Looks like 15% of JPM's eligible gold was removed Wed, so they had to convert some registered into eligible, again...
. And in other news, the delivery requests to JPM continue, as does the company's somewhat questionable strategy to make it appear it has no eligible deliverable problem by continuing to convert registered gold into commercial. Because while the bank's vault has not received one additional ounce of gold in over a week, just as it got another request for 24,028 oz of gold on Wednesday, the bank continues to "restock" by converting its stock of registered gold into eligible, this time "adding" another 57,860 oz (something HSBC decided to do as well), the fourth day in the past week it has done just this.
. We wonder what happens if those holding gold warrants with JPM (i.e., registered stock) decide to inquire as to why over a hundred thousand ounces of their gold has been converted into eligible to satisfy ongoing delivery requests?