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Deep Dive: JPM Makes Metal Unavailable During CME Blackout

Market Rundown | Everything you wanted to know about what may have happened .. and more
Housekeeping: Good Morning:  

Things are Happening Faster Now

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Analysis:

Crypto’s Growing Interest in Gold (and Now Silver)

·
December 2, 2025
Crypto’s Growing Interest in Gold (and Now Silver)

Capital is rotating out of Bitcoin ETFs and into gold and silver, as rising bullion prices, ETF inflows, and futures accumulation reflect a renewed preference for proven non-fiat collateral.

JPM Reportedly Made 13.4 Million Ounces Unavailable During CME Shutdown

·
December 2, 2025
JPM Reportedly Made 13.4 Million Ounces Unavailable During CME Shutdown

During the CME shutdown, JPM reclassified 13.4 million ounces from registered to eligible, making silver unavailable for delivery even though no metal actually left COMEX vaults.
We have the text of the official announcement and some observations.
Yesterday in the Morning Rundown we also hinted at this reality before it was openly discussed. GoldFix readers have known about this mechanism for years



News & Analysis:


ICYMI

Coming Soon/ Chat:

UBS Sees $65 Silver Upside in 2026


Data on Deck: Powell, ADP and PCE

  • MONDAY, DEC. 1 8:00 pmFed Chair Jerome Powell speaks

  • TUESDAY, DEC. 2 Auto sales

  • WEDNESDAY, DEC. 3 ADP and PMI

  • THURSDAY, DEC. 4 Trade deficit

  • FRIDAY, DEC. 5 PCE1

Charts and Final Market Check:

1
  • MONDAY, DEC. 19:45 amS&P final U.S. manufacturing PMINov.51.910:00 amISM manufacturingNov.--48.7%8:00 pmFed Chair Jerome Powell speaks

  • TUESDAY, DEC. 210:00 amFed Vice Chair for Supervision Michelle Bowman testifiesTBAAuto salesNov.16.4 million

  • WEDNESDAY, DEC. 38:15 amADP employmentNov.42,0008:30 amImport price index (delayed report)Sept.0.3%8:30 amImport price index minus fuelSept.0.4%9:45 amS&P final U.S. services PMINov.55.010:00 amISM servicesNov.52.4%

  • THURSDAY, DEC. 48:30 amInitial jobless claimsNov. 298:30 amU.S. trade deficitOct.---$59.6B12:00 pmFed Vice Chair for Supervision Michelle Bowman speaks

  • FRIDAY, DEC. 58:30 amPersonal income (delayed report)Sept.8:30 amPersonal spending (delayed report)Sept.8:30 amPCE index (delayed report)Sept.--8:30 amPCE (year-over-year)--8:30 amCore PCE index (delayed report)Sept.8:30 amCore PCE (year-over-year)10:00 amConsumer sentiment (prelim)Dec.51.03:00 pmConsumer creditOct.$13.1B

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