Swiss bank refuses to deliver allocated gold

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.
...

Click to expand...

swissaustrian said:

I mean CHF 200'000 is just 4.5 kg.

Click to expand...

...
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 ...

Click to expand...

...
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."

Click to expand...

...
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.
...

Click to expand...

swissaustrian said:

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.

Click to expand...