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Lying Swiss Bankers Have Trapped American Clients: “Sell Your Gold. Now.”

Written by Gary North on May 1, 2013

My site, www.GaryNorth.com, has two dozen forums. This was posted yesterday on one of them.

“Approximately five weeks ago, I was notified by my bank in Geneva that they would no longer be providing private banking services to clients in the United States and Canada. After looking at the options for the liquidation of a portfolio that consisted of about 80% physical gold bullion, I made the request to take physical possession. I have certificates for each bar purchased over a period of two years but was told this morning that they would not permit me to take physical delivery. I had previously been assured that physical delivery was possible but since they have decided to close out these accounts, my previous representative has left the bank. This is a banking institution is very familiar with international clients and physical gold investments.

“Although this is a poor time to liquidate a gold position, I will take it as an opportunity that I may someday be thankful for, to divest myself of all holdings in the banking system and also to reduce exposure to Europe. It is apparent that if this has become an accepted practice in a relatively stable time such as this, there is small chance that anyone will see physical delivery as conditions become more strained.”

He is being forced to sell his gold. This will create a taxable event if he bought it lower than the price that prevails when he sells it.

This is not the first time this has been reported. Jim Sinclair a week ago reported a similar move by a Swiss bank. You can read about this here.

The Swiss are buckling to U.S. pressure.

One alternative is to hold gold bullion in storage with a storage firm, such as GoldMoney or BullionVault. These are not banks.

The other approach is to honor Max Blumert’s law: “Buy the best. Pay cash. Take delivery.” He was the father of Burt Blumert, the founder of Camino Coin Company.

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13 thoughts on “Lying Swiss Bankers Have Trapped American Clients: “Sell Your Gold. Now.”

  1. lionel ducote says:

    Physical stuff is the only way to posses anything. Paper gold?? How stupid are you?

  2. No kidding, that’s VR (Virtual Reality) in the computer world. 50% of nothing is still nothing. Reminds me of Fort Knox, where the Federal Government and Federal Reserve wants you to believe that there is gold still there. They won’t actually allow you to see it. Germany just found that out the hard way when they asked for theirs back.

  3. Patriot7 says:

    A gold bar in your hand is worth two gold bars in the bush.

  4. Actually, a gold bar in hand is worth an infinite amount in 'the bush'. 2X nothing is still nothing.

  5. Mike F. says:

    All paper holders are going to learn the hard way. My guess is that the ration for actual physical gold to paper certificates is around 150:1…

  6. J.A.Favazza says:

    I have half of my money in the stock market I just heard there are problems w/Schwab. I am thinking of buying some gold just in case the fan and the shiite intersect at some point. I live in Memphis, Tn. and am having trouble finding physical gold. I would prefer Kruggerands or American Eagle gold coins. Anyone have any suggestions.

  7. Fred J Fisher says:

    Buy silver, J.A.: it's more readily available than gold — for now — it's deliciously underpriced compared to gold — for now — it's scarcer than gold — yes it is — and, should we return to metal-backed-money, it will be more readily used in everyday transactions because it's worth so much less — for now. Silver's only drawback — its bulk.

  8. attheranch says:

    What problems are you hearing about with Schwab? We have our IRAs thru them. Thanks.

  9. lionel ducote says:

    Yea, those Gold Eagles are being sold as we communicate.

  10. Watchman says:

    There is gold at Ft. Knox. I know an Army grunt who was there with other grunts to count the inventory a few years ago. They do this every so often. He walked me through the whole procedure. Fascinating security. One woman was busted for dragging her long fingernails along the the bars to scrape up some quick money . But what he told me afterward sent chills down my spine. He said half of the U.S. gold is at Ft. Knox. The other half was at the bottom of the World Trade Center. It was ordered moved a week before the towers fell. He said it was a coincidence. Really? I wonder where it got moved to?

  11. J.A.Favazza says:

    Schwab got taken in with the LIBOR deal. Basically they were not getting the return they should have, it amounted to billions over several years. They took their case to one court and had it thrown out. Now they are suing BOA and Goldman Sachs. I figure if they do not know what the right hand is doing at night away from the left hand then they could walk in one day and say their computers got hacked and your money left overnight. How would I know any different? The market dropped 150 points the other day because someone hacked AP and put a false story about the White House getting bombed. The bottom line is TRUST has been breached. The whole system works as long as there is trust.

  12. Schwab? What about the others like them? TD America and Scottrade? Are they into the same scam? I have money going there soon but now I may want to change my mind and bring it home to a bank near me.

  13. J.A.Favazza says:

    I used to think in terms staying close to home. I thought if things do not go right or I find out you lied to me I could always come put my fingers around your throat and let you explain to me what went wrong while I tighten my grip. Nowadays these Bankers think it is good and honorable to steal your hard earned money and suckers like us get what we deserve. My grandparents did not trust Bankers and until now I did not understand. When you put money in the bank they see it as their money or reserves. I look at their balance sheets and income statements and am not able to make heads or tails of what is going on. There is so much off balance sheet financing and non performing loans needing to be written off. These used to be illegal but nowadays if you are not doing these things you are fired for malfeaseance or misconduct.