Is This Where The Secret JP Morgan London Gold Vault Is Located?

Tyler Durden's picture


In a world defined by "financial innovation", where $1 of hard collateral can spawn over $1000 in repoed and rehypothecated liabilities (and assets), where "shadow banking" is far more important than traditional bank liabilities (and to this date remains completely misunderstood), and where every month the central and commercial banks force create over $100 billion in credit money (which end consumers refuse to absorb and which therefore ends up in the stock market), the concept of a "hard asset" is an increasingly redundant anachronism. Yet while the Federal Reserve has emerged as the bastion of the New Normal's financial innovation front in which the concept of money is backed by absolutely nothing other than the Dollar's increasingly fleeting reserve status, when it comes to the definition of "Old Normal" money - gold - it still is the domain of the first and original central bank: London.

At first blush, most would not associate London with the hard asset mecca of the world: in fact, when it comes to some of the most spectacular hyper-levered "New Normal" cataclysms in recent years: AIG, Lehman, MF Global, JPMorgan's London Whale, all of them originated in London. Yet for the most part these events occurred precisely because of the mindboggling leverage already employed by the London financial system. Recall that the UK has some 600% in financial debt/GDP - an unprecedented amount compared to any other developed world nation. Yet, paradoxically, the fact that there is so much financial leverage implies that there must be an abundance of hard assets at the bottom of the London Exter Pyramid. After all, financial counterparties, especially in this day and age, may be insolvent but they are not idiots, and all will demand at least some paper representation that there is a trace of hard collateral at the bottom of the latest financial Frankenstein CDO, SPV, CLO, CPDO, RMBS or [insert any other modern financial "asset" acronym]. And keep in mind we are talking private sector gold: Gordon Brown's epic blunder of dumping the sovereign UK gold at rock bottom prices hardly needs a mention.

Which is why in order to spawn such a gargantuan amount of financial debt, London, which for centuries was the financial capital of the world and which sequestered the bulk of the world's real, tangible wealth until the ascendancy of the US in the 20th century, London's commercial vaults, are literally full of gold (as much as it may pale in comparison with the total notional amount of liabilities it has created).

After all it is the London Bullion Market Association. Not New York, Zurich or Singapore.

Why is London such an integral part of the gold financial world? We'll let none other than JPMorgan explain:

The characteristics of the London market uniquely support the use of gold as collateral by ensuring:

  • Quality and liquidity: “London Good Delivery” sets the standard for gold quality. Rigorous specifications as to size and purity ensure that each London ood Delivery gold bar meets pre-set standards with little to no variation between one bar and the next. This consistency ensures that counterparties will receive gold of an expected quality (99.5% fine), which allows the metal to be easily transferred between members of the London Bullion Market. Ultimately, this facilitates trading and market liquidity—both desirable attributes for collateral.
  • Flexibility: The London gold market uses both unallocated and allocated gold. In layman’s terms, allocated gold specifically identifies each gold bar with a specific owner. Allocated gold is essentially held in separate accounts; it cannot be pooled with gold from others to satisfy obligations. In contrast, unallocated gold is held in a general pool by the bullion dealer and the customer has a general entitlement to the metal, but not to a specific gold bar. The LMBA states that unallocated gold “is the most convenient, cheapest and most commonly used method of holding the metal.”

    In practical terms, unallocated gold is comparable to putting dollars, pounds or euros into the bank. Once deposited, the money becomes fungible—you can withdraw the same amount of money you put in, but you will not receive back the same exact bills that you deposited. The use of unallocated gold allows for amounts smaller than a gold bar to be used as collateral between counterparties—a significant benefit to a collateral program given that a London Good Delivery bar weighs 438.9 ounces, and gold is currently trading for over US$1,700 per ounce.

  • Transparency: Readily available price information promotes market transparency and aids in daily mark-to-market and margin calculations. Gold is priced by the market twice daily (morning and afternoon) and widely reported by both the financial press and data vendors. Use of a predictable daily price fix point allows counterparties to mitigate their daily exposure and set haircuts to manage ongoing price fluctuations. The afternoon U.S. Dollar London old Fix is viewed by market participants as the appropriate way to mark gold given daily price fluctuations and increasing values.
  • Ease of transfer: The London Bullion Market clears daily using paper transfers that evidence the unallocated gold held between members. This allows them to simply and efficiently settle mutual trades and transfers to/from third parties while mitigating the costs and risks associated with physical movement of bullion. The use of paper transfers and unallocated gold facilitate easy transfers between counterparties when needed.

And speaking of JP Morgan, incidentally the subject of this post, what do we know about their London-based gold vault services? Once again, in their words:

J.P. Morgan recently integrated its gold vaulting service in London with its tri-party collateral agency service.

  • J.P. Morgan operates one of the two largest commercial gold vaults in London (one of only six in the City) and is a member of the London gold clearing system.
  • J.P. Morgan is also one of the few truly global providers of collateral management services. As collateral agent, J.P. Morgan works with two parties that have an established collateralized lending or financing arrangement.

