Skip to comments.Why Is JPMorgan's Gold Vault, The Largest In The World, Located Next To The New York Fed's?
Posted on 03/05/2013 5:34:16 AM PST by dennisw
When two weeks ago we exposed the heretofore secret location of JPM's London gold vault (located under the firm's massive L-shaped office complex at 60 Victoria Embankment) we thought: what about New York? After all, while London is the legacy financial capital of the "old world", it is in New York that the biggest private wealth of the past century is concentrated, and it is also in New York where the bulk of the hard assets backing the public money of the world's sovereigns are located, some 80 feet below ground level in the fifth sub-basement of the New York Fed, resting on the bedrock of Manhattan.
That the topic of the gold "held'' by the New York Fed - historically considered the gold vault with the largest concentration of gold bars in the world - has become rather sensitive, in the aftermath of the Bundesbank's request to repatriate it (surely, but very, very slowly), is an understatement. Yet in the aftermath of some of the revelations presented here, we believe quite a few other countries will follow in Germany's footsteps for one very simple reason: suddenly the question of whether their gold is located at 33 Liberty, or just adjacent to it, in what we have learned is the de facto largest private gold vault in the world, located across the street 90 feet below 1 Chase Manhattan Plaza, doesn't appear to have a clear answer.
But first, some background.
The locations of New York's commercial vaults, like those of London, are closely guarded. While there is occasional anecdotal speculation of where one may find any given vault, a definitive answer is rarely if ever in the public domain. Luckily, the past few years, which saw a surge in the price of gold and silver, have provided a variety of useful clues, as one after another bank applied to have its legacy precious metal vault certified for commercial use with the CFTC.
EXCERPT EXCERPT EXCERPT
For those curious (and that should be all who are interested by the precious metals space) what constitutes an approvable vault, we present the fully filed supplement application by Brinks (recently best known for having two of its armored cars captured in a Google Streetview snapshot just outside the JPM office at 60 Victoria Embankment) filed with the CFTC:
The application submitted by Brink's, Inc. and Brink's Global Services USA, Inc. for licensing its facility at 580 5th Ave., New York, NY for storage of the respective NYMEX and COMEX Gold, Silver, Platinum, and Palladium contracts meets the requirements of the Exchanges.
Brink's Global Services USA, Inc. is a wholly owned subsidiary of Brink's Inc. The Brink's Company, which owns Brink's Inc., was founded as Brink's City Express in Chicago in 1859, and has been in operation for 150 years. Currently, it is based in Richmond, Virginia. Starting as an armored transportation service, it evolved to expand its operations to include precious metals storage in the late 1990s. Brink's has been operating Licensed Depositories approved to store precious metals against the Exchanges' Futures Contracts for 10 years. Brink's international network operates about 875 facilities and services customers in over 50 countries. It is estimated that it employs approximately 59,400 employees.
NAME AND ADDRESS OF APPLICANT
Brink's Inc. and Brink's Global Services USA, Inc. Suit400
580 Fifth Avenue
New York, NY 10036
580 Fifth Avenue
New York, NY 10036
Exchange staff inspected the facility at 580 5th Ave., New York, NY on Thursday, June 17, 2010, which is owned by Forty Seventh Fifth Company, LLC. Brink's Inc. is the Tenant in the signed copy of the Lease Agreement, entered into on November 9, 1992, that was provided to the Exchange. There are 5,000 square feet of space available, enclosed by four steel reinforced cinder block walls with a concrete ceiling and concrete floor on top of bedrock. The interior of the facility is divided into several work areas, including a 752 square foot, modular vault capable of housing one million ounces of gold, platinum, and palladium, and an additional two million ounces of silver. The no floor vault solution is surface mounted to the existing basement slab which is described as bedrock. The walls and ceiling-grid carry a U.L. Class-3 designation which is torch and tool resistant. The vault is equipped with one U.L. listed Class-3 oversized vault door offering a clear opening of 52"wide x 78" high. Custom Vault Corporation has certified that the existing vault system at 580 5th Ave., New York, NY meets all current U.L. listings as a Class-3 five-sided structure. It has also certified that all modular components (the modular vault panel components were manufactured by International Vault, Inc.) of the system have passed testing in accordance with the U.L. "Burglary Resistant Vault Doors" and "Modular Panels" standards. Cameras, motion detectors, and entry way alarms are installed throughout the interior and exterior access points. The activity is monitored 24 hours per day, 7 days per week. Access from exterior points to interior spaces is limited by the use of biometric proximity readers that record all activity. A majority of employees assigned to the area are licensed to carry Brink's issued firearms. The Depository employs Metler Toledo SG32001DR high precision self calibrating balances. The scales weigh to a tolerance of 1/1000th of a troy ounce, and meet all of the Exchange's requirements
Thus we know where at least one of the world's largest precious metals depositories is located: deep underground the Diamond Tower located in the heart of Manhattan's jewelry district.
