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Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!

 
Withdrawal your money!
User ID: 15899343
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03/21/2023 05:11 AM
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Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
[link to www.yahoo.com (secure)]



The London Metal Exchange revealed a surprising mix-up last week at a warehouse in the Dutch port city of Rotterdam.

An operator for the warehouse weighed bags that were thought to contain 54 metric tons of nickel only to find they were filled with stones, according to The Wall Street Journal.


It appears that the unlucky owner of those bags is none other than JPMorgan Chase, the Journal said on Monday citing people familiar with the matter.

Had they contained nickel, the bags would have been worth $1.3 million at current prices, representing 0.14% of nickel inventories, Bloomberg reported. While that means the mix-up will have a relatively minor impact on metal markets, it does call into question the security of the LME's contracts. "In an industry riddled with scandals, the LME's contracts are viewed as unquestionably safe," Bloomberg said.

The LME first announced the mix-up last Friday but didn't disclose the owner of the supposed nickel bags or the warehouse where they were kept, according to The Wall Street Journal. However, people familiar with the matter said the warehouse was owned and operated by the logistics firm Access World, according to the Journal.


JPMorgan Chase reportedly bought the bags years ago and remains an active player in big metals, the Journal said.

JPMorgan Chase and the LME also did not immediately respond to Insider's request for a comment.
Anonymous Coward
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03/21/2023 05:12 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
:ohlook:
Anonymous Coward
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03/21/2023 05:13 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
Paper oversold.
Anonymous Coward
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03/21/2023 05:14 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
Better start checking all the PM bags lol
Anonymous Coward (OP)
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03/21/2023 05:15 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
Paper oversold.
 Quoting: Anonymous Coward 85480450


This is not an honest night
Mistake


Get your money out of that bank now!!!
Anonymous Coward (OP)
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03/21/2023 05:17 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
I heard that years ago, a us nickel was made of actual nickel

Even pennys were copper

Those were the days
Anonymous Coward
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03/21/2023 05:21 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
What about Kort Fnox?
R(r)
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03/21/2023 05:38 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
What about Kort Fnox?
 Quoting: Anonymous Coward 15355957


epiclol
Anonymous Coward
User ID: 85480293
Germany
03/21/2023 05:42 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
What about Kort Fnox?
 Quoting: Anonymous Coward 15355957


epiclol
 Quoting: R(r) 85272000


ask the rotschilds
Midnighter

User ID: 82839473
Canada
03/21/2023 05:46 AM

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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
Oh dear, just a lil mix-up.

stir
Anonymous Coward
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03/21/2023 05:47 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
nickel price is per ton

one 1kg bar would only give you like 1000-400$
R(r)
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03/21/2023 05:54 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
nickel price is per ton

one 1kg bar would only give you like 1000-400$
 Quoting: Anonymous Coward 85480293


Nickel has special magnetic field blocking capabilities.


I would not be surprised if it skyrockets.
Unruly

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03/21/2023 05:54 AM

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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
Better than that other one that just had kilos of coke in the vaults.
"Politicians and diapers must be changed often, and for the same reason"

Mark Twain
distress
Anonymous Coward
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Croatia
03/21/2023 06:05 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
how many other bags are as such?...

epiclol
Anonymous Coward
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03/21/2023 06:06 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
[link to imgur.com (secure)]
Anonymous Coward
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03/21/2023 06:07 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
nickel price is per ton

one 1kg bar would only give you like 1000-400$
 Quoting: Anonymous Coward 85480293


Nickel has special magnetic field blocking capabilities.


I would not be surprised if it skyrockets.
 Quoting: R(r) 85272000


it already did...

some billonärs are shorting the shit out of it

might be reason why he got bailed out... halted market after 1 ton reached almost 200k$ on some exchanges
R(r)
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03/21/2023 06:14 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
nickel price is per ton

one 1kg bar would only give you like 1000-400$
 Quoting: Anonymous Coward 85480293


Nickel has special magnetic field blocking capabilities.


I would not be surprised if it skyrockets.
 Quoting: R(r) 85272000


it already did...

some billonärs are shorting the shit out of it

might be reason why he got bailed out... halted market after 1 ton reached almost 200k$ on some exchanges
 Quoting: Anonymous Coward 85480293


Interesting.