Who is the other largest commercial gold vault in London? Why HSBC of course: the bank which has recently been embroiled in virtually every scandal involving global money laundering, also happens to be the custodian for such massive (supposedly) physical gold repositories as those of the SPDR Gold GLD ETF. The HSBC gold vault is also known as "Gold's secret hiding place" as CNBC penned it, when Bob Pisani was allowed to take a look deep inside the vault's bowels but only after he was theatrically blindfolded (a visit which we commented on at the time).

Yet Pisani's blindfold, while theatrical, was premeditated: the number of people who know where the HSBC vault is located is a handful, because the last thing commercial gold vaults, and certainly their customers, would want to deal with is a Simon Gruber-type Die Hard 2-style goldjacking.

Amusingly it was none other than the Bundesbank who in November invoked the ghost of the fictional New York Fed gold heist when a member of its executive board told NY Fed's Bill Dudley that  "you can be assured that we are confident that our gold is in safe hands with you. The days in which Hollywood Germans such as Gerd Fröbe, better known as Goldfinger, and East German terrorist Simon Gruber, masterminded gold heists in US vaults are long gone. Nobody can seriously imagine scenarios like these, which are reminiscent of a James Bond movie with Goldfinger playing the role of a US Fed accounting clerk." This happened two months before the Bundesbank diametrically (and embarrassingly) flip-flopped and decided to, all pinky swears to the contrary, begin repatriating its gold from the New York Fed (and Paris) after all. But not London (at least not yet). It also perhaps means that the days of Simon Gruber may not be "long gone", especially if the whereabouts of vaults containing billions worth of gold bullion were known to the public.

And just like the SPDR would want nothing less than to have the address of the HSBC gold vault made public (the same goes for HSBC of course), so those other ETF providers who use JPM's London gold vault as a custodian, such as Blackrock's iShares IAU ETF, or ETF Securities, would want nothing less than to have the location of JPM's vault exposed.

Needless to say, the actual addresses of "LBMA Vault" provided by the LBMA in its Annex 2 for "The Good Delivery Rules for Gold and Silver Bars" lists the headquarters office of the vaulting firm, and certainly not the actual address, because it would have been somewhat disingenuous to blindfold Pisani just to deliver him toe 8 Canada Square, or the HSBC head office in London, the address provided by the LBMA as vaulting address of HSBC. And certainly the address given for the JPM vault at 125 London Wall, aka Alban Gate, which was the firm's headquarters until its move to 25 Bank Street in 2012, is the last place even one bar of gold would be found.

Which is why we were quite stunned to find, in the deep recesses of the internet (and hosted by the Indonesian stock exchange of all place), a trade ticket from May 26, 2011, issued by the Perth Mint of Australia to Avocet Gold Mining (a West African gold miner), in which the Mint confirms its purchase of 2,126 ounces of gold at a price of $1,526 for a total transaction price of $3.246 million.

What is notable about the trade ticket is the additional information provided for the account clearer, in this case, none other than JPMorgan Chase Bank NA, London, as well as the number of the Gold Account held by said clearer: "No. 01380" but what is by far the most interesting, is that the actual physical address of the JPMorgan facility is provided: 60 Victoria Embankment, London.

Ladies and gentlemen: we may just have uncovered the actual location of the ultra-secretive JPMorgan gold vault in the city of London.

Where is 60 Victoria Embankment, London? See below:

The building's southern/river face is the glorious facade of the City of London School which occupied this location from 1879 until 1986 (and which is currently situated just east of here along the Blackfriars Underpass, next to the Millennium Bridge).

As the map above shows, it is a rather sizable building, located just off the Thames river and steps away from the Blackfriars Bridge, whose official designation until recently was Morgan Guaranty Trust Company of New York, Ltd, a remnant from the firm's merger with Guaranty Trust Company in 1959 (recall that JPM was called Morgan Guaranty Trust until 1989).

A cursory media search about the otherwise very nondescript looking building at 60 Victoria reveals that it had been fully leased by JP Morgan as long ago as 1991. What is more interesting, is that the property had previously been bundled as part of a high-profile commercial mortgage-backed securities, or CMBS, deal called White Tower 2006-3. The deal consolidated properties formerly owned by one-time London real estate mogul, Simon Halabi, one of the financial crisis most notable falls from Grace, who had an estimated net worth of $4.3 billion in 2007, and in April 2010 was declared bankrupt, and whose current whereabouts have since been unknown.

White Tower 2006-3, most infamous for being the first CMBS deal to be placed in liquidation after the start of the currency crisis, held a variety of properties near and dear to JPMorgan's heart, first and foremost 60 Victoria Embankment, the 420,000 sq ft of office buildings fully let to JP Morgan Chase; but notably Alban Gate, the 382,000 sq ft office property located on London Wall in the heart of the City and fully let to JP Morgan Chase. The latter also was JPM's UK headquarters until last year.

