JPMorgan reopened a New York City gold vault they shut in 1990 last month.
JPMorgan keeps the gold of BlackRock’s iShares Gold Trust, which holds almost 100 tonnes of bullion, worth $4.2 billion…
The vaulting business highly lucrative
banks often charge a small percentage of the value of the gold stored…
“There is growing interest from ETFs and other fund institutions as well as from corporates and high net worth individuals to store precious metals,” said Peter Smith, head of JPMorgan’s vaulting service.
A number of people are bullish on gold right now – John Paulson recently said he thinks gold could be heading to $4,000.
Other banks are doing the same as JPMorgan, so clearly they believe the trend will continue.
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