``COMEX registered gold stocks -- i.e. that which is available for delivery - are at virtually all-time lows -- and falling. JPMorgan withdrew a massive 321,500 ounces from its vaults last week, which equals its biggest withdrawal of physical gold ever, leaving it with only some 70,000 registered gold ounces (2.2 tonnes) remaining. All this cannot continue indefinitely without a major upwards impact on the price of gold bullion. And at the rate of current gold flows this has to come sooner rather than later despite the machinations of the paper gold merchants and high frequency trading.''

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