Home / Banking / A Swiss Bank Refuses to Hand Over an American Depositor’s Gold.
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A Swiss Bank Refuses to Hand Over an American Depositor’s Gold.

Written by Gary North on April 24, 2013

The man is rich. He wanted delivery of his gold. The bank refused. It said it was not authorized to give him more than 200,000 euros worth of gold. It said it would deposit euros in his account.

The gold was in a segregated account in his name. So sorry.

He had been promised delivery on demand. So sorry.

He had never been told be could not get his gold. So sorry.

This is a violation of contract. So sorry.

He wants gold, not euros. So sorry.

This means that a Swiss bank’s promises are not worth the digits they are written on.

Whose promises are worth the digits they are written on?

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9 thoughts on “A Swiss Bank Refuses to Hand Over an American Depositor’s Gold.

  1. Rattlerjake says:

    Only a fool keeps their precious metals in a bank, ANYWHERE! Even paper money, you receive no benefit to keeping it in a bank. Any major crisis happens and your worth is worthless!

  2. The only gold or silver you really own is that which is physically in your possession. Don't trust anyone who claims to "hold" it for you, and don't waste your money on precious metal futures, certificates, or stocks.

  3. G. Kuhns says:

    So common (contract) law, with a 2000 year precedent, can be overruled by a political law, with a two-day precedent. Is anyone surprised?

  4. He was smart enough to invest in real gold, but not smart enough to maintain control over it. He is too trusitng of institutions that exist for their own benefit, even if their benefit depends upon promoting the benefit of others.. to a point. Such outfits have their own interests as ruling. My interests are secondary. A hard lesson, indeed. Maybe he could see if he could gert SOME back in gold…. then a few weeks later, a bit more….. maybe……… sick, but it seems the Swiss banking system have sold out to American government control. I had thought they were above that.

  5. Dick Grace says:

    All the worlds currencies are worthless. The only real value is gold and silver. Buy it and lock it up at your house.

  6. I don't get it, I thought everyone knew that paper markets had no gold; so much for the wealthy being so-called sophisticated investors.

  7. Why is this an issue? He takes the Euro's calculated from his gold at today's price and goes and buys gold on the open market.

  8. So the bank can't be prosecuted for fraud or sued for damages/breach of contract?

  9. Hera Sent Me says:

    If Switzerland has laws like the US, then no. American currency is legal for payment of all debts, like it says on the front. That means if I owe you $300,000 in gold, I can give you $300,000 cash, and you have no recourse.