Man denied access to his gold at Swiss bank: "The gold was not there"

goingbroke

Tuesday, 07 Dec 2010 01:26 PM
By Julie Crawshaw

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. Swiss Bank Refuses to Release Gold

cladking

There are mountains of paper out there and much of it is probably backing
the metal that's supposed to be stored for individuals who are paying annual
dusting and storage fees. There's going to be a big mess when people catch
on and most aren't going to catch on until their gold and silver evaporate with
the financial institution that is supposed to be storing it. Every ounce of gold
in the world may have numerous owners. There's more paper silver than silver.

PinkFloyd

Yup. When the music stops make sure you've got the real thing.

Bear

Money will be backed in part by PMs and the holders of paper PMs, will be out in the

cold , much like the old GM stock and bond holders.The World will be saved, but only

by stealing from the sheeple. After the Grand theft, gold will be revalued at 10,000

an ounce and fixed in price. Almost all gold will be Nationalized, in order to back a National

currency. Gold for jewelery will no longer be available.

CaptHenway

The story is remarkably lacking in details, such as the name of the bank or when this occurred.

fishcooker

So this guy Jim heard that some other anonymous person had trouble at an anonymous bank? Is that right?

MsMorrisine

listen to the tone of the radio(?) show where this story was told.

OPA

<< <i>The story is remarkably lacking in details, such as the name of the bank or when this occurred. >>



Isn't this the same story, but with a different twist, about the old lady asking for her silver from some bank and she had to eventually hire an attorney to get it?

Justacommeman

OPA, was that the one where the little old invalid lady had to be wheeled to the bank by her relatives to withdrawl her silver? Maybe it was the Royal Canadian Bank?

Anyways the the thread headline sounds like a Tyler Durden blog FWIW.

FYI- I agree with the premise if you can't touch it you don't own it.....................MJ

CaptHenway

<< <i>

<< <i>The story is remarkably lacking in details, such as the name of the bank or when this occurred. >>



Isn't this the same story, but with a different twist, about the old lady asking for her silver from some bank and she had to eventually hire an attorney to get it? >>



It was Scotia Bank in Canada, and it was a lot less than the "ton" of gold alleged in the Swiss story.
TD