Black Swan Sighting: Massive fire at JPM Gold Warehouse


JPM Eligible Gold 7.19_0UPDATE:

Story Debunked at Zero Hedge> >>>

So far, 20 fire trucks and at least 4 ambulances plus NYPD have responded to a massive fire in the J. P. Morgan gold warehouse.   Located 10 stories below One Chase Manhattan Plaza on Wall Street, the repository currently holds an all-time low of 46,000 ounces.  With over one half million ounces reportedly standing against JP Morgan for the June contract, the dwindling supplies may signal something more ominous.

2008 saw the demise and bankruptcy of Lehman.

Merrill Lynch, AIG, Freddie Mac, Fannie Mae, HBOS, Royal Bank of Scotland, and others all came within a whisker of doing so and had to be rescued.

Considering that  the OTC market and futures and options are an estimated 92xgreater than the underlying physical market, this cannot, and will not, end well for holders of paper Gold, or the banking system overall.

Read more at Investment Watch

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