PAMP’s American Arm & CME Gold Depository Declares Force Majeure, Located “Very Close” to NY Fed
According to CNBC, as Super Storm Sandy flooded lower Manhattan, it also flooded the vaults of at least one gold depository listed by the CME as one of the five locations for warehousing of physical gold, alongside Brinks, Inc., HSBC Bank USA, JP Morgan Chase Bank & ScotiaMocatta Depository, a Division of the Bank of Nova Scotia. PAMP’s American arm, Manfra, Tordello & Brookes, depository and gold distributor, declared force majeure after it was forced to [move] inventory after the vaults had flooded,” says MTB CEO Raymond Nessim. The CEO added, “all inventory is intact and in good shape,” despite that a press release on the CME’s website states “MTB depository has operational limitations from the east coast storm and will not be able to load out metals at their facility until operations have been restored.” But, that’s not all. Nessim also noted that the vaults of MTB are located “very close” to the Federal Reserve Bank of New York and its gold vault. As of 2008, the NY Fed claims that its gold – 216 million reported ounces – are “80 feet below street level and 50 feet below sea level,” according to the New York Fed’s website. The Federal Reserve maintains that the building was “secure, dry and operational throughout the storm.”
At MTB’s website, a letter from the CEO:
Dear Valued Customer,
I want to personally let you know where we are in the aftermath of Hurricane Sandy.
As you know, Manfra Tordella & Brookes, Inc. has been headquartered in downtown Manhattan for many years. The New York area and specifically lower Manhattan have experienced what meteorologists refer to as a once in a lifetime hurricane. Unfortunately, like so many firms in the area, we sustained substantial damages and it has curtailed our operations. Now that the hurricane has passed, we have been working ceaselessly to address the many challenges this has caused. We are hopeful that we can restore operations very soon. We will, of course, keep you advised.
On behalf of our entire staff, I want to express our appreciation for your business, and thank you for your patience as we press forward to restore our operations and continue to provide you with professional and consistently superior services.
Raymond Nessim, CEO
Manfra, Tordella & Brookes, Inc
While MTB is not listed as a depository for silver, it is for platinum and palladium, as well as gold. It was MTB’s PAMP Swiss bars recently found counterfeited. MTB’s CEO reported the counterfeits US Secret Service. CNBC did no help in reporting the story – except for getting it to critical thinkers – by misreporting that there would not be any operational issues.