You are here
Zero Hedge: Does the basement gold vault go too when JPM sells its NYC headquarters?
1:31p ET Sunday, August 18, 2013
Dear Friend of GATA and Gold:
Noting a Bloomberg News report that JPMorganChase plans to sell its headquarters building in New York, Zero Hedge today wonders what is to become of the huge gold vault in the building's basement.
While JPMorganChase announced last month that it planned to leave the commodities business, the company suggested, according to the Financial Times, that it would continue trading and vaulting gold and silver:
http://www.gata.org/node/12846
Of course if the gold vault is to be sold along with the headquarters building, questions arise. Zero Hedge poses them:
"Is JPM set to fully and completely exit the precious metals vertical which it inherited when it was handed Bear Stearns on a $10 platter (together with the now-defunct firm's legacy short positions)? If so, is it also in the process of unwinding any and all legacy precious metals exposure including rumored 'whale-sized' shorts in the paper silver and/or gold axes, and what happens to the price of silver and gold when a massive stock position becomes 'flow' in the other direction (i.e., short covering)?
"... If indeed JPM is getting out of Dodge, is there some hope that a semblance of normalcy will return to a market best known for the AM-PM closing fix arbitrage, as well as the occasional bid stack take-out slam and close (and open) banging? Or will the buyer of the building, and vault, be none other than the Federal Reserve, which will merely take this opportunity to merge its own and the world's largest commercial gold vaults, which just happen to be located next to each other and connected by tunnel deep below the ironically named Liberty Street?"
The Zero Hedge commentary is headlined "JPMorgan Is Selling the Building that Houses Its Gold Vault" and it's posted here:
http://www.zerohedge.com/news/2013-08-18/jpmorgan-selling-building-house...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Don't Let Cyprus Happen to You
Depositors at the Bank of Cyprus lost 47.5 percent of their savings. So to preserve your wealth, get some of it outside the banking system into physical gold and silver.
Worldwide Precious Metals (Canada) Ltd., established in 2001, specializes in physical gold, silver, platinum, and palladium. We offer delivery or secure and fully insured storage outside the banking system in Brinks vaults. We have access to gold and silver from trusted worldwide refineries and suppliers. And when you have an account with us you have immediate access to it for buying and selling your stored bullion.
For information on owning physical precious metals in your portfolio, visit us at: www.wwpmc.com.
Join GATA here:
Gold Investment Symposium 2013
Luna Park Conference Center, Sydney, Australia
Wednesday-Thursday, October 16-17, 2013
New Orleans Investment Conference
Sunday-Wednesday, November 10-13, 2013
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
https://jeffersoncompanies.com/landing/speakers?IDPromotion=613011610080...
* * *
Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or by purchasing a colorful GATA T-shirt:
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