What happened next is interesting: in July 2010 Carlyle bought the bulk of the "White Tower" asset portfolio from the defunct CMBS, paying some £173 million for the 60 Victoria Embankment location. Three very short months later, none other than long-time 60 Victoria resident JPMorgan bought the very same building from Carlyle for a whopping £350 million: a transaction which doubled Carlyle's money in an unprecedented three months! At the time the now former CEO of JPM's investment bank Jes Staley (and who currently works for BlueMountain - the same fund that made a killing by squeezing none other than JPMorgan's London Whale traders), said, "These properties are long-term investments and represent our continued commitment to London as one of the world's most important financial centres." Frank Bisignano, chief administrative officer, added: "These properties are among the most attractive pieces of real estate in London. These buildings ensure that our employees will have the necessary technology, infrastructure and amenities to take our businesses forward." Curiously, JPM showed zero love for its Alban Gate location, which it promptly departed to go to its new Canary Wharf HQ, and Carlyle was forced to pull the sale of this property a year later as it did not get enough satisfactory bids.

A pressing question remains: why did JPM, a long-time tenant of 60 Victoria not submit its own bid for the location it knew it would end up purchasing outright in a few months from Carlyle anyway? Why overpay by £177 million in exchange for merely having one more middleman do a three-month transaction? We hope to find out.

Yet what is very clear is that there was something of far greater value to JPM at the 60 Victoria location than at its old headquarters.

What that "thing" may be, and what is the missing puzzle piece in this story, comes from a very peculiar article written nearly four years ago in an Abu Dhabi/Arab Emirates website titled TheNational, titled "Mystery gold cargo linked to Saad, Gosaibi feud", which described just that - the fate of a series of very peculiar gold shipments, the key of which once again involved the two main abovementioned players: Perth Mint and 60 Victoria Embankment.

We repost the entire story below, while highlighting the key parts:

The Qantas freighter QF71 that took off from Perth Airport on November 3 last year bound for London would not have attracted any special attention, despite the fact that it was carrying 1.2 tonnes of gold bullion, then worth about US$28 million (Dh102.8m).


Perth, in Western Australia, is home to Australia's Gold Corporation Mint, where bullion is processed and turned into standard 12.5kg bricks. From there, the ingots are shipped daily around the globe to vaults in America, Europe and Asia, evidence of the world's apparently insatiable appetite for the precious metal. But what made this shipment unusual was that it was the first of 15 such cargoes, of varying quantities and values, which over the next seven months were eventually unloaded mainly in London. Smaller amounts were also delivered to Dubai and Zurich.


The total value of the bullion exported in these operations approached $430m at current market prices, and it weighed 10.4 tonnes. The other distinguishing factor was the identity of the recipients, or "consignees" as they are known. According to documentation seen by The National, they were all companies associated with the al Gosaibi family of Saudi Arabia. The al Gosaibis have since fallen out spectacularly with their partner, Maan al Sanea of Saad Group, in the biggest corporate scandal to hit the Middle East, leaving about 120 banks worldwide with debts estimated at up to $22 billion and a decreasing likelihood of getting their money back.


In a global hunt for assets to offset their losses, the banks have looked into every corner of the Al Gosaibi trading empire and the Saad Group controlled by Mr al Sanea. A small army of lawyers, forensic accountants and corporate investigators has been hired to track down assets over which the banks believe they have claim. They have turned up property, financial investments, relatively small amounts of cash and other baubles of the wealthy, such as aircraft leases. There was even a private zoo. But the most curious discovery so far is the Gosaibi gold.


Perhaps the most remarkable fact about the shipments is that although there are detailed and specific records of them having taken place, neither party in the al Gosaibi-al Sanea confrontation seems to lay any claim to their ownership. Each side denies it was responsible for the shipments. Despite being regularly ranked among the world's billionaires, neither the family's controlling partnership, Ahmad Hamad Al Gosaibi and Brothers, nor Mr Al Sanea's Saad Group has any previous known involvement in the bullion business.


The first shipment took place just as the world appeared on the verge of financial meltdown last November. They continued until May, when the crisis in the two Saudi families exploded into the public domain after they failed to make repayments on loans associated with their banking businesses in Bahrain. The shipments reached a peak in late February and early March, just as tensions within the al Gosaibi family intensified after the death of Sulaiman, the family patriarch and chairman, on February 22.


One shipping document shows that, the following day, "a shipment of 21,500 fine ounces of large 12.5kg gold bars, minimum 99.5 per cent purity" was sent from AGR Matthey, a well known Australian bullion dealer, from Perth Airport via Singapore to London's Heathrow. From there, the bullion was moved to the vaults of Standard Bank of South Africa, located in the London offices of JPMorgan Chase at 60 Victoria Embankment, Blackfriars, London.


The shipment was marked "London good delivery", meaning it met the internationally recognised standards for bullion delivery and could be deposited alongside bullion of the same quality. The Standard Bank account in which it was deposited was in the name of Al Gosaibi Trading Services, one of the companies owned by the al Gosaibi family. But financing such a transaction - the gold was worth about $20m - is a complicated process.


