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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.

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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

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