Rafi Farber: Here’s Where All that JP Morgan Silver Went

It was a dark and stormy night, maybe, at least somewhere it was. And JP Morgan got notice that somebody, or a group of somebodies, intended to stand for delivery on 2,850 silver contracts.

So the megabank dug into its silver war chest and took out 14.25 million ounces. Most of those ounces, as we have learned from the initial September delivery report, went to private JP Morgan clients, bringing the bank down to its last 13.77 million ounces.

The statistics won’t change on the JPM vault unless these clients liquidate the warrants and put the metal into cold storage. But even if they don’t, we now know that the SLV custodian is critically low on silver.

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