The usual procedure is for the consignee to arrange a letter of credit with the supplier, which is then guaranteed by a bank. In this case, the letter of credit bears the reference number "Awal 157". Awal is the Bahraini bank owned by Mr al Sanea, but which is now in the administration of the Bahrain Central Bank. Ten of the 15 shipping documents bear the Awal reference, while the rest have reference to "TIBC", The International Banking Corporation, the al Gosaibis' Bahraini bank which is similarly in administration.


It is common practice in the trade finance business for those letters of credit to be separately financed by a third party, such as an international bank. This is what happened with the Gosaibi gold. The amounts paid for the bullion were drawn down from lending facilities with these global banks but those borrowings have not been repaid, banking sources say. International banks, so far frozen out of the settlement process in Saudi Arabia or offered derisory amounts by the feuding families, are keen to track down the location and ownership of this bullion, to seize and offset against debts owed them. While most of the bullion ended up in London, two shipments went to other locations.


Also on February 23, some 629kg of "London good delivery" were shipped from Perth on Singapore Airlines flight SQ226/SQ490 to Dubai International Airport. The shipment was delivered to the Brinks Global Services facilities at the Dubai Airport Free Zone, marked for the attention of: "Malcolm Clingham, for account of Al Gosaibi Trading Services Ltd." Again, the financing reference was "Awal 158". Attempts to reach Mr Clingham were unsuccessful. An employee of Brinks in Dubai said he left the company about four months ago.


The other non-London shipment took place on April 29, when 689kg of gold left Perth on Singapore Airlines flight SQ226/SQ346 to Zurich in Switzerland. The shipment was marked for delivery to: "UBS AG Zurich, for account Standard Bank PLC." Although no named consignee account was mentioned on the shipping document, the financing reference was "TIBC 438". The final shipment to arrive in London took place on May 6, when 722kg was placed on a Delta Airlines flight DL94 in Salt Lake City, Utah, in the US. This was marked for the Al Gosaibi Trading Services account at Standard Bank at the JPMorgan Chase building in London. The financing reference was "Awal 177".


So while there is plenty of evidence that the gold shipments took place, there is huge uncertainty about who initiated them, who owns the bullion, and even where the gold is now. The company named as the bullion account holder, Al Gosaibi Trading Services (ATS), is a wholly owned subsidiary of Bahrain-based Al Gosaibi Investment Holdings (AIH), based in Bahrain which is in turn owned by three family members. But the management control of ATS and AIH is in dispute.


In a legal filing in New York, John D Potter, a former general manager of Al Gosaibi Investment Holdings, declared that: "Mr al Sanea exercised complete control over the operations and activities of AIH, to the exclusion or virtual exclusion of the other directors and the shareholders." Lawyers for Mr al Sanea, the London firm of Harbottle & Lewis, declined to comment on the gold shipments. But sources close to the Kuwait-born financier have denied he was involved in the transactions.


Creditor banks, which asked to remain anonymous, have told The National that their inquiries to Standard Bank in London have not so far produced any positive indication of ownership of the bullion, or even confirmation that it is still in Standard's vaults. Through its South African head office, a spokesman for Standard Bank said: "Our executives in London are adamant they cannot comment - not even off the record - as this would be a breach of client confidentiality."


Whoever ends up owning the gold from Perth will at least have made some money out of the Saudi confrontation, which has affected the kingdom's economy and stock market, and ravaged the balance sheets of regional and international banks. The gold price has risen by nearly 50 per cent over the past year. The shipment last November, worth some $28m when QF71 took off from Perth, is now valued at $42m - wherever it might be.

Courtesy of TheNational, we now know that one of the key features of the building at 60 Victoria is that it houses at least the vault of the Standard Bank of South Africa: in other words, somewhere deep underground, there is, indeed, a major gold vault. We also know, that after leasing this location for nearly two decades, JPMorgan decided to take the plunge and bought it outright in 2010, in a transaction that as shown above was a scramble to park cash and to procure the property for sale. In other words, JPM now has sole custodial possession of all the vaulting services offered under its 60 Victoria Embankment address.

So is this where the legendary JPMorgan London vault is located? Certainly nothing short of Blythe Masters admitting on live TV that yes, this is where one of the two largest commercial gold vaults in the UK is located, and as JPM admitted previously, only one of only six commercial vaults in all of London, there will be speculation and one can't be certain.

However, a quick cursory virtual trip around this building using Google's Street View feature shows that this building, barricaded on every side by a dense forest of bollards, is as protected from outside interest (especially of the automotive kind) as any modern day fortress.

The building's entrance on John Carpenter street, just north of Victoria's embankment - bollards everywhere:

The building's reinforced back/delivery entrance: corner of Kingscote and Tudor: barriers, a reinforced gate with a screen on top of it, and even more bollards which surround the entire building and prevent the parking of any cars in proximity to the building:

And finally, not one, but two rows of bollards, cordoning off a 60 foot area in the street on both sides. South view:

And north view:

Needless to say, no car, or any other potential threat, can enter that ~60 foot space from either side.

Is that where, dozens of feet underground, the world's most secretive commercial gold vault is located? Just below what was once the main campus of the City of London School for boys.

