Sunday, October 3, 2010

J.P.Morgan Chase Reopens Underground Gold Vault

Is "gold mania" coming?

J.P. Morgan reopens vault amid gold demand: report
(10/03/2010 MarketWatch)

TOKYO (MarketWatch) -- J.P. Morgan Chase & Co. (JPM 38.81, +0.75, +1.97%) has reopened an underground gold vault in New York amid soaring demand and prices for gold bullion, according to a report in The Financial Times published Sunday. The vault had been closed since the 1990s. Deutsche Bank AG (DB 55.12, +0.19, +0.35%) and Barclays PLC's (BCS 19.10, +0.25, +1.33%) Barclays Capital are also considering opening new vaults in London, the report said. J.P. Morgan opened its first vault in Asia for precious-metals storage in Singapore late last month. Meanwhile, prices for gold continue to climb, with gold for December delivery up $1.50 at $1,319.30 an ounce on Globex in Tokyo's Monday morning trading. The contract closed at a record $1,317.80 in New York on Friday after tapping a high of $1,322.


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