Another such supplement was filed by the Bank of Nova Scotia's Scotia Mocatta. What many may not know is that it was Scotia Mocatta's vault that was destroyed in the events of September 11, as SM's vault was located deep beneath 4 WTC. From the application:
The Bank of Nova Scotias Scotia Mocatta Depositary (SMD) is an Exchange-licensed depository for Gold, Silver, Platinum and Palladium. SMD has submitted applications, requesting that a new facility, located at International Airport Center, 230-59 International Airport Center Boulevard, Building C, Suite 120, Jamaica, New York, be approved for the storage of gold and silver deliverable against the COMEX Gold and Silver Futures Contracts, and for the storage of platinum and palladium against the NYMEX Platinum and Palladium futures contracts.
History: The Bank of Nova Scotia, doing business as SMD, is an Exchange Licensed Depository for the storage of gold, silver, platinum, and palladium, and its current facility is located in Manhattan at 26 Broadway. SMD was previously known as Iron Mountain Depository (IMD), its name was changed when it was acquired by the Bank of Nova Scotia in 1997. The IMD/SMD facility has been a COMEX licensed delivery point since 1975. SMD has planned to develop a new facility since the terrorist attacks upon the World Trade Center, which destroyed SMDs facility at 4 WTC. SM subsequently returned to its existing and former facility as an intermediate measure while the new facility was designed and built.
In evaluating this application, SMDs performance in the wake of the terrorist attacks on the World Trade Center must be noted. SMDs Licensed Depository was located in a sub-basement of the WTC at the time of the attacks. When the material in this facility was trapped within the debris, SMD acted swiftly, offering to purchase any and all of the warranted material that was buried at the request of any holder of warrants to this material. Scotia further prepared to make replacement material stored in Canada available to offset any potential supply shortage that the destruction of its WTC facility might have caused.
So Scotia Mocatta's place for a new vault is deep in Queens under what is described as a "two-story elevatored building located in a four building industrial park, Located within close proximity to JFK International Airport."
Just in case the gold has to take off rather quickly we assume.
And since both of these applications also contained an official list of licensed "depositories and weighmasters" we finally can compile a full, official list of where the largest commercial gold vaults in New York are located:
Can you summarize this in layman’s terms. I’m a low information Gold connoisseur.
I’m sure there is no secret tunnel between them. No way.
Not to worry, look how many years Tim Geithner was in charge of the NY Fed and how cronyism just passes that job along
Surely the Geithner-Corzine-Goldman Sachs crowd can be trusted with other people’s gold, right?
Is this why Germany wants their gold back.
Nope. It’s not secret. The elevators on the Chase side “could lift a tank.”
Isn’t Morgan a Jewish name? (hint, hint). ;)
The US, UK and European central banks despise gold and try to keep the gold price low. They try to suppress it. JP Morgan is Federal Reserve's #1 conduit-agent for doing this. This is what many people say. The FR will not trade directly to suppress the gold price, too politically charged.
Our own Federal Reserve hates gold because when gold looks good the US Dollar comparatively looks bad. The FR wants a great looking dollar and a low gold and silver price. This is the war between a hyper-fiat currency (US Dollar) and gold+silver that has been going on for a few decades
The US Dollar has been a fiat currency since 1930 but there are degrees of being a fiat currency and the boldness it is foisted upon the sheeple as real money and what money should be. It is at its worst under Obama and getting worse all the time. Fake phony hyper-fiat currency for fake socialist regimes in Washington DC that are in dire need of "free money" to fund their socialist schemes and rackets. The Federal Reserve is only too happy to print (manufacture) this money for Obama/etc by buying US Gov't debt with money they conjure up out of thin air. The Federal Reserve Bank invents money to buy US Treasury debt and this is how US Dollars are manufactured whether they be paper currency or bank deposits existing on hard drives
A prudent banker has a secure vault. On Manhattan it is necessary to anchor the vault to the bed rock that lies 90 feet below grade. Everybody knows that a bad storm can cause water in the streets even as high up as the NY Fed. Prudence demands the below grade vaults be water tight..... common sense.
Those who conduct international settlements need to be able to facilitate the transfer of gold to settle accounts. To have the ability to do that for others is to have the ability to generate fee income. To have the largest and most secure vault is to have a moneymaking piece of architecture
JP Morgan was an Episcopalian (and indeed quite active as a church leader).
Because when Obama starts the Civil War to destroy America soverignty for the New World Order, they don’t wat to risk the gold? Silly colonists have been known to win against european schemes before.
