Clients are refused to take their Gold off Major Swiss Banks with silly excuses.
"Client 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."
Excerpt of an interview with Egon von Greyerz from "GoldSwitzerland" on "Kingworldnews"
Then, last week we had an investor being refused to take his physical gold out of a major Swiss bank. They told him that the regulatory authority prevented the bank from giving the client his physical gold. That is of course total nonsense, and eventually we helped the client to get his gold out of the bank.
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.
So all of this, Eric, points to the fact that there is a major shortage of physical gold in the banks. These banks obviously don’t want to lose customers, but their behavior and the reluctance to deliver also points to a real shortage in the physical market.
So the disconnect between the paper and the physical market (for gold) is continuing. Refiners still have major production delays and demand continues to be very high, ‘No matter how much they produce,’ as one refiner told me today. And premiums are still high also.”