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Play it again Sam...
JP Morgan transfers 1.39 million oz of silver from eligible to registered. And we all know what happens next ... they issue (sell) 272 contracts (1.36 million oz).
Yesterday's net new contracts was only 2 so obviously JP Morgan initiated these 272 contracts some time back. In fact, the sum total of last 3 days is 137 so they initiated most of these contracts more than 4 days back.
What does that mean? They are dilly dallying issuing delivery notices.
What does that mean? They might not have had the metal and had to acquire it.
It is about certain they don't have ANY metal in registered otherwise they'd just issue delivery notices without these repetitive transfers from eligible. Why does it take time to get the metal? Maybe they have to cut a deal with someone to buy it ... 'cause they don't have silver at comex.
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EDIT: After reading some comments below ... I'm not saying there isn't any metal in registered. I'm saying that JP Morgan's house account apparently doesn't own any of it. That is almost certain. Furthermore, I'm speculating that they (JP Morgan house account) may not have any eligible silver either ... they are purchasing it as needed to settle their short positions. That is conjecture.
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The running total for JP Morgan for this March Madness contract is 17.1 million oz.
Who is on the buying side of these contracts? BofA continues to be the biggest buyer snapping up 96 contracts and this time the CME house account also snapped up 96 contracts.
The open interest after today's delivery notices will be 93 plus/minus any new contracts today. We can hope that JP Morgan's nightmare will have another twist or two over the remaining 2 weeks.
And at the comex vaults ... one truckload OUT OF JP Morgan's VAULT. That's interesting. Probably a customer transfer. Nonetheless ... less metal in that vault is a good thing.
Fairly quiet in gold.
Somehow the Casablanca analog seems appropriate in these war times.
Thanks for the excellent DD as always Ditch.
I hear JPM likes nickel and stainless steel now...
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