You must be oblivious to JP Morgan being the Fed’s gold suppression agent. So adjoining gold vaults get people very intrigued. Additionally JP is a Fed Reserve primary dealer and gets free money each year for buying then selling UST securities to the FR when the Fed could easily do it directly itself. Buy UST securities directly from the Treasury. But no......The Fed buys UST securities from Morgan, Chase and other primary dealers giving them billions for free each year. FR is the foremost buyer of UST securities so why not buy them directly?. This was not the case 3 years ago, China was #1 buyer of UST paper, but now is shedding UST securities
Tuesday, 15 May 2012 08:32
Jamie Dimon, JP Morgan Chase & The Fed: Billions & Trillions for Insiders
So lets review:
1. The Fed is privately owned.
Its shareholders are private banks. In fact, 100% of its shareholders are private banks. None of its stock is owned by the government.
2. The fact that the Fed does not get appropriations from Congress basically means that it gets its money from Congress without congressional approval, by engaging in open market operations.
Here is how it works: When the government is short of funds, the Treasury issues bonds and delivers them to bond dealers, which auction them off. When the Fed wants to expand the money supply (create money), it steps in and buys bonds from these dealers with newly-issued dollars acquired by the Fed for the cost of writing them into an account on a computer screen. These maneuvers are called open market operations because the Fed buys the bonds on the open market from the bond dealers. The bonds then become the reserves that the banking establishment uses to back its loans. In another bit of sleight of hand known as fractional reserve lending, the same reserves are lent many times over, further expanding the money supply, generating interest for the banks with each loan. It was this money-creating process that prompted Wright Patman, Chairman of the House Banking and Currency Committee in the 1960s, to call the Federal Reserve a total money-making machine. He wrote:
When the Federal Reserve writes a check for a government bond it does exactly what any bank does, it creates money, it created money purely and simply by writing a check.
3. The Fed generates profits for its shareholders.
The interest on bonds acquired with its newly-issued Federal Reserve Notes pays the Feds operating expenses plus a guaranteed 6% return to its banker shareholders. A mere 6% a year may not be considered a profit in the world of Wall Street high finance, but most businesses that manage to cover all their expenses and give their shareholders a guaranteed 6% return are considered for profit corporations.
In addition to this guaranteed 6%, the banks will now be getting interest from the taxpayers on their reserves. The basic reserve requirement set by the Federal Reserve is 10%. The website of the Federal Reserve Bank of New York explains that as money is redeposited and relent throughout the banking system, this 10% held in reserve can be fanned into ten times that sum in loans; that is, $10,000 in reserves becomes $100,000 in loans. Federal Reserve Statistical Release H.8 puts the total loans and leases in bank credit as of September 24, 2008 at $7,049 billion. Ten percent of that is $700 billion. That means we the taxpayers will be paying interest to the banks on at least $700 billion annually this so that the banks can retain the reserves to accumulate interest on ten times that sum in loans.
The banks earn these returns from the taxpayers for the privilege of having the banks interests protected by an all-powerful independent private central bank, even when those interests may be opposed to the taxpayers for example, when the banks use their special status as private money creators to fund speculative derivative schemes that threaten to collapse the U.S. economy. Among other special benefits, banks and other financial institutions (but not other corporations) can borrow at the low Fed funds rate of about 2%. They can then turn around and put this money into 30-year Treasury bonds at 4.5%, earning an immediate 2.5% from the taxpayers, .....
Loeb, and Co. partner Paul M. Warburg is the only Jewish guy involved and Warburg was a Jewish origin bank. Other parties involved in founding the FR were not Jewish
Here is a good history of the founding of the Federal Reserve.
Soon after the 1907 panic, Congress formed the National Monetary Commission to review banking policies in the United States. The committee, chaired by Senator Nelson W. Aldrich of Rhode Island, toured Europe and collected data on the various banking methods being incorporated. Using this information as a base, in November of 1910 Senator Aldrich invited several bankers and economic scholars to attend a conference on Jekyll Island. While meeting under the ruse of a duck-shooting excursion, the financial experts were in reality hunting for a way to restructure America’s banking system and eliminate the possibility of future economic panics.
The 1910 “duck hunt” on Jekyll Island included Senator Nelson Aldrich, his personal secretary Arthur Shelton, former Harvard University professor of economics Dr. A. Piatt Andrew, J.P. Morgan & Co. partner Henry P. Davison, National City Bank president Frank A. Vanderlip and Kuhn, Loeb, and Co. partner Paul M. Warburg. From the start the group proceeded covertly. They began by shunning the use of their last names and met quietly at Aldrich’s private railway car in New Jersey. In 1916, B. C. Forbes discussed the Jekyll conference in his book Men Who Are Making America and illuminates, “To this day these financiers are Frank and Harry and Paul [and Piatt] to one another and the late Senator remained ‘Nelson’ to them until his death. Later [, following the Jekyll conference,] Benjamin Strong, Jr., was called into frequent consultation and he joined the ‘First-Name Club’ as ‘Ben.’” This book as well as a magazine article by Forbes is the only public mention to the conference until around 1930, when Paul Warburg’s book The Federal Reserve System: Its Origin and Growth and Nathaniel Wright Stephenson’s book Nelson W. Aldrich: A Leader in American Politics were published.
