Wednesday, December 8, 2010

You Can Have Your Gold And Silver When You Pry It From My Cold, Dead Hands..

Jim Rickards: At Least One Swiss Bank Has Started Refusing To Hand Over Physical Gold To Clients  Excerpts in italics:

He tells King World News of a client of a major Swiss bank who was refused access to his one ton of physical gold ($40M) and was forced to make threats to convince the bank otherwise:

“Correct, and through all of that eventually the individual did get his gold...it took lawyers, it took threats of publicity, it took a lot of pressure to do that, which my inference is that that gold was not there.  The bank had to scramble, go out and find it somewhere before they could make good delivery.”

There's a shortage of physical metals, especially gold and silver, and banks will face more and more clients who want posession of their metal assets.  The problems arise when the Banks cannot fulfill these increasingly frequent requests.  The problems can be described ultimately, with terms like "default," and "implosion."  There is no "if" involved, only the inevitablily of "when."  Stories like this are just the precursor, not random or anomolous.  The coming metal storm continues to strengthen, to solidify..

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