Friday, March 4, 2011

Man Denied Access to His Gold At Swiss Bank!!

Gold - Man denied access to his gold at Swiss bank: "The gold was not there": "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 the 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.'"

Looks like this bank was "Spoofing Gold." The illegal, fraudulent practice of selling gold on paper, with the gold allegedly stored in bank's vault, when actually, bank does not buy the gold, instead invests it for own use. Usually, the gold buyer never asks for delivery and sells at some point in the future, which sends buyer his profit or loss, without ever having purchased any gold. The same practice is prevalent in the silver market.

Another shady practice is "Gold Leasing" where the bank takes some portion of the buyer's money and rents or leases gold from a broker for pennies, without taking possession, with a contract to purchase the gold or silver sometime in the future. Again, if the buyer requests delivery, the bank has to scramble and try to get a hold of the gold from the holder.

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