Report: JP Morgan Chase Prepares For Crisis By Stockpiling Silver: “An Exceptionally Large Amount”
by Mac Slavo, SHTFPlan.com
(Pictured: JP Morgan Chase CEO Jamie Dimon speaks at the secretive Council on Foreign Relations)
In a communication with JP Morgan Chase shareholders earlier this month Jamie Dimon, CEO of one of the world’s largest and most influential banks, said that a more volatile crisis than 2008 is coming.
It was striking admission from a man who has close ties to the Obama inner circle and was once at the top of the list for the post of U.S. Treasury Secretary. Considering the President continues to tout economic recovery, and that a significant majority of Americans reportedly believe the economy is healthy, the fact that Dimon is warning of another financial crisis should be a clear sign of what’s to come.
But if his words aren’t enough to convince you we have a systemic problem that will soon come to the forefront, maybe the recent actions of his secretive trading desks will suffice.
According to a detailed report from The Wealth Watchman JP Morgan Chase has been amassing a huge stockpile of physical silver, presumably in anticipation of a major liquidity event.
They’re baaaaack. Yes, “old faithful” is back at it again!
Of course, they never really left silver, and have been rigging it non-stop in the futures market, but for awhile there, there were at least no admissions of newly-stacked silver being made in their Comex warehousing facilities.
Yet, after a 16 month period of “dormancy” within their Comex warehouse vaults, these guys have returned with a vengeance.
In fact, our old buddies at JP Morgan Chase, not only see value in silver here, but they’re currently standing for delivery in their own house account in such strong numbers, that it commands our attention. Let me show you what I mean.
Here’s a breakdown of the Comex’s most recent silver deliveries to JP Morgan:
April 7th: 1,110,000 ounces
April 8th: 1,280,000 ounces
April 9th: 893,037 ounces
April 10th: 1,200,224 ounces
April 14th: 1,073,000 ounces
April 15th: 1,191,275 ounces
April 16th: 1,183,777.295 ounces
This is a huge bout of deliveries in such a short space of time. In fact, within the realm of Comex world, it’s such an exceptionally large amount, that it even creates quite a spike on the long-term chart of JP Morgan’s vault stockpile:
All in all, JP Morgan has added over 8.3 million ounces of additional silver in just the past 2 weeks alone.
Curiously, it was reported this week that Chase banks will no longer allow customers to store cash or precious metals like silver coins in their safe deposit boxes. As they signal an end to private storage for their customers, however, they are taking physical delivery of massive amounts of silver.
As The Wealth Watchman explains it, JP Morgan Chase has been closely associated with the rigging and suppression of silver (and gold) markets for the sole purpose of keeping the system afloat. “Without the rigging of silver and gold’s price, the price rocket that would take place would torpedo world confidence in debt instruments, in inflation figures, and in the state of the global market’s health,” he says.
But things may be about to change because for the last year and a half or so Chase’s silver purchase have been in a period of dormancy. This begs the question, why now?
So, it stands to reason…
That IF JP Morgan has reached the point where it’s looking to “score big” on a silver run-up, then it’s only because the system itself has run its course, and there is nothing left to steal. As I have long stated, I expect the big “escape” of silver’s price to only occur once their system is done.
It appears that the end game is nigh.
This would explain why the elite are buying secret hideaways, why the government has been simulating economic collapse scenarios and the civil unrest that would follow, and why Jamie Dimon has instructed his organization to be one of the largest holders of precious metals in the world.