Monday, November 20, 2017

Another example emerges of bullion banks refusing to give back customers their stored allocated gold

By now most holders of physical gold now the one hard and fast rule... if you don't hold it, you don't own it.  But sadly for some who trust in even the most traditional and respected bullion banks, reliance on your stored allocated gold being available when you request it from their vaults is now little more than a coin toss that you will be able to receive it.

And for one depositor, his actions with a long respected Swiss bank shows that trust is no longer a viable commodity.

This week I was contacted by a person who went to his bank in Zurich — one of the two largest in Switzerland — to get his physical gold out. He had seen my KWN article on the subject. The bank, one of the biggest Asset Management banks in the world, told him that he couldn’t have his own gold because of new rules within the bank.  
But this man did not give up that easily. He asked for a letter from the bank confirming that they refused to hand his gold to him. He told the bank that he would take this letter to the police. The bank clearly got scared and after three hours wait, the gentleman was told by the bank that they would hand his gold to him. So very generous of the bank to hand the client’s asset bank to him! 
This is yet another confirmation that banks are not going to give the clients their assets back without a major legal fight. But that is just the first stage, in my view. Soon banks will be under such pressure that they will hold on to clients’ assets. Few people believe that this is possible, but it is guaranteed that, in the not too distant future, insolvent banks will not be in a position to hand anything back to clients. Again I urge people to get assets out of the banks, in Switzerland or any other country. The financial system is already bankrupt, regardless of what central bank chiefs say. - Egon von Greyerz via King World News

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