After uncovering JPMorgan’s secret gold vault in London last week, the Tylers at ZeroHedge have discovered via several documents buried at the CFTC’s website revealing that JPMorgan’s secret gold vault in Manhattan is across directly the street from none other than the NY Fed.
The vault, according to one of the original architects, is the largest gold vault in the world at over a football field in length, was built on the Manhattan Island bedrock 5 stories below street level to withstand a direct nuclear blast, and is literally connected by underground tunnel to the NY Fed’s gold vault.
Can you say gold rehypothecation?
Deep in the bowels of the CFTC’s website, ZH found this letter requesting FOIA exemption for the location of JPMorgan’s new gold vault- the largest in the world, over 1 football field in length:
Yet oddly enough, the FOIA request letter itself, while also being filed with a request for Confidential Treatment, never got it. As a result it was posted at this address. Ooops.
But a far bigger oops, is that on the first page of said declassified confidential FOIA app, in black ink, we get the missing piece:
In addition, the Exchanges are providing the Commission with the application summary of requirements for the JP Morgan Chase Bank N.A. facility located at 1 Chase Manhattan Plaza, New York, NY.
And so, despite the extended attempts at secrecy, we finally hit the proverbial goldmine vault.
Per the Landmarks Preservation Commission, ZH then discovered that the JPM vault is 5 floors below street level (just like the NY Fed) and was built to withstand a near direct hit from a nuclear bomb:
One Chase Manhattan Plaza combines three main components: a 60-story tower, a 2½ acre plaza, and a 6-story base, of which 5 floors are beneath grade.
So the old Chase HQ, once the stomping grounds of one David Rockefeller, and soon to be the other half of JPMorgan Chase, has 5 sub-basements, just like the NY Fed…
Excavations, said to be the largest in New York City history, reached a depth of 90 feet
Or, about the same depth as the bottom-most sub-basement under the NY Fed…
But then we hit the jackpot:
Originally constructed with white marble terrazzo paving and enclosed by a solid parapet of white marble travertine that was personally selected by Bunshaft in Tivoli, Italy, the L-shaped plaza levels the sloping site and conceals six floors of operations that would have been difficult to fit into a single floor of the tower, including an auditorium seating 800 [and] the world’s largest bank vault.
And there you have it: the JPM vault, recommissioned to become a commercial vault, just happens to also be the “world’s largest bank vault.”
Digging some more into the curious nature of this biggest bank vault in the world, we learn the following, courtesy of a freely available book written by one of the architects:
On the lowest level was the vault, which rested directly on the rock – the “largest bank vault in the world, longer than a football field.” It was anchored to the bedrock with steel rods. This was to prevent the watertight, concrete structure from floating to the surface like a huge bubble in the event that an atomic bomb falling in the bay would blow away the building and flood the area.
In what could have major implications for the cartel’s continuing ability to manipulate the gold market, ZH then demonstrates the fact that JPM’s gold vault, the largest in the world, is across the street, and literally connected by tunnel to the NY Fed’s gold vault, which supposedly houses 25% of the world’s gold reserves:
Yet it is not what is on this side of the street, which just happens to be known as Liberty Street, that is what is the most interesting part of this whole story. It is what is on the other:
That’s right, ladies and gentlemen, as a result of our cursory examination, we have learned that the world’s largest private, and commercial, gold vault, that belonging once upon a time to Chase Manhattan, and now to JPMorgan Chase, is located, right across the street, and at the same level underground, resting just on top of the Manhattan bedrock, as the vault belonging to the New York Federal Reserve, which according to folklore is the official location of the biggest collection of sovereign, public gold in the world.
At this point we would hate to be self-referential, and point out what one of our own commentators noted on the topic of the Fed’s vault a year ago, namely that:
Chase Plaza (now the Property of JPM) is linked to the facility via tunnel… I have seen it. The elevators on the Chase side are incredible. They could lift a tank.
… but we won’t, and instead we will let readers make up their own mind why the the thousands of tons of sovereign gold in the possession of the New York Fed, have to be literally inches across, if not directly connected, to the largest private gold vault in the world.
Now why might JPMorgan consider the location of their gold vault (directly across the street and connected by tunnel to the NY Fed vault) a matter of national security?
Somehow we suspect that the normal smug grin on Mr. Dimon’s face is nowhere to be found today.