- The London Metal Exchange $4 earlier this month.
- More than a million dollars of supposed nickel that $4.
Last week's revelation that $4$4 seemed nothing short of a fable.
The mega-bank had $4 at a warehouse in the Dutch city of Rotterdam. Yet when the bags were weighed earlier this month, it turned out that they were filled with stones instead of nickel briquettes.
Since then, the tale has only continued, with warehouse workers around the world frantically checking tens of thousands of two-ton bags of nickel — by kicking them, in some instances — to ensure they're the real deal, Bloomberg $4.
The $4 — a commodities exchange that deals in metals futures and options — has been advising workers to wear steel toe-capped boots for protection, Bloomberg $4, citing one person who received the instructions.
(It hurts to kick a bag of nickel, you know —the LME itself does not own any warehouses but operates $4.)
The mass inspection across the world's warehouses has also involved carefully weighing and scanning the bags, Bloomberg $4. While no other discrepancies have yet been discovered, Bloomberg $4, the mystery of what happened to JPMorgan's bags remains unsolved. The firm's nine contracts with the LME have since been invalidated; all of their bags were found to be filled with stones, Bloomberg $4.
Access World — the logistics company that manages the warehouse in Rotterdam where JPMorgan's bags were held — is leaning towards the idea that someone snuck into the warehouse and stole the nickel, Bloomberg $4. That's because there is a record of the material being weighed when it was first entered into the warehouse, Bloomberg $4.
Neither Access World nor the LME immediately responded to Insider's request for a comment.