* * *

Update: a quick Google Street View trip around the block from the main JPM entrance to Carmelite Street, just south of Tudor Street, or here...

... reveals the following armored Brinks trucks waiting:


In front of an even more impressive looking gate:

h/t Ro

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maxmad's picture

My guess is that it is full of pieces of IOU paper... Ala Dumb and Dumber

THX 1178's picture

Naw, when the shit hits the fan they are very close to the sea... for a fast escape.

dick cheneys ghost's picture

Nice blog..........look forward to reading more!!

knukles's picture

If y'all check out Google Earth, find the address, reference a street view, cross check it against a map of the City (Corporation) itself, you'll find the vault is indeed located within the "Square Mile" of the City, thereby offering and affording the City's protection for Infinite Rehypothication.


bank guy in Brussels's picture

Also where a prominent international banker was found hanged, alleged 'suicide', many think a bankster murder:

As Tyler's great article says:

« ... a rather sizable building, located just off the Thames river and steps away from the Blackfriars Bridge ... »

Where this happened:

« 1982: 'God's banker' found hanged

The body of a top Italian banker has been found hanging from Blackfriars Bridge in London.

 Known as God's banker for his links with the Vatican, 62-year-old Roberto Calvi was ... a central figure in a complex web of international fraud and intrigue.

He had been missing for the last nine days before his body was discovered by a passer-by hanging from scaffolding on a riverside walk under the bridge.

Police are treating the death as suicide ... »

TruthInSunshine's picture

If you even suggest that there's something "not quite right" about the facts surrounding the death of "God's banker," people either 1) don't have a clue what you're speaking of (which is applicable to approximately 99.3% of people), or they 2) think you're a "conspiracy theorist" for that mere suggestion (in the rare event they even know anything of the matter).

eatthebanksters's picture

The JPM repository for their honey dumpers...the only thing in that building is years of Jamie Dimon shite.

ACP's picture

That second row of bollocks has a gap a car could drive through, which entirely defeats its purpose. Someone forgot to mind that gap.

And there is the old-ass Low Lever Intercepting Sewer nearby also, which would really stink up the place if it just happened to get clogged.

nmewn's picture

I was thinking the same thing...certainly hope they have rows of bollards down below ;-)

ACP's picture

Maybe...I personally wouldn't place a vault in an area like that! ---that is, assuming there's actually a vault there.

An excerpt from an historical site:

The total area of the land reclaimed from the river amounts to 37¼ acres. Of this, nineteen acres are occupied by the carriage and foot ways, eight acres are devoted to garden, and the rest has been conveyed to the Crown, the Templars, and other proprietors along the line. Within the Embankment wall, and forming a portion of its structure, is placed the Low Level Intercepting Sewer, which is an integral portion of the main drainage scheme. Above it is a subway for gas and water pipes, the dimensions of the subway being 7 feet 6 inches in height and 9 feet in width; and the diameter of the sewer varying from 7 feet 9 inches to 8 feet 3 inches. These are both situate under the footway next the river. The footways are paved with York stone, with granite curb.

To the east of the Temple the roadways are carried over a double covered way, belonging to the City Gas Company, and leading to a landingwharf, by which coals can be conveyed from the river without interference with the public traffic. At this point, moreover, the subterranean engineering has been of extreme complexity; the sewers, the Fleet ditch, the subways, the Gas Company's railroad, the public railway, and a variety of gas, water, and telegraph pipes, being interlaced in a way that almost defies description.

Pinto Currency's picture


When the 101st Airborne land in London, they'll now know exactly where to go to get America's gold back.

Lore's picture

What is it about rats and tunnels?  And isn't there some historical connection between rats and disease? 

Fascinating read. Somebody has done some digging. Ahem.

buryfarmer's picture


TruthInSunshine's picture

Food for more intellectual straining:


1) Knights of Malta (aka "Black Nobility")

2) Vatican gold holdings

3) Italian Government's clash with Vatican on "financial matters" recently

4) German lawyer Ernst von Freyberg's appointment as president of the Vatican Bank

5) 2012 Moneyval Audit of Vatican

6) Blohm + Voss Industries GmbH

7) Ettore Gotti Tedeschi

8) Banco Ambrosiano (and Franco Ratti, nephew to Pope Pius XI, Roberto Calvi...hmmm...Corriere della Sera...Banco Ambrosiano Holding)

9) Vatican's insistence that Pope Benedict To Preserve Immunity, Security By Remaining In Vatican After Resignation


Can anyone connect the dots, if there's some sort of pattern here, or is this all random "consipiracy stuff?"

I'll be the very first person to acknowledge I have no specific or firm notion of what's happening and why regarding the Vatican, JPM's alleged gold repository in London, events in Italy vis-a-vis the Vatican's "banking arm" lately, the rest of points 1 through 9 above, nor world social/economic/financial events of late, but to deny that world events are getting very much more strange with increasing velocity lately is to deny reality.

