Massive Fire Reported in Basement Vault of JPM Building! Gold Force Majeure?

JPM Chase fire*UPDATED 2:45pm Sunday:
A journalist on scene on Wall Street this evening has just sent us footage of a massive fleet of Firetrucks and ambulances in front of the JP Morgan Chase building, with fire-fighters stating they are responding to a COMMERCIAL VAULT FIRE IN THE BASEMENT!
 
*FDNY has confirmed that the
fire is in a commercial vault at JPMs old HQ of 15 Broad St.
With JPM’s gold inventory plunging 66% Friday to an all-time low of 46,000 ounces, and with reportedly over 502,000 ounces still standing against JPM for the JUNE gold contract, is the long anticipated force-majeure event in progress?
Video footage on scene is below:

2013 Silver Maples As Low As $2.29 Over Spot at SDBullion!

 

Video streaming by Ustream

  1. I’m broadcasting fire engines on Wall Street live on #Ustream. Come watch and chat! 7:43 PM http://ustre.am/FIGI 

    Followed by Ken Lundgreen and 1 other

    View media

  2. Anyone knows what happened around wall street and broad? Fire trucks and ambulances everywhere

*Update 2:  While firefighters on scene stated fire was in the basement of the JP Morgan building at 1 Chase Manhattan Plaza, FDNY confirms via twitter that the fire is in the VAULT at JPMorgan’s former HQ at 15 Broad St, which is approximately 2 blocks from the 1 Chase Manhattan Plaza address and directly across from the NYSE.
We will refrain from speculating whether the underground tunnel connecting the NY Fed basement with 1 CMP’s gold vault also provides access to the 15 Broad St. vault.

  1. MAN ALL HANDS 15 BROAD ST, COMMERCIAL FIRE IN BASEMENT, UNDER CONTROL

  2. MAN ALL HANDS 15 BROAD ST, COMMERCIAL FIRE IN A VAULT,

*Update 3:   ZH and others finally covering this story Sunday afternoon are declaring it a non-event as 15 Broad St. is 2 blocks from JPM’s current HQ at 1 Chase Manhattan Plaza and JPM’s gold vault 5 stories below street level- yet the fact remains that 15 Broad St. is the former HQ for JPM.

As a fire incident sufficient to induce a force majeure declaration would need to destroy the paper certificates indicating title of said gold (as last we checked while rehypothcation may make gold bullion disappear, a structure fire NOT involving detonation of thermite or tactical nukes does not vaporize gold), such an event might at least buy a bullion bank a bit of time to come up with the bullion necessary to meet outstanding requests.

While we have no reason as of yet to believe any such records involving gold title are still held at JPM’s prior HQ, the timing is at the least suspect and inviting of speculation with JPMorgan’s gold vault dropping 66% to a new low Friday amid speculation JPM might not hold sufficient bullion to meet outstanding delivery requests.

 

Meanwhile, earlier Saturday:

Bernanke-Dimon-Fed-Tunnel

h/t StopMotionsolo

Good luck getting any sleep Saturday night if you hold any allocated “gold” on deposit at JP Morgan.

 

War Bird