J.P. Morgan Pledged Gold Comex

And now suddenly J.P. Morgan's warehouse has a pledged gold category.

25-nov-2019

COMEX registered silver: September 2019 is a Turning Point

Registered silver at COMEX still going down, bullish for silver. It started going down in September 2019.

 

J.P. Morgan registered silver at COMEX went down begin September 2019.

 

This happened at the top of the silver spike in September 2019.

So something happened in September 2019 and they are panicking. Which can be seen from the spike in open interest in September 2019.

J.P. Morgan Registered Silver Stock at COMEX is declining

I haven't been following the registered silver of JP Morgan at COMEX, but it strikes me that it is rapidly declining.

For multiple years, it stood at 5122062 and has now declined to 4709861. So something must have changed in the silver space.

 

As of 20-Nov-2019:

JP Morgan caused repo madness liquidity shortage

Zerohedge reports that JP Morgan caused the repo liquidity shortage.

I wrote about LCR being the culprit of this liquidity shortage.

When we look at JP Morgan's LCR it was 115% last year.



So probably it has dropped in 2019 causing these repo issues.

JPMorgan reduced the cash it has on deposit at the Federal Reserve, from which it might have lent, by $158 billion in the year through June, a 57% decline.

Basel III says that the LCR should be higher than 100% in order to protect the financial system from cash outflows.

We're talking about $500 billion in HQLA that cannot be used due to regulatory requirements.

George Soros Quadruples Gold (GLD) Holdings

If you don't believe in the bottom in gold yet, then here is the ultimate evidence of gold hitting the bottom.

George Soros, who calls the gold an "ultimate bubble", has quadrupled his SPDR Gold holdings (GLD). Likewise, David Morgan recently bought the bottom in silver.

I'd say: let's follow the gurus.