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11-24-2009, 06:38 AM
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Herr Auskunft
Join Date: Sep 2007
Location: Florida
Posts: 6,733
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HSBC Tells Gold Bugs To Take Their Bullion And Gold Coins Somewhere Else
The most hardcore goldbugs always advocated buying pure, physical gold -- not mining stocks, and certainly not ETFs that represent a claim on some gold ingots held in a vault somewhere in the UK.
But the problem for physical gold fans is storage, and there's no obvious answer for that. One solution could be bank safety deposit boxes, but check this out: HSBC is tired of all these gold fans, using their safety deposit boxes to store a few gold coins, and they've given them the heave-ho. WSJ: HSBC has told retail clients to remove their small holdings from its fortress beneath its tower on New York City's Fifth Avenue. The bank has decided retail customers aren't profitable enough and is demanding those clients remove their gold to make room for more lucrative institutional customers. That move, of course, is creating headaches for companies in the physical gold business. "I have never seen any relocation like this," says Jonathan Potts, managing director of FideliTrade, the parent company of the Delaware Depository Service Co., which has two warehouses in Wilmington. FideliTrade's two vaults have been filling up at an unprecedented pace, in part because it is taking in metal that has been ejected by HSBC. Dealing with the fallout from HSBC's decision has become a full-time job for David Norris, executive vice president of GoldStar Trust Co., a Canyon, Texas-based retirement-account trustee, which organizes metal storage for its clients.http://www.businessinsider.com/hsbc-...e-else-2009-11
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11-24-2009, 06:52 AM
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#2 |
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Senior Member
Join Date: Nov 2007
Location: Carson City, NV
Posts: 8,165
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HSBC is one of the insiders purchasing foreclosures and sitting on foreclosed homes to artificially inflate pricing.
Warnings breed even bigger Warnings
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11-24-2009, 08:52 AM
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#3 | |
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Senior Member
Join Date: Jul 2007
Posts: 2,079
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Quote:
Yeah....I see this as a foreshadowing of what the bank doesn't want to deal with (more angst and paperwork) when things "freeze" and the IRS goes through everything.
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“A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." --George Washington "Rebellion to tyrants is obedience to God."--Thomas Jefferson |
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11-24-2009, 08:33 PM
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#4 |
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Senior Member
Join Date: Jun 2007
Posts: 1,043
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If you own physical bullion you're excessively stupid to keep it in a safety deposit box ... Who can say "FDR"?
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11-24-2009, 11:10 PM
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#5 | |
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Senior Member
Join Date: Oct 2008
Location: New York, NY
Posts: 1,114
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Quote:
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Once public confidence is destroyed, respect for the government indeed collapses, hoarding of wealth takes place, refusal to accept the currency on faith, and eventually the government will be backed into a corner so desperate for cash, it will turn against it's own people, render them criminals to justify the confiscation, but even this will not sustain the system. ~ Martin Armstrong |
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11-24-2009, 11:16 PM
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#6 |
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Senior Member
Join Date: Aug 2007
Posts: 5,963
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Doubly interesting is that HSBC is known as one of the biggest players in PMs/bullion. IIRC, HSBC is actually a foreign bank from Hong Kong. I doubt they want to get caught up in any bullion seizure operations here in the US. This development is definitely interesting. Since when has a bank cared what people put in their safe deposit boxes?
Older article but their clout is clear. http://www.hsbc.com/1/2/newsroom/new...on-gold-fixing
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11-24-2009, 11:27 PM
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#7 |
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Senior Member
Join Date: Aug 2008
Posts: 270
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everyday, things moving faster.... everyday.
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11-24-2009, 11:48 PM
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#8 | |
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Senior Member
Join Date: Jul 2007
Posts: 2,079
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Quote:
They are eliminating retail safe deposit boxes rather than putting precious metals in them (which they wouldn't know anyhow).
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“A free people ought not only to be armed and disciplined, but they should have sufficient arms and ammunition to maintain a status of independence from any who might attempt to abuse them, which would include their own government." --George Washington "Rebellion to tyrants is obedience to God."--Thomas Jefferson |
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11-25-2009, 01:30 AM
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#9 | |
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Senior Member
Join Date: Aug 2007
Posts: 5,963
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Quote:
__________________
Ron Paul - "The Thinking Man's Candidate" This is why most RPF members are against the US involvement with Israel, as explained by Mini-me: http://www.ronpaulforums.com/showthread.php?t=218093 No racism, no anti-semitism, no hate. |
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