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Posted on 12/07/2010 2:22:10 PM PST by dennisw
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.
Thestreet.com reports that gold prices “popped” after President Barack Obama's agreement to extend Bush-era tax cuts fueled investors’ concerns that the move would increase U.S. deficit problems and weaken the dollar.
Ruh-Roh.
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That’s always been my fear. How do I get my gold or silver if the bank is locked up? Keep it buried in the back yard. It’s not like it makes interest sitting in a safe deposit box.
I think he's dreaming. Won't happen.
>>Ruh-Roh.<<
My thoughts exactly. There has been speculation for a few years now that those that do not take possession of their physical gold may find out, if they ever try to collect it, that they don’t have any. The accusation was being floated that there is more gold being sold that actually exists and the same tons are being sold over and over again.
Same thing happened a couple years ago when someone, during their foreclosure trial, challenged the bank to supply the paperwork showing they had legal standing and they were unable to. And we all know where we are today.
Just sayin’...
It is one reason that any precious metals I own are actually in my hot little hands.
For all those who THINK they have made a fortune in gold; if you don’t hold the ACTUAL metal in your hands, you may not have a nickel.
Sure it did. It had nothing to do with the extension of unemployment benefits or the US bailout of European banks.
Put nothing in a safe deposit box either...
Great Scrooge McDuck cartoon
Get your gold out of the banking system, Rickards tells King World News
LOL, thanks. I always use that one when the article is about confiscation or theft.
I’m curious which bank did this. Do they fear a lawsuit if they name the bank?
Many ‘banks’ got taken by the gold-plated zinc ‘bars’.
Many of the world bankers are so used to living large that they have raided the kitty way too many times.
It has gone on in the U.S. and around the world. Robbery on an international basis, and by the very people we entrust with our money.
Add to that, the government forcing banks to lend to bad risks. Now, we have to pay the bill. The bank bailouts are how we pay the bill.
ping...
Switch from Gold to Brass and Lead. The brass is just as pretty, the lead just as heavy, and if gold goes through the roof the lead will appreciate just as much. Esp. in 45 ACP.
People that own silver paper are also going to be unable to take possession of their silver. Isn’t the world system great?
I’ve long had a feeling that these places where people invest in gold don’t have nearly as much gold as they’re selling. They turn around and invest your money in stocks, just promise to give it back to you based on the price in gold. They just hope there isn’t a run to expose them.
Uh. It is the plan to base the one world currency on Gold. Get up to date.
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