- Reaction score
JP Morgan has made a MASSIVE adjustment of PHYSICAL SILVER into its REGISTERED VAULTS, moving over 1 MILLION OUNCES from eligible into REGISTERED OVERNIGHT!
For those inquiring as to the significance of an inventory adjustment from eligible to registered vaults, please see The Doc's explanation of registered vs. eligible COMEX categories for a full understanding of the implications.
Why would JPM need to lease 1MM ounces of silver to make deliveries if the COMEX really had over 30MM ounces of silver already allocated for that purpose? If you have been following COMEX movements regularly (I read Harvey Organ's blog daily), you would know that it has been over a month since there was any movement into (or out of) the registered category. I've been asking around for help in understanding this from people smarter than me, but so far have not found any answers.