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Follow on Google News | JPMorgan's big appetite for silver changes silver marketBy: Investment Rarities JPMorgan plans to build a 70-story office building in Manhattan. Their current 56-story unit will be demolished to make way for the $3-½ billion dollar project. According to one silver analyst, if JPMorgan owns 700 million ounces of silver, a $5 rise in the price of silver would pay for the new building. "Not that they need it," says Cook. JPMorgan has assets of $2 ½ trillion. They have almost $3 trillion in assets under management and $24 trillion under custody and administration. They are the fourth largest public company and the second most valuable bank in the world by market capitalization. Their hedge fund is the second largest in the world. As to why the big bank has accumulated so much silver, Cook says many investors believe it's purely for profit. They think JPMorgan sees many bullish attributes in silver and expects it will rise many times over. If the 700 million ounce figure is correct, a $10 price rise in silver nets them $7 billion and a $100 per ounce rise would be worth $70 billion. Founded in 1973, Minneapolis- Market Update newslette (http://www.investmentrarities.com/ InvestmentRarities.com (http://www.investmentrarities.com/ End
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