JP Morgan's gold stored in their COMEX vault is down to 550k ounces. This is a record low and apparently less than the 620,800 ounces needed to satisfy all customer delivery notices currently outstanding against JP Morgan.
http://www.zerohedge.com/news/2013-06-11/jpm-vault-gold-drops-284-overnight-slides-fresh-record-low-withdrawals-accelerate
Gold bugs are alight. Is JP Morgan going to default on their contracts to deliver physical? Where is JP Morgan going to get the the bullion?
Not to be lost in the paper/physical implications of this report, JP Morgan is 80% of the COMEX market in gold derivatives! Wow! How can anyone have confidence that paper gold on the COMEX is an efficient market? Why would anyone play JPM's game.
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