I wouldn't be surprised if one of the new strategies of obfuscation is to overwhelm the masses with reams and reams of information, scandals and such...

prains's picture



add in north korea going bonkers and china/japan doing the "wanna fight" two step and you're right, the plan is to go information overload at some point

TruthInSunshine's picture

I regret posting that 9 point list now, because I've just read this ZH article for the umpteenth time, and as such articles go, no matter how well or poorly they're done, I admit that my first instinct is to try and NOT immerse myself in the specific, substantive points being made, because it can get a little overwhelming to do so at times.

As it turns out, this one is well-done, even if no one ever discovers the factually concrete whys, hows and whats (but maybe they will), and I find the chain of ownership of the building and its previous & successive owners (and prices paid as well as intermediary brokers and law firms involved) to be fascinating (since many of them are the face of the known or presumed global elite).

This article is like a train wreck, but in a good if even distressing way, in that the more I resist looking deeply at it, the less resistance I can muster, and the more deeply I look at it, the more intriguing it becomes, because there's so much genuine mystery with just enough factual support to not be able to dismiss some of the darker implications one could possibly be tempted to take away after reading it thoroughly.

At times like these, one realizes the profound truism contained in the saying "ignorance is bliss," as ignorance becomes a tempting alternative comforter, and turning a blind eye to it all seduces as the obvious and easy way out for the intellectually and morally lazy.

prains's picture

sounds like you need season 3 of the walking dead to take your mind off things


if bliss was truly to be found in ignorance then evolution would have made the COW the preeminent mammal, so it appears that molecular biology wants more, although looking at american politics it seems uncertain.

there's a large number of people being run by cows these days.


unfortunately the only way to solve a cow epidemic is with an abattoir and we all know how that the hand is stacked to the one country with the most cows.


TruthInSunshine's picture

I am distracting myself momentarily by writing a fictional Hollywood screenplay whereby Simon Gruber successfully inflitrates this structure from the Thames River approach, which is the most vulnerable portion of the building from a security standpoint, especially since ill-gotten treasure looted from within it can be loaded onto waiting immersibles, fast boats & other vessels, and since this vulnerability renders the apparent expensive and elaborate security measures employed on the non-river facing sides of the building somewhat meaningless.

Of course, JPM or the bona fide owner(s) of the precious metal within would probably plan this operation WITH Simon Gruber, since there are probably 800 non-overlapping insurance policies covering theft, and split up the insurance proceeds amongst each other after the "staged heist" was accomplished.

prains's picture

Yeah there was a wooden horse once which went with the same idea, the city faded into myth, and centuries later untold millions were spent to justify its actual existence when it was long forgotten. its amazing how the cirlcle never ceases to churn out the same result. fuck you have to hate a cliche.

BaBaBouy's picture

Unbelievable, Butt No-one Should Be Surprised...


This is the murky world of GOLD Money Trading, the ONE AND ONLY 8000 Year old World Currency.


I Postulate that most every billionaire has a stash of GOLD.

Anyone in the know is in the Game.

And This While the SMALL FRY Investors are constantly discouraged by the media to own any GOLD.


For me all indications are that GOLD Price will EXPLODE, and Major Players like JMP being involved in such a Profound way with GOLD just adds more PROOF TO THE PUDDING...

francis_sawyer's picture

 "Of course, JPM or the bona fide owner(s) of the precious metal within would probably plan this operation WITH Simon Gruber, since there are probably 800 non-overlapping insurance policies covering theft, and split up the insurance proceeds amongst each other after the "staged heist" was accomplished"


You forgot the part where Bibi comes out and has 'proof' that the heist was masterminded by the Iranians... blows a bugle charge, then turns to his American cavalry & says "go get 'em boys" [while he cowers behind a tree]...

HoofHearted's picture

I'm thinking, "Road trip, bitchez. And bring those AR-15s while you're at it." Everyone grab what they can and run like hell. See you back here at ZH when we're all done. 

ACP's picture

Or, if I may indulge (for present-day terror tactics)...a well-funded terrorist organization pulls over a "tourist bus" just outside the first row of bollocks, whereupon a group of 20 terrorists pours out into the alley, armed with AK-47s. They need foot soldiers because the bollocks block entry. Four of the terrorists are suicide bombers with explosives packed with radioactive material and kitchen utensils and line up against the entrance of the building (the revolving door) and their suicide packs are remotely detonated to ensure they all explode simultaneously.

The others stream in, killing everyone in their path, until they reach the vault (insert solution to any internal protocol here) and when they reach the vault, they start fires with incendiary devices hot enough to melt the gold and just before they all die from smoke inhalation, they all detonate dirty bombs strapped to their bodies, which will cause all the gold to mix with the radioactive material, making the gold extremely difficult to salvage. The entire area is then cordoned off and the cleanup - which will take years to complete - and the resulting disruption to the world's gold supply, cause economies all over the globe to engage in increased economic warfare and throw the world into a harsh depression which causes WWIII.

How's that for a screenplay?

TruthInSunshine's picture

Damn fine. But this isn't a credible "staged heist" unless there's a lot of explosions, shrapnel, a high body count, and most importantly...cow bell; lots and lots of cowbell.

So I'm diggin' it so far, but it's going to need more cowbell, if you want me to be perfectly honest.

