at that rate, some time very soon JPM will be all ouda COMEX gold.
Since April 25th, the firm has seen a staggering 61.5% of its eligible gold go back to the owners. Yesterday, in one day 28.4% of all of its vaulted gold disappeared home….by far the largest withdrawal ever.