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5/7/2015: The largest U.S. bank and one the largest providers of financial services in the world, JPMorgan Chase & Co. (NYSE: JPM), has accumulated one of the largest stockpiles of silver the world has ever seen.
The total JPMorgan silver stockpile has increased dramatically in the last four years. In 2011, JP Morgan had little or no physical silver. By 2012, they had acquired 5 million ounces of silver bullion. In the last 3 years their COMEX silver stockpile has increased tenfold and is now over 55 million ounces.
Why is JP Morgan accumulating silver at these levels? JPMorgan Chase Chairman and CEO Jamie Dimon in his recent letter to shareholders warned: “Some things never change – there will be another crisis, and its impact will be felt by the financial market.”