Swiss bank refuses to deliver allocated gold

pmbug

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Another bank, another default?

Sinclair: “A person that I know with significant deposits in one of the primary Swiss banks, in allocated gold, wanted to take out his gold and was just refused on the basis of directives from the central bank...

They told him the amount was in excess of 200,000 Swiss francs and the central bank had instructed them not to do it because it has to do with anti-terrorism and anti-money laundering precautions.
...

http://kingworldnews.com/kingworldn..._Just_Refused_To_Give_My_Friend_His_Gold.html

Maybe they are just preparing for the will of the people...

BTW, score another victory for the security of bank vaulting services! /sarc
 

swissaustrian

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I don't know what to make of it.
He is probably a foreigner with a questionable tax situation, therefore the money laundering allegation.
I mean CHF 200'000 is just 4.5 kg. That's really a fart into the vaults of CS or UBS. I've visited both of their vaults and there is a lot of gold, mostly in 400oz standard bars, though.
 

DSAbug

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Well.. my parents are pulling their pension after the close today. Read into that what you will..

There might be 2-3 more years like sinclair thinks but frankly, my parents can't afford to lose everything. I'm not going to disclose any more than that. I'm not going to make a prediction or anything but I think that the risks are now too high.
 

pmbug

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I hear you DSA. No banks are safe - even the MSM is warning people about it now. The drumbeats for raiding 401ks started a few years ago. Who knows when critical mass is reached on that politically. In the meantime, we are seeing a lot of smoke indicating an imminent breakdown of the gold market (and all the chaos that entails). Caveat emptor paper bugs!
 

pmbug

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A while back (May 12), Sinclair posted an update stating that his acquaintance did manage to get his gold after Sinclair enlisted Egon von Greyerz to assist in negotiating with the bank:
...
You will recall if you read JSMineset regularly that CIGA Hans was told by a major well known Swiss Bank that he could not withdraw allocated gold in excess of SwFr 200,000. The reasons he was given went from laundering terrorist money to regulators edict. Clearly CIGA Hans was only a significant investor legally taking advantage of what is lawfully permitted in an ethical manner. He sought my guidance.

I called a man who I trust in Switzerland. This man who I trust acts as an ombudsmen towards people desiring or in storage. He does not personally offer storage. As a favor to me he undertook to speak with the CIGA and within one week unlocked the gold that was due the CIGA.

You know that I do not share any financial benefit directly or tangentially from any resources I reveal to you. JSMineset is for me is a major drain of capital for the past more than 10 years.

Since I have had many emails either concerned, or clearly being run around by storage companies, I am posting the identity of the man who broke a major log jam for a reader in one week.

You all have read his work on the gold market. He is highly respected within the community and is made of the right stuff.

This individual is Egon von Greyerz ...

http://www.jsmineset.com/2013/05/12/jims-mailbox-1254/

Today Egon says:
...
Von Greyerz also told KWN that a major Swiss bank did not have a substantial amount of allocated gold which they claimed to possess for their client: “We are stressing to investors to take their gold out of the banking system, not only because there are runs on banks that will continue, but the risk of being in the banking system is major. So you should take the additional step of not just owning physical gold, but also owning it outside of the banking system.

We (just) had an example of a client moving a substantial amount (of gold) from a Swiss bank to our vaults, and we found out the bank didn’t have the gold. This was supposed to be allocated gold, but the bank didn’t have it. We didn’t understand why there was a delay (in our vaults receiving the gold), but eventually we found out why there was a delay (the bank didn’t have the gold). It’s absolutely amazing, but not surprising.

This confirms what I’ve always thought. Not only should you not have gold in banks or even unallocated gold, but even allocated gold. It seems that some banks don’t even possess that. So the risk of having gold in the banking system is major."

http://kingworldnews.com/kingworldn...Shocked_Allocated_Gold_Not_in_Swiss_Bank.html
 

pmbug

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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.

And finally, Eric, another big bank, which has an ETF, told a client who wanted to transfer gold out it that he would have to wait at least two weeks for the transfer. You just wonder why a major bank that is supposed to hold substantial amounts of physical gold needs two weeks of more to transfer gold to a client.
...

http://kingworldnews.com/kingworldn...d_At_Major_Banks_As_Shortage_Intensifies.html
 

swissaustrian

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These claims by EvG may all be true, but I can't confirm them from what I'm hearing.
EvG has been talking about these issues for years and it certainly didn't harm his business interests at Matterhorn Asset Management... :noevil:
 

mike

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I don't know what to make of it.
He is probably a foreigner with a questionable tax situation, therefore the money laundering allegation.
I mean CHF 200'000 is just 4.5 kg. That's really a fart into the vaults of CS or UBS. I've visited both of their vaults and there is a lot of gold, mostly in 400oz standard bars, though.

It says "excess of 200,000 Swiss francs". 10 million is also excess of 200,000. 200,000 is simply the line you have to cross to trigger a flag.

I think the real issue here is that the bank, acting as a proxy for the government, can seize your funds without a trial. If they think he's a criminal, then they should press charges. Otherwise, give him back his property.

Furthermore, why is he only considered a criminal if he wants to withdraw his money? If they think it's ill-gotten money, then the bank is an accomplice in the "crime".
 
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CharlesMcLain

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Oh! Does not sound exciting. Is this another way of conveying don’t have your gold locked up in banks but in your backyard and now it’s time to look out for gold storage options?
 
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