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9,173 Ounces Of Gold Transferred From HSBC To JP Morgan Gold Vaults Overnight

Posted By admin On August 27, 2011 @ 5:35 am In Money Watch | Comments Disabled

Zero Hedge [1]
Aug 27, 2011

While we have no information as to who or why (we do know when and where) engaged in a transfer of 9,173 ounces of eligible gold (for a total of about $16.5 million) from HSBC’s gold depository into that of JP Morgan, according to today’s closing CME Group Metal Depository Statistics [2], we can merely point out that it happened. One back of the envelope hypothesis: we have counterparty risk at the bank level (which is currently manifesting itself at both the CDS, the stock price, and the Li(E)bor level [3]; are we going to start seeing counterparty concerns at the gold depository level next? What next: a run on the [    ] gold depository in a self-fulfilling prophecy? The second hypothesis is by now well known- JPM needs all the gold it can get. But a paltry 9,173 ounces? Of course, the last hypothesis is that the two precisely 9,173 ounce transactions are in no way related.

9,173 Ounces Of Gold Transferred From HSBC To JP Morgan Gold Vaults Overnight  Gold%20Transfer [4]


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URL to article: http://www.prisonplanet.com/9173-ounces-of-gold-transferred-from-hsbc-to-jp-morgan-gold-vaults-overnight.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/9173-ounces-gold-transferred-hsbc-jp-morgan-gold-vaults-overnight

[2] CME Group Metal Depository Statistics: http://www.cmegroup.com/trading/energy/files/Gold_Stocks.xls

[3] and the Li(E)bor level: http://www.zerohedge.com/news/charting-deterioration-bank-self-assessed-counterparty-risk-through-3-month-usd-libor

[4] Image: http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Gold%20Transfer.jpg

[5] Comex Physical Silver Drops To Fresh All Time Low Of 28.8 Million Ounces, 3% Drop Overnight, 30% Drop In Six Weeks: http://www.prisonplanet.com/comex-physical-silver-drops-to-fresh-all-time-low-of-28-8-million-ounces-3-drop-overnight-30-drop-in-six-weeks.html

[6] “Hello HSBC, This Is JPMorgan – We Urgently Need Some Of Your Gold”: http://www.prisonplanet.com/hello-hsbc-this-is-jpmorgan-we-urgently-need-some-of-your-gold.html

[7] Germany Sells 150,000 Troy Ounces Of Gold In October… But Not Why You Think: http://www.prisonplanet.com/germany-sells-150000-troy-ounces-of-gold-in-october-but-not-why-you-think.html

[8] US Mint Sells Record 63,500 Ounces Of Gold In One Day: http://www.prisonplanet.com/us-mint-sells-record-63500-ounces-of-gold-in-one-day.html

[9] Chavez Nationalizes Venezuela’s Gold Industry, Recalls Hundreds of Tons of Gold Held Abroad, May Cause a Scramble for Physical Gold From JP Morgan and Others: http://www.prisonplanet.com/chavez-nationalizes-venezuelas-gold-industry-recalls-hundreds-of-tons-of-gold-held-abroad-may-cause-a-scramble-for-physical-gold-from-jp-morgan-and-others.html

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