Probably the simplest argument is that does anyone think bullion banks would operate in a market where their actual position was so obvious, opening them up to being front run and gamed? Of course not. The house and client figures are not relatable to warehouse stocks/deliveries, they are two separate reports. Conflating the two is the fundamental flaw behind Harvey Organ and other's "analysis" and conclusion, even though it has been explained to them.
That (price) has a futures contracts - based part in it. That's where that "goodwill" of JPM (and also others) translates to the price. The distinction you make here is, to use your own favorite word for it, "semantics".
