Saturday, July 7, 2018

CLAIM Major German Bank Just Refused To Hand Over Client’s Physical Gold

King World reports:
London whistleblower Andre Maguire told King World News that one of the largest banks in Germany just refused to return a client’s gold the bank was supposedly storing for the client.

Andrew Maguire:  “Eric, over the last few months we have been observing Swiss and German banks enforcing cash and gold withdrawal limits for clients.  Currently, Swiss banks are capping client cash withdrawals to between 100,000 – 200,000 euros.  Although the onus is placed upon individual banks to decide cash withdrawal limits for their clients, we have recently seen these limits enforced more strictly.  This has to be an unannounced official mandate as it is now being widely reported by our clients…

Andrew Maguire continues:  “It’s important to understand that these cash withdrawal limits also determine physical gold withdrawal limits.  It is the strictly enforced physical gold withdrawal limits that have our attention.  Following at least 10 similar reports to us of banks refusing to deliver clients’ physical gold bars, this week a very wealthy client sought to remove 500 kilos of his physical gold from a German bank for safekeeping in a secure, independent vault. The bank refused delivery of his gold bars.

These refusals to deliver bullion are now resonating loudly enough to prompt something to be officially sanctioned soon.  Cash restrictions are already in place, however, the problem officials potentially face is being forced to go to market to buy thousands of tonnes of gold bullion to meet the surge of requests to withdraw bullion. That is simply not going to be allowed happen as the bulk of unallocated exposure sits on the balance sheets of the too-big-too fail bullion banks…
Look, you are much better off keeping your gold under your bed or buried in the backyard than with a bank. You just never know when that window is going to close.


(ht @Smaulgld)

1 comment:

  1. Or if they actually even have it or can lay their hands on it.