The new world order is the current strain of a long line of transnational banking groups stretching back to the middle ages.
J P Morgan was a representative of European banking interests.
If you read about his life, you will find that his father was the junior business partner of George Peabody.
George Peabody was a representative of European banking interests, namely the Rothchilds. George became tied in with their London branch, which was behind the Bank of England in much the same way that the same interests were behind the U.S. Federal Reserve.
The Federal Reserve was first proposed by Paul Warburg, who came to America from Germany in 1902, and gained citizenship in 1911. The idea of central banking was being promoted in the U.S. all during the 1800’s, and the European bankers, being heavily invested in America, kept causing financial panics to convince the public of the need for a private central bank.
Paul Warburg was a key negotiator for the US at the end of WWI, and his brother Max was a negotiator for the Germans. Paul served as the second Vice Chairman Aug. 10, 1916-Aug. 9, 1918 of his Federal Reserve. His son James was the key financial advisor to FDR.
The cries against “fiat money” and insistence on a “gold standard” are the backup plan of the banking elites, in case their Federal Reserve somehow gets shut down by the electorate.
In the case of a gold standard, the government once again can’t issue money - without buying gold from the same international banking family networks, who have been dealing in gold for centuries; that was actually their first business.
Yes, the NY Fed is, in essence, the Fed itself. The “12 regional banks” idea was made a part of the plan to provide the illusion of the bank being regionalized. Sorry if this news ruins anyone’s morning.
Basically, the Fed is a scam whereby banking elites have the whole nation indebted in a nice easy one-stop-shopping deal - they get the government to borrow, which can extract taxes from people to pay back its debts.
There is a lot of information available on this, but sprinkled in with it is a mistake here and there. This helps the banksters to frame the whole story as a nutty conspiracy theory.
This whole problem can be remedied easily and without financial pain for those who work, but first people have to wake up and understand the whole scope of the conspiracy.
The conspiracy theories, in their correct form, minus mistakes, are 100% true. They are far beyond what you know, they reach around the world and go back through centuries of history - including events that we are taught is American greatness. Our Republican and Democrat politicians - even some of our favorites - see this as simply “American winning”, when it’s really about the enslavement of all nations to banking elites.
The number one rule of the banksters for politicians - do not have government create its own money; they only want government to borrow money from them or buy gold from them. The banksters enforce this rule, and the rule of silence of their own members, on pain of death.
This is not about religion or ethnicity; it is about money and closely-held control.
Jekyll Island was simply a meeting of the two sides of Wall Street, Rockefeller and Morgan, both of which had vast spheres of influence and networks of interlocking directorships on corporate boards. Wall Street firms were generally in one sphere or the other.
Morgan, however, was nothing more than a representative of the Rothschilds, as his firm was the continuation of George Peabody’s operation. JPM’s father’s (Junius) estate was about $10M, JPM’s was only $11M, a ridiculously small figure considering his influence which was, in essence, running Wall Street.
While Rockefeller’s Standard Oil was owned mostly by Sr.’s close group and himself, he was tied in with European banking through banking operations to a large extent. What makes it obvious that he took to the same ultimate endeavor as European banking was the modeling of his General Education Board after Peabody’s Peabody Education Fund, which it eventually absorbed. These were nothing less than designs to control the entire US education system, which is standard operating procedure for new world order international banking. One can see this in the current day with George Soros, who has allocated perhaps a billion or more towards the creation of his university system in his geographical sphere of new world order control, Central Europe.
You really know your history and how the Federal Reserve works. And what a scam it is. thanx!!!
One day the Federal Reserve might get real mean and impose onerous terms on the Federal Government. The FedGov will then tax the shiite out of the citizens to meet these demands. This is going on a bit already.
How many Americans know that the Fed Reserve is the largest creditor of the Federal Government? And that it is increasingly becoming so by a larger margin to others such as foreign nations and US citizens and US banks and corporations
I have posted just this a few times and that the Fed HQ in DC is more of a PR machine devoted to schmoozing Congress and the President and foreign nations type outfit. A huge PR operation also conducting tons of useless liberal oriented studies. Also a huge lib and affirmative action hiring hall. No one would notice if the DC Fed fired 70% of their personnel. David Petreus' wife got a no_heavy_lifting $186,000 year job there. The DC Fed does set a lot of Fed policy with all kinds of meetings and consultations with the regional FR banks.
But the NY Fed is where the action is, is down in the trenches every day with open market operations and lots of other jigging and re-jigging of the banking system.
George Soros made headlines last week when he suddenly sold off all of his Gold investments. I’d be a Billionaire too if I had the US government policy at my personal disposal.