Thanks.
Anonymous Coward
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03/21/2023 06:21 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
If banks are purchasing gold on the stock exchanges, are they really purchasing bricks of gold or just gold certificates? If they are really buying bricks of gold, how is it getting transported from the seller to the bank? Once at the bank is it being stored in a huge vault in the middle of a large city or is it being spread around to their various branches in the hinterlands. The thought of Scrug McDuck comes to mind. Why would a bank want a basement vault packed floor to ceiling with bricks of gold? What are they going to use it for? If the world goes tits up whose gonna want a brick of gold for a can of beans? You cannot melt down a brick of gold in on a wood fire and then make currency out of it. Hmmmm...seems we are being taught to believe in the banksters who are dumber than a box of rocks.
Anonymous Coward
User ID: 85480293
Germany
03/21/2023 06:56 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
nickel price is per ton

one 1kg bar would only give you like 1000-400$
 Quoting: Anonymous Coward 85480293


Nickel has special magnetic field blocking capabilities.


I would not be surprised if it skyrockets.
 Quoting: R(r) 85272000


it already did...

some billonärs are shorting the shit out of it

might be reason why he got bailed out... halted market after 1 ton reached almost 200k$ on some exchanges
 Quoting: Anonymous Coward 85480293


Interesting.

Thanks.
 Quoting: R(r) 85272000

07.2022

How the ‘Big Shot’ billionaire tycoon who broke the nickel market managed to claw his short squeeze back from a $10 billion loss

[link to fortune.com (secure)]
Anonymous Coward
User ID: 85480293
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03/21/2023 06:57 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
If banks are purchasing gold on the stock exchanges, are they really purchasing bricks of gold or just gold certificates? If they are really buying bricks of gold, how is it getting transported from the seller to the bank? Once at the bank is it being stored in a huge vault in the middle of a large city or is it being spread around to their various branches in the hinterlands. The thought of Scrug McDuck comes to mind. Why would a bank want a basement vault packed floor to ceiling with bricks of gold? What are they going to use it for? If the world goes tits up whose gonna want a brick of gold for a can of beans? You cannot melt down a brick of gold in on a wood fire and then make currency out of it. Hmmmm...seems we are being taught to believe in the banksters who are dumber than a box of rocks.
 Quoting: Anonymous Coward 29706669


banks are just as stupid as people buying hardgold in banks

customers never see any gold while doing so
Anonymous Coward
User ID: 83944662
United States
03/21/2023 07:00 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
[link to www.yahoo.com (secure)]



The London Metal Exchange revealed a surprising mix-up last week at a warehouse in the Dutch port city of Rotterdam.

An operator for the warehouse weighed bags that were thought to contain 54 metric tons of nickel only to find they were filled with stones, according to The Wall Street Journal.


It appears that the unlucky owner of those bags is none other than JPMorgan Chase, the Journal said on Monday citing people familiar with the matter.

Had they contained nickel, the bags would have been worth $1.3 million at current prices, representing 0.14% of nickel inventories, Bloomberg reported. While that means the mix-up will have a relatively minor impact on metal markets, it does call into question the security of the LME's contracts. "In an industry riddled with scandals, the LME's contracts are viewed as unquestionably safe," Bloomberg said.

The LME first announced the mix-up last Friday but didn't disclose the owner of the supposed nickel bags or the warehouse where they were kept, according to The Wall Street Journal. However, people familiar with the matter said the warehouse was owned and operated by the logistics firm Access World, according to the Journal.


JPMorgan Chase reportedly bought the bags years ago and remains an active player in big metals, the Journal said.

JPMorgan Chase and the LME also did not immediately respond to Insider's request for a comment.
 Quoting: Withdrawal your money! 15899343


The summer just before the repo market collapse, which was the week COVID appeared, I recall some DOJ press releases about PM traders at chase and others being cooperative and the settlement was selling metal to EU banks.

I always assumed this was a ruse so one day money would collapse, us would have no metals and be to blame for a cure worse than the disease, but the world would return to a gold standard and us would become 4th world.
Anonymous Coward
User ID: 85480293
Germany
03/21/2023 07:05 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
[link to www.yahoo.com (secure)]



The London Metal Exchange revealed a surprising mix-up last week at a warehouse in the Dutch port city of Rotterdam.

