# JP Morgan Gold vault fire



## MsSage (Mar 3, 2012)

I saw this on facebook and clicked on the link...not sure of the validity of the site.
http://investmentwatchblog.com/breaking-massive-fire-reported-in-the-basement-at-the-jp-morgan-gold-warehouse-on-wall-street-why-so-many-firetrucks/

Can anyone verify this....
First thought I had was ok what happens now.....at what temperature does gold melt? Could it be a cover up? 
OK hmmm back to games gotta check my monster trap LOLOLOLOLOLOL


----------



## Coastal (Jun 27, 2013)

Sounds like a great plot for another Jason Statham movie with some mini coopers


----------



## invision (Aug 14, 2012)

MsSage said:


> I saw this on facebook and clicked on the link...not sure of the validity of the site.
> http://investmentwatchblog.com/breaking-massive-fire-reported-in-the-basement-at-the-jp-morgan-gold-warehouse-on-wall-street-why-so-many-firetrucks/
> 
> Can anyone verify this....
> ...


No, don't think so...

http://www.zerohedge.com/news/2013-07-21/did-raging-fire-burn-down-jpmorgans-gold-vault


----------



## Geek999 (Jul 9, 2013)

I happen to be familiar with the vault in that building. Basically all of the below ground floors, 5 in all, are constructed as vault facilities. It was the last major vault facility built before computers started to displace paper in the securities industry and is quite large. I am skeptical that any significant fire could get going down there. Physical gold would not be harmed even if a fire occurred.


----------



## Caribou (Aug 18, 2012)

JPM's vault is burning up alright but not from any fire.

http://www.zerohedge.com/news/2013-...mets-66-one-day-total-gold-fresh-all-time-low

For over a month, JPMorgan managed to mysteriously avoid matching up the gold held in its (world's largest) vault with the Comex delivery notice update. However, as of today, that particular can will be kicked no more. Starting yesterday, JPM reported that just under 12,000 ounces of Eligible gold (the same Registered gold that two days earlier saw its warrants detached and convert to eligible) were withdrawn from its warehouse 100 feet below CMP 1. But it was today's move that was the kicker, as a whopping 90,311 ounces of eligible gold were withdrawn, accounting for a massive 66% of the firm's entire inventory of non-Registered gold, and leaving a token 46K ounces, or a little over 1 tonne in JPM's possession.

Needless to say, today's massive move which increasingly puts JPM's gold holdings in the danger zone vis-a-vis future delivery notices which just refuse to stop, has pushed total JPM vault gold to a new all time low of just 436k ounces, or a little under 14 tonnes with just 12 tonnes, or 390k ounces, of Registered gold left and rapidly draining. And to think that two years ago around this time JPM had over 3 million ounces of gold in its possession.

Finally, those who believe there is a connection between the ongoing run on JPM's vault gold, the suppressed price of the metal, the redemption of Bundesbank gold, and the fact that 3M GOFO has now been negative for 10 straight days or the longest period in history it has been below zero, and indicating an unprecedented gold collateral shortage, you are correct.

Putting it all in context, this is what 1 ton of gold looks like in the real world courtesy of Demonocracy:


----------



## Marcus (May 13, 2012)

The melting point of gold is 1948 degrees F or 1064 degrees C. Barring a gas-fed fire, I doubt the temperature will reach the melting point.
The spot price is up nearly $20 currently.

So what does all this mean (including the 'fire' which will likely delay deliveries?)

I'll start off by referring to the chart in this article: http://seekingalpha.com/article/151...-to-go-lower-unless-investment-demand-returns








If you factor out the distortion caused by ETFs, you'll see that gold demand is flat to up for actual physical gold.

I foresee prices climbing and not in a slow manner. If Comex or another big bullion bank collapses due to a lack of inventory for existing claims, prices will head to the moon and set new ATH very quickly. The supression of PM prices will end (BTW the big guys are now long gold and silver) and we could easily see $100 silver and $5000 gold.


----------



## invision (Aug 14, 2012)

Marcus said:


> I foresee prices climbing and not in a slow manner. If Comex or another big bullion bank collapses due to a lack of inventory for existing claims, prices will head to the moon and set new ATH very quickly. The supression of PM prices will end (BTW the big guys are now long gold and silver) and we could easily see $100 silver and $5000 gold.


I would love to see $100 ounce silver prices... But first can it drop down to say $15 an ounce first so I can buy MORE??? Please.


----------



## JayJay (Nov 23, 2010)

http://www.stevequayle.com/index.php?s=33&d=484

Hmmmmm. cover up??


----------



## Marcus (May 13, 2012)

invision said:


> I would love to see $100 ounce silver prices... But first can it drop down to say $15 an ounce first so I can buy MORE??? Please.


There is a chance we'll see the low 17s if silver doesn't break through resistance at $20.60, but if it does, we'll be likely looking for $23-27 inside a month.


----------



## invision (Aug 14, 2012)

Marcus said:


> There is a chance we'll see the low 17s if silver doesn't break through resistance at $20.60, but if it does, we'll be likely looking for $23-27 inside a month.


Well it hit $20.7x today but dropped back down... So tomorrow could be interesting to see if it breaks into the 20.6-7's and stays...


----------



## BillS (May 30, 2011)

That story sounds fishy. I would expect a vault to made out of concrete and steel. I guess they could have an electrical fire but that would be it.


----------

