Clients denied gold at major banks as shortage intensifies
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. Signs of potential shortage of physical gold started with ABN AMRO in March (when they) declaring 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….
Read this article on King World News – May 22, 2013
Click HERE to listen to the same full KWN Interview on this subject 20 May, 2013
Matterhorn Asset Management is dedicated to wealth preservation through safe and secure silver and gold storage in Switzerland. Protect your gold in the world’s safest vaults. To become a client, click here.
Matterhorn Asset Management
Zurich, Switzerland
Phone: +41 44 213 62 45
Matterhorn Asset Management’s global client base strategically stores an important part of their wealth in Switzerland in physical gold and silver outside the banking system. Matterhorn Asset Management is pleased to deliver a unique and exceptional service to our highly esteemed wealth preservation clientele in over 80 countries.
GoldSwitzerland.com
Contact Us
Articles may be republished if full credits are given with a link to GoldSwitzerland.com.