An operator for the warehouse weighed bags that were thought to contain 54 metric tons of nickel only to find they were filled with stones, according to The Wall Street Journal.


It appears that the unlucky owner of those bags is none other than JPMorgan Chase, the Journal said on Monday citing people familiar with the matter.

Had they contained nickel, the bags would have been worth $1.3 million at current prices, representing 0.14% of nickel inventories, Bloomberg reported. While that means the mix-up will have a relatively minor impact on metal markets, it does call into question the security of the LME's contracts. "In an industry riddled with scandals, the LME's contracts are viewed as unquestionably safe," Bloomberg said.

The LME first announced the mix-up last Friday but didn't disclose the owner of the supposed nickel bags or the warehouse where they were kept, according to The Wall Street Journal. However, people familiar with the matter said the warehouse was owned and operated by the logistics firm Access World, according to the Journal.


JPMorgan Chase reportedly bought the bags years ago and remains an active player in big metals, the Journal said.

JPMorgan Chase and the LME also did not immediately respond to Insider's request for a comment.
 Quoting: Withdrawal your money! 15899343


The summer just before the repo market collapse, which was the week COVID appeared, I recall some DOJ press releases about PM traders at chase and others being cooperative and the settlement was selling metal to EU banks.

I always assumed this was a ruse so one day money would collapse, us would have no metals and be to blame for a cure worse than the disease, but the world would return to a gold standard and us would become 4th world.
 Quoting: Anonymous Coward 83944662


EU banks are not allowed to buy russian gold bars...

something to think about

Russia/China banks didn't been affected by SVB meltdown
AllisonWonderland52

User ID: 82519982
United States
03/21/2023 07:08 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
Oh dear, just a lil mix-up.

stir
 Quoting: Midnighter


heh heh
Anonymous Coward (OP)
User ID: 15899343
United States
03/21/2023 10:00 AM
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Re: Breaking news! CHASE bank does an inventory of it's precious metals find out they have bags of stone as banking collapse continues!
[link to www.yahoo.com (secure)]



The London Metal Exchange revealed a surprising mix-up last week at a warehouse in the Dutch port city of Rotterdam.

An operator for the warehouse weighed bags that were thought to contain 54 metric tons of nickel only to find they were filled with stones, according to The Wall Street Journal.


It appears that the unlucky owner of those bags is none other than JPMorgan Chase, the Journal said on Monday citing people familiar with the matter.

Had they contained nickel, the bags would have been worth $1.3 million at current prices, representing 0.14% of nickel inventories, Bloomberg reported. While that means the mix-up will have a relatively minor impact on metal markets, it does call into question the security of the LME's contracts. "In an industry riddled with scandals, the LME's contracts are viewed as unquestionably safe," Bloomberg said.

The LME first announced the mix-up last Friday but didn't disclose the owner of the supposed nickel bags or the warehouse where they were kept, according to The Wall Street Journal. However, people familiar with the matter said the warehouse was owned and operated by the logistics firm Access World, according to the Journal.


JPMorgan Chase reportedly bought the bags years ago and remains an active player in big metals, the Journal said.

JPMorgan Chase and the LME also did not immediately respond to Insider's request for a comment.
 Quoting: Withdrawal your money! 15899343


The summer just before the repo market collapse, which was the week COVID appeared, I recall some DOJ press releases about PM traders at chase and others being cooperative and the settlement was selling metal to EU banks.

I always assumed this was a ruse so one day money would collapse, us would have no metals and be to blame for a cure worse than the disease, but the world would return to a gold standard and us would become 4th world.
 Quoting: Anonymous Coward 83944662


EU banks are not allowed to buy russian gold bars...

something to think about

Russia/China banks didn't been affected by SVB meltdown
 Quoting: Anonymous Coward 85480293




China and Russia have other issues


Russia is a failed super power state with a senile leader running it to the ground


The white man has begun pulling out of china and setting up shop in India and other third world countries so soon china will have million of unemployed Chinese workers causing domestic instability





GLP