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JPMorgan bought the nickel that turned out to be stones
- metaphor 4y agohttps://archive.is/cSiN6 https://archive.is/cSiN6
- more_corn 4y agoI don’t know that reference or buy that paywall.
- Waterluvian 4y agoIt sounds like some sort of reference doesn’t it? They literally owned 54 tonnes of nickel that was actually just stone.
- spywaregorilla 4y agoIt's the awkward use of "the Nickel" for no clear reason
- Waterluvian 4y agoThe only way the headline makes any sense is if this is a follow-up to an ongoing saga where it’s like, “hey so you know all that nickel that turned out to be stone? They had bought it all!”
- josephpmay 4y agoI believe that's exactly what's going on here. I recall first hearing about this story a few weeks ago
- aftbit 4y agoPaywall bypass posted above...
- credit_guy 4y ago> The LME didn't disclose the name of the company that believed itself to be the owner of nickel briquettes valued at $1.3 million at current prices. The firm was JPMorgan, according to the people, some of whom said the bank first bought the material several years ago. $1.3 million. JPMorgan. Nothing to see here people, move along.
- labster 4y agoThis is HN though. Shouldn’t we pull out all of our VC money from JPMorgan Chase, just to be safe? Tell all your friends.
- nateabele 4y agoYes—and for many reasons, of which this is a teardrop in the ocean.
- not2b 4y agoYep. They just lost 0.000347% of their market cap! Let's start a bank run.
- KyeRussell 4y agoEveryone else that’s left their money there is just risking holding the bag!
- Waterluvian 4y agoIt’s still amusing that this happens to a big company and not just eBay buyers or whatnot. They buy a commodity and stuff it somewhere, then open it up much later to find its old newspaper and copies of ET for the Atari.
- Scoundreller 4y agoAt least ebayers... open stuff up when it arrives.
- 4y ago
- tyurok 4y agoThey're not getting their nickelback.
- x86x87 4y agothis is cold. stone cold!
- the_chad 4y ago[flagged]
- dylan604 4y agoalways be wary of canadian exports
- vba616 4y agoMaybe you wonder what it is Makes people good or bad Why some guy, an ace without a doubt Turns out to be a bastard And the other way about I'll tell you what I feel It's just the nickel under the heel Oh you can live like hearts and flowers And everyday is a wonderland tour Oh you can dream and scheme and happily put And take, take and put But first be sure That nickel's under your foot Go stand on someone's neck while you take him Cut into somebody's throat as you put For every dream and scheme, depending on whether All through the storm You've kept it warm That nickel under your foot And if you're sweet then you'll grow rotten Your pretty heart covered over with soot And if for once you're gay and devil-may-care-less And oh so hot I'll know you've got That nickel under your foot
- killjoywashere 4y agoI especially enjoy the banner running right now "Live coverage". if the news cycle is slow enough, a bag of rocks can attract live coverage. Screenshot for posterity: https://pasteboard.co/hBp3IllYcVRr.png https://pasteboard.co/hBp3IllYcVRr.png That said, I happened too look up the price of some industrial metals a few hours ago and happened to notice nickel going for 23k/ton. So 154 tons would fetch you a nice house in most neighborhoods.
- sbaiddn 4y agoIts big news because folks like gold bugs have been sounding the alarm that there's a lot of fake metal circulating keeping metals artificially low (implying the West is far more broke than it seems) Take it however you want, but the LME selling fake metal is a pretty big deal
- brookst 4y agoHow much of the west’s wealth is stored in metals? I’d be surprised if it’s 1% of the actual money supply.
- Scoundreller 4y agoIn Canada, none. Sold off their gold reserves cuz we got more than enough in the ground (and speculating in the thing that everyone else speculates on is kinda dumb)
- sbaiddn 4y agoNot much, and a good argument against gold bugs is "why gold"? The problem for the West is that we've put all our eggs in the dollar basket. Our prosperity presume that the people with natural resources and the people that build things will continue to accept dollars because they don't have anything better to settle accounts with. I'm not saying a dollar collapse is imminent, but perhaps we should have a backup (euro doesn't count. Its a joke)
- zer00eyz 4y agoThere has been a bunch of nickel fraud this year see: https://www.youtube.com/watch?v=UMQe5wVnlsM https://www.youtube.com/watch?v=UMQe5wVnlsM
- neilv 4y agoWhen I was interested in precious metals, there were conspiracy theories alleging that various repositories of gold bars don't actually hold the amount that they claim. I wonder what those blogs and Web forums with the affiliate links for societal collapse supplies think about this nickel story.
- runnerup 4y agoI never put much stock in those stories but it doesn’t help that the USA won’t let any other countries audit their own gold holdings in our national gold storage facilities.
- dylan604 4y agoYeah, some conspiracy theories state Fort Knox never held gold (or at least they don't now that the gold standard was done away), and is now used to hide the Roswell alien and other such items. Even movies have used it as a joke/plot device.
- mitthrowaway2 4y agoI mean, such a theory is not exactly UFO-level crazy. What happened to "Show me the incentive and I will show you the outcome"?
- neilv 4y agoMost of what I saw was relatively plausible stories, like the Comex allegedly refusing to let people take delivery. I suppose more people would believe that story, than would believe one that manages to include space aliens or Elvis.
- neilv 4y agoAncient business advice: Don't take any wooden nickels. Nor stone nickel, for that matter.
- j-bos 4y agoI wonder if they'll file a complaint.. https://en.m.wikipedia.org/wiki/Complaint_tablet_to_Ea-nasir https://en.m.wikipedia.org/wiki/Complaint_tablet_to_Ea-nasir
- JackFr 4y agoThe LME is terrible at doing the things a clearinghouse is supposed to do.
- mannyv 4y agoThere was talk about this problem a few years ago, because lots of Chinese firms were using this stuff as collateral for loans. Apparently the fears were borne out in this case.