mick silver
27th August 2011, 01:38 PM
http://www.zerohedge.com/news/9173-ounces-gold-transferred-hsbc-jp-morgan-gold-vaults-overnight ...
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 (http://www.cmegroup.com/trading/energy/files/Gold_Stocks.xls), 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 (http://www.zerohedge.com/news/charting-deterioration-bank-self-assessed-counterparty-risk-through-3-month-usd-libor)) 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.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Gold%20Transfer.jpg (http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Gold%20Transfer.jpg)
Average:
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 (http://www.cmegroup.com/trading/energy/files/Gold_Stocks.xls), 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 (http://www.zerohedge.com/news/charting-deterioration-bank-self-assessed-counterparty-risk-through-3-month-usd-libor)) 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.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Gold%20Transfer.jpg (http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Gold%20Transfer.jpg)
Average: