Largest Dutch Bank Defaults on Physical Gold Deliveries

[gunDriller]

http://www.examiner.com/article/largest-dutch-bank-defaults-on-physical-gold-deliveries-to-customers?cid=rss

"ABN AMRO, the largest Dutch bank in the Eurozone, issued a letter to their gold contract customers of failure of delivery, and instead will pay account holders in a paper currency equivalent to the current spot value of the metal.

ABN AMRO, the biggest Dutch bank, has sent a letter to its clients stating that they will no longer be able to take physical deliveries of the gold they have bought through ABN. Instead they are offered money at the current market rate for gold. Basically, instead of owning a risk free, physical asset (a gold bar or a gold coin), the bank’s clients now own a monetary claim on ABN AMRO, being exposed to the bank's credit risk."


But I have AAPL stock ... So I'm SAFE ! /sarc :)

[Large Sarge]

Bump for this one, this might be the spark, various electronic glitches in internet banking, Cyprus account grab, and now a major bank gold default

is it enough to get the herd spooked?

[Golden]

Bump for this one, this might be the spark, various electronic glitches in internet banking, Cyprus account grab, and now a major bank gold default

is it enough to get the herd spooked?

What percentage and part of the population do you refer to as "the herd"?

No matter age, income, or education the vast majority of folks I come into contact with are completely unaware. They're like a deer in the head lights when I mention GMO's, Fukushima, Money, and the general state of affairs. Most have a feeling that something or things are wrong but have yet to piece it together. I've noticed a few major factors for their predicament. 1: Time. A family, spouse, and children keep them busy and slaving away to make debt ends meet. 2: They have accepted their state indoctrination and whatever fate brings. 3. Females. Present company excluded you're truly a diamond in the rough. I seriously don't know what to say. *sigh
And 4. Race and/or Class. There really is a different perception depending on who you talk to. Everybody seems to be too busy making their political hay and feeding personal and collective demons. The collective cognitive dissonance that results means virtually nobody wants to talk about it less their cherished delusions be disturbed.

So, basically I see a managed price rise for metals and not a blow up. I just don't understand how something like that could happen with the controls that are in place.:(??

[Large Sarge]

well, by all accounts, spain/and or Italy are the enxt likely blow up points for banking crisis

Italy has no govt, so it gets top billing

between those 2 countries, they have a reported 3 trillion in uninsured deposits

now imagine if they get spooked into gold, and there is no gold available

[Spectrism]

Anyone rich enough to hold large quantities of gold and stupid enough to store their gold at banks will deservedly get separated from their wealth. Enough warnings have gone out for a long enough time.

The same goes for safe deposit boxes. They are kept safe for the bankers to plunder when things turn.

[Golden]

Well, I imagine they will accept a loan and receive less for more, D'OH!

I mean, isn't this really just a lesson in perception management?

[gunDriller]

well, by all accounts, spain/and or Italy are the enxt likely blow up points for banking crisis

Italy has no govt, so it gets top billing

between those 2 countries, they have a reported 3 trillion in uninsured deposits

now imagine if they get spooked into gold, and there is no gold available


Italy's official Gold holdings are 3000+ tons of gold.

i tried to find out where they hold it, and couldn't. so i figure, New York or London. and we all know what that means - 3000 tons of tungsten.

with some countries you can find out - e.g. Spain. the official story is, they have their own gold in their own vaults.

but a lot less, more like 300 tons.

[mamboni]

Bullion Bank defaults on gold delivery + Banks threaten to sieze depositor accounts + BOJ announces massive $1.4 trillion stimulus (money printing) + Crazy third world dictator threatening to start WWIII = gold down $100 in a few days

Yes, this is perfectly logical. /sarc

[gunDriller]

Bullion Bank defaults on gold delivery + Banks threaten to sieze depositor accounts + BOJ announces massive $1.4 trillion stimulus (money printing) + Crazy third world dictator threatening to start WWIII = gold down $100 in a few days

Yes, this is perfectly logical. /sarc

and today being Thursday, tomorrow being Friday - who wants to go into the weekend holding that most stable of currencies, the US $ ? /more-sarc

[Son-of-Liberty]

With the world financial situation deteriorating, Gold and Silver are shitting the bed right now.

