JP Morgan accumulating a massive stockpile of physical silver
Duncan Richardson, News Editor
27 Apr 2015, 11:08 a.m.
It is reported that JP Morgan has expanded its physical silver holdings form 5 million ounces in 2012 to 55 million ounces today. So far it’s been a losing trade for the U.S firm with the silver price down over £8 per ounce since the start of 2012.
So why is JP Morgan accumulating so much silver? The answer may be found in Jamie Dimon’s latest letter to the company’s shareholders in which he warns of another financial crisis. Typically physical gold and silver outperform traditional assets in times of financial and political instability.
If Dimon believes another financial crisis is just around the corner this would explain why JP Morgan has accumulated one of the biggest ever stockpiles of physical silver. In the last 2 weeks alone JP Morgan has received over 8.2 million ounces of physical silver from the Comex.