Unverified: Swiss Bank Finally Handed Over Client’s Physical Gold After a Month Delay and Legal Threats
December 8th, 2010WARNING: This is not a recommendation to buy, sell or hold any financial instrument.
Update: More Similar Anecdotes
—End Update—
According to the story, which cannot be verified, and is mentioned here for entertainment purposes only, the client kept a ton of gold in an unnamed Swiss bank.
In terms of dumb moves, that would get a 10/10, with 10 being the dumbest of all possible moves, in my opinion.
Keep your metal yourself, or with a private vault and never, ever, in a bank; never with an organization involved with credit, leverage, borrowing, lending, swindling, etc.
Via: GATA:
Interviewed by King World News, market analyst and scholar Jim Rickards of Omnis Inc. says he knows of a gold investor who recently had to struggle for a month with a Swiss bank to arrange return of his gold — not a futures contract receipt but real gold that had been put on deposit at the bank. Only the gold owner’s threat to restore to legal action and the news media pried the gold loose, Rickards says. He concludes that the bank didn’t have the gold it should have had and that this shorting is endemic to the Western banking system. He advises gold investors to use “private non-bank storage” for their gold to get it outside the banking system and expects that at some point governments may seek to freeze gold in the banking system.
Research Credit: P
Duuuhh!