Silver stockpile of the largest US bank and major provider of financial services JPMorgan Chase has increased drastically for the last three years. In 2012 the amount of physical silver was at 5 milion ounces, while for the current year it increased more than tenfold and accounts for 55 million.
Silver has always been regarded as a great investment tool. But the fact that it is estimated at that low as $15.66 an ounce implies that it is accumulated for the possible financial turmoil. Only in this case the stockpile can be paid off.
It can be seen in the letter of JPMorgan Chase chairman and CEO Jamie Dimon in his letter to shareholders. As he stated, “Some things never change – there will be another crisis, and its impact will be felt by the financial market.