Until it becomes public knowledge that most countries don't have the gold they claim and the physical market detaches from the fractional reserve gold and silver paper scheme I think we are f'ed. Who knows how long they can continue to play these games. I figured the charade would have been over years ago but the public's ability to swallow the mainstream BS is unbelievable.

Until China, Russia and other big players call their bluff this will continue. Problem is they are benefiting right now by accumulating PM's and mining company shares at depressed prices.

[Spectrism]

Just wait til silver gets into the $20 range. It will be like trying to find ammo on a Walmart shelf. I suspect there will be dealer costs of $5 over spot for new bullion. Suddenly, the mint will shut down claiming they could not get enough silver. War is less than 2 years away now.... unfortunately, probably much less.

[Son-of-Liberty]

I agree. They are going to start a war and blame the financial collapse on it so they don't all get strung up for their mass fraud and thievery from the public.

[Twisted Titan]

What percentage and part of the population do you refer to as "the herd"?

No matter age, income, or education the vast majority of folks I come into contact with are completely unaware. They're like a deer in the head lights when I mention GMO's, Fukushima, Money, and the general state of affairs. Most have a feeling that something or things are wrong but have yet to piece it together. I've noticed a few major factors for their predicament. 1: Time. A family, spouse, and children keep them busy and slaving away to make debt ends meet. 2: They have accepted their state indoctrination and whatever fate brings. 3. Females. Present company excluded you're truly a diamond in the rough. I seriously don't know what to say. *sigh
And 4. Race and/or Class. There really is a different perception depending on who you talk to. Everybody seems to be too busy making their political hay and feeding personal and collective demons. The collective cognitive dissonance that results means virtually nobody wants to talk about it less their cherished delusions be disturbed.

So, basically I see a managed price rise for metals and not a blow up. I just don't understand how something like that could happen with the controls that are in place.:(??


Excellent synopsis of the mindset of The Proloteriat.

[gunDriller]

I figured the charade would have been over years ago but the public's ability to swallow the mainstream BS is unbelievable.

it's a clever scam. US $ being the agreed upon medium of exchange, when they see the $-denominated price go down from $1680 to $1610 to $1550, and are then exposed to the flood of "Gold Bear Market" Zio-spew that's coming out of the MSM -

http://www.bloomberg.com/news/2013-04-04/gold-approaches-bear-market-as-holdings-drop-to-seven-month-low.html?cmpid=wsdemand

http://finance.yahoo.com/news/pieces-falling-place-gold-bear-123033932.html

http://www.businessweek.com/news/2013-04-03/gold-approaches-bear-market-as-holdings-drop-to-seven-month-low

http://economictimes.indiatimes.com/markets/commodities/gold-falling-into-place-for-bear-market-in-2014-gfms/articleshow/19381609.cms?prtpage=1

http://www.sddt.com/News/article.cfm?SourceCode=20130404ff&_t=Gold+Slumps+Toward+Bear+Market+as+Investors+Red uce+ETP+Holdings#.UV2WgvVoV8E

... the General Public's perception is shaped by the Fed's MOPE policies. almost like psychological warfare on US citizens.


one of the central issues is that the General Public believes that the Gold market is a Free Market.

in a free market, the $-denominated price would be a more useful gauge of an object's value.

but this ain't no free market.

[mick silver]

if i was a betting man i would say that the Rothschild have 3000 tonnes but then if i was a betting man i would say that there not one country that got more gold then the Rothschild then again if i was a betting man i would say that the Rothschild are holding all the gold for all the countrys of the world and the countrys will never see a oz of that said gold again ... just if i was a betting man