/biz/ - Business & Finance

Anonymous Sat Mar 25 05:13:41 2023 No.54315782 [View]
File: 188 KB, 1636x494, comex gold.jpg [View same] [iqdb] [saucenao] [google]

>>54315514
>>54315580
Another big piece of info related to this from last december : JPM is also taking over custody of the gold's ETF, GLD.
Historically, HSBC have been the sole custodian for the blackrock's GLD since it's creation in 2004. But all of a sudden, JPM was allowed custody of HALF the gold backing the ETF.
Talk about concentration of power over PMs.. Now they can basically report anything they want and we have to take JPM's words at face value.
Interesting timing too, it happen right when a banking crisis is weakening the banking sector and the demand for PMs is through the roof.

Speaking of which, JPM just moved 578K oz (worth 1.15B at current spot) of gold to registered. Third biggest transfert ever registered. Are they expecting a big delivery out of the vault for april? Are they planning to short gold big time to avoid it to break over $2K and thus try to tame down the liquidities exiting the banking sector and trying to take refuge in gold?

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