HSBC to close London gold vaults? (haha, no)

[pmbug]

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The other big news this week was HSBC giving only 2 months’ notice to clients that they are closing down all 7 of their London gold vaults! This is an unprecedented move. Why do you think this is? It is because transparency is coming. There is no profit in plain, vanilla bullion banking any longer.

I also suspect given the lack of warning and lack of any press release that the majority of these clients will be unable to make other vaulting arrangements in time. HSBC will no doubt make it easy for these clients to sell the bullion back to HSBC, who will then use this bullion inflow to repay some underwater positions. So something is brewing behind the scenes, Eric, and this is one more sign major changes are coming.”

http://kingworldnews.com/andrew-mag...bc-shocks-clients-closing-london-gold-vaults/

... What’s so important about HSBC closing down all 7 of their London gold vaults is that the Spyder Gold Trust, ticker symbol GLD, the custodian of that GLD gold is none other than HSBC.
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So if they are closing down all the vaults, where is the gold going? Who’s going to be holding it, or is it really even there (in the vaults)? So this should be shocking news to everyone that the Spyder (GLD) gold is now crawling out of HSBC vaults, going to whom?
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http://kingworldnews.com/celente-closing-london-gold-vaults-will-shake-world/

According to the GLD website:

All of the Trust’s gold is held by the Custodian, HSBC Bank plc. ("HSBC"), in their London vault except when the gold has been allocated in the vault of a sub-custodian. In such cases HSBC has agreed that it will use commercially reasonable efforts to promptly transport the gold from the sub-custodian’s vault to the HSBC’s London vault, at HSBC’s cost and risk.

The subcustodians selected and available for use by the Custodian as of December 22, 2014 are: Bank of England, The Bank of Nova Scotia-ScotiaMocatta, Barclays Bank PLC, Deutsche Bank AG, JPMorgan Chase Bank and UBS AG.
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http://www.spdrgoldshares.com/usa/gold-bar-list/

So, relax everybody. Most likely, the gold will be transferred to the BoE's vault. Feel better now?

 

[pmbug]

A rumor that HSBC is rapidly and quietly closing gold vaults where clients gold bullion was stored and gold in the GLD ETF is stored has been swirling around the internet.

After conversations with key players in the industry including a bullion dealer who used the safety deposit boxes for storage and delivery to clients, we can now confidently say that the speculation was incorrect.

What HSBC is actually doing is closing its safety deposit box facilities some of which are in vaults and strong rooms in branches. ...

http://www.goldcore.com/us/gold-blo...afety-deposit-boxes-of-clients‏-being-closed/

Really? KWN hyperbole again. *sigh*

 

[11C1P]

So the imaginary gold won't be getting transferred to somewhere else for very real profits. Meanwhile, back in the real world, barry continues efforts to assist his muslim brothers in obtaining a nuke.