Now that flushed me out in terms of my surprise, I was going to have Jamie Dimon BE Simon Gruber, with one of those fake faces featured in movies like Mission Impossible, and Blythe Masters could be in on the scam, too, but she'd wear a Greenspan mask, and act all frail and in illness at hospital (where she'd plot escape routes using GPS and drones for Simon Gruber...errr...Jamie Dimon wearing Simon Gruber's face).

The best part is that Goldman and Blankfein are like, totally into this, so they get ObaMao and Placeholder to authorize Goldman's prop desk permission to train on and then use armed U.S. drones to strike British Law Enforcement vehicles and personnel - boom, I just kicked up the cowbell with hellfire and sidewinder U.S. missiles fired by Goldman traders (and interns, 'cause shit's gettin' real). AND THEN - the double Jedi mind fuckery - The Honorable Jon S. Corzine pulls up in his submersible, and Jamie Dimon hands him a fresh 4 or 5 billion in precious, which he tucks away into the bowels of his submersible, closes the hatch, and slips away into the night, just like Corzine would do in real life - but we don't know if he splits this "take" with his old employer, Goldman Sachs, as he was supposed to do, and that could be a mystery for the sequel.

Anywhooo. That's where my partial script is at. Maybe it needs more cowbell.

I need more cowbell's picture

You have a fever? Anyway, ask and you shall receive.

zerozulu's picture

From security stand point "no gold" is best strategy.

zhandax's picture

At this point, moreover, the subterranean engineering has been of extreme complexity;

Who needs complexity?  You notice that garbage truck sitting in front of the loading dock, complete with nonchalant-looking municipal types just waiting for it to back in?

jumbo maverick's picture

This was a fantastic article. The people that read this article on this website are probably the only people that will ever read it or have any knowledge of it-ever.

But it will be articles like this, weather there is truth to it or not, that will eventually get the internets shut down. These types of articles make people think. That is dangerous. I don't know if this story is true or not but what I do know is that the older I get the more I find fact is stranger than fiction.

The one thing I took away from this article, I knew it before but this article cemented it for me was that unless you have it in your hand all golds are unallocated.

tip e. canoe's picture

tasty sidebar to your list:

JP Morgan Chase (JPM.N) is closing the Vatican bank's account with an Italian branch of the U.S. banking giant because of concerns about a lack of transparency at the Holy See's financial institution,

Disenchanted's picture



TIS said:


"Can anyone connect the dots, if there's some sort of pattern here, or is this all random "consipiracy stuff?""


You must be a kook too... ;)


‘Those who believe that major world events result from planning are laughed at for believing in the “conspiracy theory of history.” Of course, no one in this modern day and age really believes in the conspiracy theory of history -except those who have taken the time to study the subject. When you think about it, there are really only two theories of history. Either things happen by accident neither planned nor caused by anybody, or they happen because they are planned and somebody causes them to happen. In reality, it is the “accidental theory of history” preached in the unhallowed Halls of Ivy which should be ridiculed. Otherwise, why does every recent administration make the same mistakes as the previous ones? Why do they repeat the errors of the past which produce inflation, depressions and war? Why does our State Department “stumble” from one Communist-aiding “blunder” to another? If you believe it is all an accident or the result of mysterious and unexplainable tides of history, you will be regarded as an “intellectual” who understands that we live in a complex world. If you believe that something like 32,496 consecutive coincidences over the past forty years stretches the law of averages a bit, you are a kook!’ (Gary Allen, None Dare Call it Conspiracy, 1971, Chapter 1)

francis_sawyer's picture

All I know is that Juice haz nuttin' to do with anything... 

Disenchanted's picture



ACP said:


"and the rest has been conveyed to the Crown"


The "Crown" does not refer to the Queen of England or other British/English Royalty...



Henk Ruyssenaars' article on July 10th 2006 drew attention to the book "Descent into Slavery" by Des Griffin in which the real meaning of the term "City of London" is explained. The following is an excerpt from that article:


"To the majority of people the words "Crown" and "City" in reference to London refer to the queen or the capital of England.


This is not the truth. The "City" is in fact a privately owned Corporation - or Sovereign State - occupying an irregular rectangle of 677 acres and located right in the heart of the 610 square mile 'Greater London' area. The population of 'The City' is listed at just over four thousand, whereas the population of 'Greater London' (32 boroughs) is approximately seven and a half million.


"The Crown" is a committee of twelve to fourteen men who rule the independent sovereign state known as London or 'The City.' 'The City' is not part of England. It is not subject to the Sovereign. It is not under the rule of the British parliament. Like the Vatican in Rome, it is a separate, independent state.


