Posted on 08/11/2011 5:08:49 PM PDT by DeaconBenjamin
Banks are charging more to store gold after a surge in demand for precious metals has left London, the centre of the global bullion market, short of vault space.
Almost all of the major bullion-dealing banks have raised fees since March this year, in some cases more than doubling the rates they charge for vaulting gold, according to clients of the banks and people familiar with the situation.
The development is a further sign of how demand for assets which are seen as safe is straining the financial system. Bank of New York Mellon announced last week it would start charging fees on large deposits after a sudden influx of cash.
Investors from sophisticated hedge funds to wealthy individuals are turning to gold in an attempt to protect their wealth from the turmoil in financial markets. On Tuesday, the price of bullion surged to a nominal record of $1,778.29 a troy ounce. It has risen 550 per cent in the past decade.
HSBC and JPMorgan along with security companies Brink’s and Via Mat operate commercial vaults in London. The Bank of England has a large vault that is primarily geared to providing services for central banks. Other bullion dealers such as Barclays Capital, Deutsche Bank and UBS sublet vault space.
“People are used to storage being a non-issue,” said Jonathan Spall, director of precious metals sales at Barclays Capital. “But demand for physical gold means that vault space is now at a premium.”
HSBC’s London vault holds the gold of the SPDR Gold Trust, the largest gold ETF, while JPMorgan is the custodian for the largest silver ETF, the iShares Silver Trust.
“The issue seems to be that London is very close to being out of space,” said a banker at a company that has recently raised rates.
(Excerpt) Read more at cnbc.com ...
How do you get to your gold when the bank fails?
You’d think they would set their prices in terms of gold, not currency, just to keep within the spirit of the whole thing.
I’ve heard that while we were engrossed in the debt ceiling debacle, Obama made an executive order that Americans cannot own gold bullion. I’ve also heard that if you try to take more than 5 oz. of gold out of the country you may serve 12 months in prison plus pay a $10,000 fine, and the govt. confiscates your gold. Nice! huh?
I lost all my physical gold and all my guns in a horrible boat accident and sinking I was just sick oh well
The Fed has instructed the banks to search all safety deposit boxes; keep and report any gold, silver, jewelry or anything else of great value. This also applies to storage units!
Also the FBI has told Army Sir[;is stores to report anyone buying food rations, ammo, etc.
So, folks, it looks like we are already a police state in America!
No wonder Obama seems so unconcerned about the election.
“The Fed has instructed the banks to search all safety deposit boxes; keep and report any gold, silver, jewelry or anything else of great value. This also applies to storage units!
Also the FBI has told Army Sir[;is stores to report anyone buying food rations, ammo, etc.”
Have a link. I haven’t heard this before.
A 100 ounce bar of gold is now worth $180,000. If I did tha calculation correctly the banks are now charging $27 or $54 per year. If I am correct, this is a non story by MSM.
Banks charge varying rates for vaulting gold, with large clients such as central banks and hedge funds paying less than retail investors. Fees are typically between 0.03 per cent and 0.15 per cent of the value of the gold held per year
“Make bulk purchase of items to include:
Weatherproofed ammunition or match containers
Meals Ready to Eat
Night Vision Devices; night flashlights; gas masks
High capacity magazines
Bi-pods or tri-pods for rifles”
Oath Keepers: FBI Wants Surplus Stores To Spy on Customers
The key word being "bulk".
It’s been posted right here on FR. Google it.
Here’s the one about Army Surplus stores for you.
oathkeepers.org
Obama bans wealthy from hoarding gold
No one would be stupid enough to mistake this for a serious story.
From Townhall Spotlight
It’s Now Official!
Over The Counter (OTC) Bullion trading is now Illegal for all U.S. Residents.
The commodity futures trading Commission (CFTC) Now has a foot hold on the physical bullion market. A feat this Government Agency has tried to achieve since its 1974 inception.
Coincidentally, 1974 is when Americans were given back the right to own Bullion
(1933- Dec 1974 ban on Bullion) by executive order (11825), by then President Gerald Ford.
The CFTC’s June 14th, meeting on The Dodds Frank Act, set forth the final rules on all
Over The Counter markets, including retail commodity transactions of physical Bullion.
This is first step toward their ultimate goal.
Discover Their Ultimate Plot
Their reasons why and what you could do to protect your wealth.
Here is a way you can buy and store gold out of the country in a safe bank. I have mine in their Swiss vaults.
http://www.goldmoney.com/index.html
“Bi-pods or tri-pods for rifles”
I’m safe, my Arisaka has a monopod!
(I’m probably on several lists between FR,surplusrifle.com forums and bulk ammo buys)
Just as I thought. When I first read it, it sounded like some of the garbage I get in my email from time to time with,FWD FWD FWD FWD in the title.
Where was it stored before? This isn’t new gold, it existed before the price increase
BS
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