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Post by jeffolie on Dec 7, 2010 16:44:28 GMT -6
Report: Swiss Bank Refuses to Release Gold 07 Dec 2010 A client of a major Swiss bank was recently refused access to his physical gold and had to hire attorneys and threaten to expose the bank publicly before finally getting it back in his own hands, according to Jim Rickards of Omnis. “My inference is that that gold was not there,” Rickards told King World News. “The bank had to scramble, go out and find it somewhere before they could make good delivery.” Rickards expects the world will eventually go to a gold standard-backed currency. “To me, the big issue is, is it going to be intelligent or is it going to be ugly?” Rickards says. “Is it going to be something we think about, we have a public debate, hearing in Congress … we give some thought to, and then, over time … we do it in stages” so that markets can adjust. Unfortunately, says Rickards, we’re on “the other path,” ignoring the issue and acting as if gold plays no role in finance, “which, of course, it does, keep printing money until almost spontaneous collapse of the dollar and then, in the midst of chaos, on an emergency basis, have the president announce that we’re back on the gold standard.” Rickards' advice? Get your gold out now before other banks begin following suit. www.moneynews.com/StreetTalk/Swiss-Bank-Refuses-Release/2010/12/07/id/379238
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Post by jeffolie on Dec 7, 2010 16:44:54 GMT -6
I consistently advocated holding your own metals.
If things go extremely bad, then it might be difficult to deal with safe deposit boxes. I expect eventually the world's financial system to collapse, after the Dollar crisis which is not likely to happen soon but will happen most likely starting in 2013 but take more than a year as happened in the USSR.
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Post by unlawflcombatnt on Dec 7, 2010 23:44:18 GMT -6
I consistently advocated holding your own metals. Me too. The 1st solid gold I bought was "stored" for me at some remote location. When I requested delivery, they said it would take several days to get to it. What was really happening is that they had to go out and buy the gold that they were already supposed to be keeping for me. When bought gold for my IRA, I requested that it actually be put into coins. I was assured that this had been done. Yet when I requested delivery of the gold, they said I had to wait for it to be molded into coins. And there was an additional charge for molding it into coins. Yes, really. And that it would take a week or 2 before I received them. I don't have the gold any more, since I had to sell it for financial reasons. But I sure learned a few lessons about buying gold during that time. I do too. And I suspect the 1st thing that will happen--after the banks freeze account withdrawals--is for them to freeze safety deposit box withdrawals.
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