BI: The London Metal Exchange revealed a surprising mix-up last week at a warehouse in the Dutch port city of Rotterdam.
An operator for the warehouse weighed bags that were thought to contain 54 metric tons of nickel, only to find that they were filled with stones, according to The Wall Street Journal.
It appears that JPMorgan Chase is the unlucky owner of those bags, the Journal said on Monday, citing people familiar with the matter.
Had they contained nickel, the bags would have been worth $1.3 million at current prices, representing 0.14% of nickel inventories, Bloomberg reported. While that means the mix-up will have a relatively minor impact on metal markets, it does call the security of the LME’s contracts into question. “In an industry riddled with scandals, the LME’s contracts are viewed as unquestionably safe,” Bloomberg said. MORE
They want their Nickelback…
Dime Bags would have been much a better investment.
I’ve got a bunch of aluminum worth about 10 cents a can.
I like rocks ………
I’m wondering if it was ever there, or if someone actually stole 54 metric tons of nickel.
Look in Biden’s house. Or Pelosi’s. Or Kerry’s. Or Schumer’s. Or Pelosi’s.
Imagine the surprise on the thieves’ faces when they tried to melt down all those nickels for their valuable metals.
Fortunately it wasn’t dimes or quarters.
Those rocks are worth more than our Democrat destroyed fiat curreny is now.
Epstein has it!
Wild Bill figured it out.
I bet someone slowly switched it out under their noses, got cash or black market price & made bank.
SIDEBAR: Only the U.S. govt loses money making money, at least making the nickel coin. Current composition is 75% copper and 25% nickel, and in 2020 (the latest year for which we have the numbers) it cost 7¢ to make the 5¢ coin.
Hey JPMorgan, don’t take any wooden nickels.
Nickel, Nickel who’s got the Nickel?
I can’t even afford to put in my 2¢ worth.
When I sell gold I always give them those chocolate coins. They never think to check.
Warehouse owners were lucky a “terrorist attack” didn’t destroy their warehouse and those bags of rocks.
Brother, can you spare a nickel?
Nobody does a better job of chasing nickels with dollars than good ole Uncle Sucker!
Isn’t that the same thing they did with all the gold Democrats took from everyone at gunpoint during the Great Depression that Democrats caused and “stored” at Fort Knox and no, you CAN’T audit to see if its still there?
Seems like an honest mistake.
The gold bullion that’s painted tungsten will be bigger news.