- Is The Emptying Of Comex’ Silver Vaults Next On The Agenda?
by Tyler Durden, www.zerohedge.com
As the Comex gold has recently gotten depleted at an unprecedented pace with total gold holdings plunging to 2006 levels, not to mention JPM’s gold inventories plunging to record lows with just over1 tonne of physical eligible gold left, one question has emerged and is so far unanswered: where has this gold moved to? For the answer, look east. This is the topic of GoldCore’s recent paper titled appropriately enough, “As the crisis deepens, gold flows east.” It is also the topic of our long-running series showing gross Chinese gold imports from Hong Kong. But of course, the real story here is that the “West” floods itself with paper representations of gold (leading to such market perversions and shortage-based dislocation as the longest stretch of negative gold GOFO rates in history), the “East” is seeking to fill up all those gold vaults opened up in the past two years with as much gold as possible.