Saturday, December 11, 2010

Report: Swiss Bank Refuses to Release Gold

Bloomberg image: Adrian Moser 
Julie Crawshaw
Money News

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.

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pod said...

The way to deal with this is to insist that all men and women who have received any sort of bonus from banking become responsible for producing the gold, silver, platinum or whatever else they claimed to have sold.
It seems that only those who manage to gain ownership of the physical article will have received anything for their labour. A large number of people will be holding worthless paper.
So the people need to round up the bankers and put them to physical work in mines until they produce the physical articles that they allegedly sold.
Those who wish to exchange their home, boat, plane, etc. to pay off part of their obligation should be allowed to do so and this will shorten the length of time that they will be required to work in mines.
Their wage in the mines will be the same as a junior miner is paid and this will be used to buy physical gold at market prices until they have bought enough gold, etc. to satisfy their debt to paper holders.
I think the Soviets called this a Gulag system and the bankers are very afraid of it. Pol Pot took a different approach but dead men can't mine.

Anonymous said...

Why gold? That will simply concentrate more wealth at the top. silver is more democratic, but what would be really good would be a labor based dollar.

Anonymous said...

Dont buy any Gold or Silver unless you have physical possesion of it.

WHY? Because the bankers sell the same gold and silver over and over again, that does not exist.

Except of course in the mind of the buyer who thinks his/her gold/silver is safe in the banks vaults.

You can be certain if everyone tried to get there hands on there physical Gold/Silver it would most likely NOT EXIST.

Anonymous said...

Things like this have happened so many times before in the past. On Outfit in Florida back in the 1980's had an Open Vault with the Security Door Closed so You could actually See The Gold. The "Gold" was nothing more than Stacked Wooden Blocks that had been Painted Gold. Then of course the Ponzi/Pyramid Scam Collapeses. Don't Buy any Gold/Silver/Platnum etc. unless You can stick it in Your pocket and leave with it. Make sure it's Real Gold! Don't Get Suckerd!

jignesh shah said...

you western dog steal india gold

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