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« Suppliers & Bank Clients Denied Gold As Shortage Intensifies | Main | Massive Commodity Inflation and Investing in Gold »
Wednesday
May222013

Clients Denied Gold At Major Banks As Shortage Intensifies

Jim Sinclair

The following is a missive that we received from Jim Sinclair who is the host of a web site called Jim Sinclair's MineSet. The above link will take to his site and his updates via email are free, so you have nothing to lose by signing up for them.

Here we go: 

My Dear Extended Family,  

I do not care where you have stored your gold and silver. Test the storage by withdrawing a small amount to see if your request is delayed, dissuaded or refused. If you do not do this you do not deserve to have your gold.

Clients Denied Gold At Major Banks As Shortage Intensifies

May 21, 2013

Today Egon von Greyerz told King World News that clients are having tremendous problems getting their physical gold out of Swiss banks as well as other major banks as the shortage intensifies.  Greyerz also discussed the fact that refiners simply cannot keep up with demand, "no matter how much they produce."  Below is what Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this extraordinary interview. 

Greyerz:  "This week I want to talk about what we are seeing in the physical gold market, and why there is a disconnect in that market.  We transfer a lot of gold from Swiss banks and other banks into private vaults for investors.

More often now, than ever, we are encountering incidents when the banks are putting up all kinds of obstacles for these transfers.  The first sign of the potential shortage of physical gold started with ABN AMRO a few weeks (when they) declared that they would renege on their commitment to redeem gold accounts in physical gold

"Instead they would redeem in cash.  The custodian for ABN AMRO, for the gold, is UBS, and UBS decides to what extent they hedge the ABN paper gold position. 

So as there is no more physical redemption of the ABN AMRO gold accounts, it seems these contracts are no longer backed by physical gold.  It's just backed by paper, and this is of course typical for the paper market, Eric.  This paper market, which is 100 times bigger than the physical market, probably has zero percent backing of physical.  This is why ABN stopped redeeming in gold.

Then, last week we had an investor being refused to take his physical gold out of a major Swiss bank.  They told him that the regulatory authority prevented the bank from giving the client his physical gold.  That is of course total nonsense, and eventually we helped the client to get his gold out of the bank.

Another of our clients was told by a major Swiss bank that he can only take out 100,000 Swiss francs of physical gold every six months.  They blamed money laundering and terrorist activity for this decision.  Yet another client was again told by a major Swiss bank that his storage fees would be going up substantially.  When he complained he was told that he should convert to paper gold.

Click here to read the full article on KingWorldNews.com

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