"Just 3-1/2 years ago in
early 2011, COMEX warehouses held more than 11 million ounces of eligible gold,
with JPM holding more than 3 million of these 11 million ounces. As of August
9, 2013, JPM’s eligible gold has fallen from 3+ million ounces to 361,606
ounces. Thus, it is safe to conclude that physical gold is being withdrawn from
COMEX warehouse due to a lack of trust in the global banking sector’s honesty
and credibility. Though most statistics today discuss the collapse in eligible
gold, I actually believe that the collapse in registered gold is more
compelling. Recall that registered gold is the gold held at the COMEX that is
available for delivery while eligible gold is not “eligible” for
delivery."