"The City", which is often called "the wealthiest square mile on earth," is ruled over by a Lord Mayor. Here are grouped together Britain's great financial and commercial institutions: Wealthy banks, dominated by the privately-owned (Rothschild controlled) Bank of England, Lloyd's of London, the London Stock Exchange, and the offices of most of the leading international trading concerns. Here, also, is located Fleet Street, the heart and core of the newspaper and publishing worlds.



edit: btw JPM = Rothschild Agent from it's very beginnings.

francis_sawyer's picture

oh but no... JPM are a bunch of evil episcopalians... [lol]

TruthInSunshine's picture

As to the claims about phsyical infrastructure difficulties regarding building an underground vault and metal transport mechanism system, these are other ZH'er posts about interesting recent events that appear later in this thread:

Critical Path

Prediction and Performance of Ground Response Due to Construction of a Deep Basement at 60 Victoria Embankment - 1991

"A 19m deep excavation for a complex L-shaped basement was carried out using top down construction techniques...."


Stuck on Zero

The question posed is:

Why overpay by £177 million in exchange for merely having one more middleman do a three-month transaction?

The answers seems obvious.  £177M would just cover a massive vault and security system  Anyone check building permits for the time?

Oddly.  There seems to have been a massive "archaeological" excavation at this site:


Troy Ounce

"A 19m deep excavation for a complex L-shaped basement was carried out using top down construction techniques...."


And the Underground line City & Waterloo which runs next to the building directly to the Bank of England is 18 M deep. must be a coincidence?




just-a-girl's picture

It is also interesting to consider the fact that the location (60 Victoria Embankment, London) is so close to a large water source (the Thames river).  I am sure that the security systems include the ability to flood any vaults.

JR's picture

Spot on, Disenchanted.

One wonders if central control ever transferred from the City of London “to the ascendancy of the US in the 20th century.” And this JP Morgan item has an interesting bearing on this “transfer.” G. Edward Griffin explains in his book that J.P. Morgan’s roots actually are an extension of the Rothschild empire. And from every indication this London control center, the Rothschild empire, still operates.

As Griffin wrote,“a major portion of the wealth and power of the Morgan firm was, and always had been, merely the wealth and power of the Rothschilds who had raised it up in the beginning and who sustained it throughout its entire existence.”

J.P. Morgan, Sr. “appears to have served as a Rothschild financial agent.” Also, Morgan’s London-based firm was saved from financial ruin in 1857 by the Bank of England “over which the Rothschilds held great influence.”

The interesting connection here is the Saudis and the Carlyle group – connected with the Bushes. One wonders what the tie is to JP Morgan – or does it all lead once again to the worldwide powers of the Rothschild operations. At the very least, the Carlyle group and others are tolerated and cooperated with by the Rothschilds.

The truth is that the stranglehold of these bankers on the US currency and US free enterprise is destroying the American system that now provides the foundation for these snakes. Does anyone believe that the City of London (the Rothschilds) could go to China and set up a “Chinese” Central Reserve System owned and operated by these international bankers? No!

These bankers moved from Europe – London – to take on the U.S. and have nowhere to go from here. “Don’t fight the Fed….” “Why fight JP Morgan Chase”….. means “Don’t fight the Rothschilds.”

Meanwhile, economic conditions in America have deteriorated to such a point that people would be starving in the streets if it weren’t for a wealth redistribution from taxpayers to the 47 million people on food stamp relief. Not only that, but with a situation far worse than the Great Depression this rogue government has decided to move in even more people from Third World countries to add to America's welfare rolls.

And, sure enough, along comes Fed Governor Janet who wants even more taxpayer stimulus to "create" jobs while her fellows at the Federal Reserve continue to seize the wealth of and destroy America’s middle class.

TruthInSunshine's picture

I'm not going to "get into" the JP Morgan "speculation" (the man, not the company, and his public will and what was stated within it), but I will merely add that I find it at least curious that the "Arab Spring" has been encouraged by the U.S. and her allies in MENA nations OTHER than Saudi Arabia, the UAE, Qatar, Bahrain, et al., where it appears that the U.S. has helped to nip, rather than foment, any revolutionary dynamics in the bud. It's interesting, at the very least.

francis_sawyer's picture



The Rothschilds, failing central banking, are dallying with 'weather control' in China... There's more than one way to skin a goy cat...

Cathartes Aura's picture

one need only put "Rothschild China" into a favourite search engine to see how deep the stranglehold actually is.

Vatican City ("created" in 1929), The City of London, & the "federal" Distict of Columbia - little corporate HQs laundering "monies" globally.

business as usual.

RaRaRasputin's picture

Tensions in the Rothschild house it would seem:

By way of sub-plot, they have hired Rothschild Group, the investment bank under the French branch of the family's influence, to work to defeat Rothschild, a fifth-generation member of the UK side of the dynasty.

HamFistedIdiot's picture

I have heard that Obama bowed to the Queen of England when he visited her. The Queen, reportedly, bows only to the Mayor of London, and has done so repeatedly. As David Icke says, the City of London, with its blue bloods, human sex traficking, quadrillion+ derivatives, et cetera is ground zero for this planet's evil, the center of the spiderweb.I would like to see the US military level the whole fucking place.

Irelevant's picture

If of 99% 15 percent get it you become a great danger to the bankers.

ihedgemyhedges's picture

This post is why I read ZH. This post is also why you have to be careful as to how you access ZH.

Great work TD..........