Run on JP Morgan/Chase - Past Four Days

[JohnyMac]

This just came to me from a pretty reliable source. This the only article I can find on it although I have reached out to a friend in the investment industry for comment. I am posting for you to just be aware.

January 30, 2014 1:10 AM EST -- (TRN http://www.TurnerRadioNetwork.com ) -- A "run" appears to have begun against JP Morgan / CHASE Bank forcing the bank to disperse 44% of its physical gold from its vaults in just four days! If this continues, by close of business FRIDAY (January 31) JP Morgan / CHASE may not exist as a Bank anymore.  ***** This news story is NOT intended to cause, incite or encourage a "run" on JP Morgan or any bank; it is merely reporting the facts.  Readers are urged to not panic and to make rational decisions before acting. ****

To read the whole article go here. here.

[Well-Prepared Witch]

I can't find anything reputable to suggest there's a problem.  Their stock price is fine, no huge changes.  Gold is down a little, but commodities prices are taking a hit due to the upset in emerging markets (previously discussed on the Turkey/rates thread), and the change in price is right in line with those changes.  None of the major financial sites (Bloomberg, Forbes, WSJ, etc.) have anything about it, and boy howdy they would if this were unusual or a problem. 

JP Morgan may have moved gold around, but that's one of the many things that major banks do. 

[Kentactic]

Although it might be true, it feels like an attempt to make people create a run on gold... perhaps so they can sell theirs for profit? Or other...

[Well-Prepared Witch]

Agreed Kentactic! All these people who've been making bank during the gold bubble have got to be freaking out!

Sent from my DROID BIONIC using Tapatalk

[JohnyMac]

Thanks Wellie and Ken! Yes I to was skeptical when I heard it. However as stated earlier the news/story came from a reliable source. The only news outlet I could find was Turner.

My friend wrote me and said he would look at it closer today. But "gold (and silver) manipulation has been pretty obvious for the past year or two." He also recommended me to stay with commodities like gold & silver plus add physical copper & lead to my buy list.

Not that it matters, in the past he has recommended that I slowly get out of 401K's and other retirement investments and go into hard assets. Land, tractors, parts, PM's, ammo (Common calibers), etc. Bottom-line stay away of anything paper, e.g. PM certs, stock market, etc.

Anyhow, I pray there is not a run on J.P. Morgan/Chase bank!   

[Well-Prepared Witch]

If you're living off-grid/out of the financial system, tangibles are always going to serve you better, I suppose.  I personally don't want to waste too much of my prepping money on things like gold & silver. 1) You can't eat it, farm with it, or repair your house with it (except maybe copper for pipes).  I don't think precious metals will be of any use until we're long into the recovery phase of any SHTF, and then only if the SHTF was a nation/world wide event and not a local/regional natural disaster.  2) Even if/when gold & silver become of value, it'll be really hard for people to tell what's real and what's fake until trading is significantly established and people start to get to know the properties of it.  I know I'd rather trade a pair of boots for a couple dozen eggs than a piece of silver for my hens' eggs.  I guess I see precious metals as intrinsically valueless as is paper money.  Plus, for all we know in a Mad Max, the next currency form could be eggs, or shoelaces, or wampum.

[JohnyMac]

I agree with all you wrote Wellie with one caveat - Lead. I reload ammo as a hobby. Lead and some other lesser metals can be used in making bullets. 

IMO, PM's should be the last thing you put away after food, meds, fuel, parts, ammo, etc.

With that said, I do think PM's are valuable (as you wrote) in post SHTF economy. Bottom-line to start and or invest in commerce. I am a capitalist so post TEOTWAWKI I would be starting up some business to meet a need.

[Well-Prepared Witch]

I hadn't considered lead. You can use aluminum, steel, etc. for stuff, too.  But the whole, "buy gold and silver because it'll feed you after the apocalypse" thing doesn't seem reasonable to me.

[Grudgie]

That's assuming there is an apocalypse though. The s might not htf but rather slowly degrade into a third world country. The way I see it, there is no economy or society currently in the world that does not highly value gold and silver. The rich will always be among us. If you think gold and silver will be worthless in a year or two of worol, I will gladly sell you a few eggs or honey for some gold jewlry. Didn't James Bond always carry a few gold sovereigns with him because they were accepted all over the world? But you are right well prepared Wich and Jm. Don't go overboard with it. Buy food and water first. But if you have your life savings just sitting around, it's silly to put it all in to prepping supplies. And I'll be damned if I keep it all in Federal reserve notes.

Pure silver is also useful for making coloidal silver.

[CrystalHunter1989]

I can't believe no one here is stocking piling gold or silver for custom bullets.

[JohnyMac]

Crystal, Zombies, vampires?