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Swiss Banks Now Offer Allocated Gold, Silver Accounts

Tyler Durden's picture





 

From GoldCore

Swiss Banks Offer Allocated Accounts As Move To Allocated Internationally

Today’s AM fix was USD 1,666.25, EUR 1,230.70, and GBP 1,057.20 per ounce.
Yesterday’s AM fix was USD 1,660.50, EUR 1,235.12, and GBP 1,057.17 per ounce.

Silver is trading at $31.36/oz, €23.25/oz and £19.25/oz. Platinum is trading at $1,690.00/oz, palladium at $754.00/oz and rhodium at $1,200/oz.


Cross Currency Table – (Bloomberg)

Gold rose $7.80 or 0.47% in New York yesterday and closed at $1,662.70/oz. Silver surged to a high of $31.47 and finished with a gain of 1.59%.

Gold managed to hold firm after recovering from a 4 day slide on the likelihood that the U.S. Fed will continue with its ultra loose quantitative easing policy.

The U.S. FOMC is expected to confirm in a statement at 1915 GMT that it will continue the $85 billion in monthly bond purchases until unemployment rates drop significantly. Even though some Fed officials and many market participants have expressed concern over the side effects from such measures. 

The U.S. nonfarm payrolls data expected on Friday will give a closer look at the labour market.  A poll of economists by Reuters shows that they expect U.S. unemployment to be unchanged from last month at 7.8%.

Climbing oil prices continue to stir investor worries about inflation.  Brent crude hit a 3 month high in the prior session.

Silver jewellery exports from India are projected to rise to 30% this year as world demand grows, noted the India's Gems and Jewellery Export Promotion Council. 

American Eagle silver coin sales in January surged to an all time monthly high. The U.S. Mint recently resumed sales after huge demand led to a lack of inventory and created a temporary suspension of sales. 

Gold bullion coins also saw their highest sales since July 2010.

As of January 29, Silver Eagle sales for the month were 7.1 million ounces, data from the U.S. Mint's website showed, surpassing its previous record of 6.1 million ounces set in January 2012.

Reuters reports that “huge quantities” of silver bullion coins were being bought by investors, including entire monster boxes full with 500 1 oz bullion coins sealed by the US Mint.

Swiss banks, UBS and Credit Suisse, have moved to offer allocated gold and silver accounts to their clients – including high net worth, hedge funds, other banks and institutions.


Gold in U.S. Dollars, Monthly – (Bloomberg)

The move allows these entities to take direct ownership of their bullion in allocated accounts.

According to the Financial Times, the banks say that they are making the move in order to reduce exposure and risks on balance sheets and in an effort to be more transparent. 

“Under more common "unallocated" gold accounts, depositors' bullion appears on the banks' balance sheets, forcing them to increase their capital reserves. Like their global peers, UBS and Credit Suisse are under pressure from regulators to reduce capital-intensive activities ahead of the introduction of new Basel III global banking rules.”

It is more likely that the banks made the move to allocated storage due to an increased preference from their investors who are weary of continuing systemic risk.

We have spoken and written about this trend for some time.

In recent months there has been a definite change by our clients and by bullion owners internationally from owning gold and silver in unallocated accounts, to owning bullion coins and bars in allocated and segregated accounts.

Investors who were unwilling before to pay annual storage fees on allocated accounts are now willing to pay the extra cost. This is due to increased awareness and concern about systemic risk and a preference for owning gold directly and eliminating counter party risk.

Indeeed, we and other bullion dealers who offer allocated storage outside the banking and financial system have seen flows out of bullion banks unallocated gold account offerings and into allocated accounts such as with Perth Mint and Via Mat.


XAU/JPY Gold in Japanese Yen, Monthly – (Bloomberg)

Smart money internationally is moving towards allocated storage and away from more risky unallocated storage and this trend is set to continue. 

With unallocated storage one is an unsecured creditor of the provider or bank whereas with allocated storage the client directly owns the gold and the gold cannot become encumbered. 

Allocated and segregated storage costs more money as more space is required in vaults and there is a higher insurance cost. Banks have realised that there is a preference to own allocated gold and are moving to offer that. They may also be able to make a small margin on the annual storage fee, in and above, the cost of storage to them.

The move by the Swiss banks is a reactive one in order to prevent the loss of clients who are concerned about systemic risk and want to own bullion in the safest way possible.

NEWS

U.S. Mint Silver-Coin Sales Surge After Temporary Suspension - Bloomberg

US silver coin sales set record in January after halt - Reuters

Swiss Banks Lose Old Taste for Gold - CNBC

Platinum Poised for Best Month in Year as Gold Drops in January - Bloomberg

Gold futures edge higher ahead of Fed – Market Watch

COMMENTARY

Silver Eagle Sales Surge To All-Time Record In January – Zero Hedge

Powerful Entity Now Battling The Silver Manipulators – King World News

The Fiat Dow – NY Sun

Video: 1794 Silver Dollar Fetches Record $10M at Auction - Bloomberg

 


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Wed, 01/30/2013 - 09:01 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Define allocated again.

Wed, 01/30/2013 - 09:06 | Link to Comment Sheeple Shepard
Sheeple Shepard's picture

See: Stockholm syndrome.

Wed, 01/30/2013 - 09:15 | Link to Comment trav777
trav777's picture

Allocated means that there is a piece of paper which says that you have your own bars and sets forth your rights with respect to them.  It gives the bank "like kind" outs, because they aren't really actually going to partition a vault for you.

At most, allocated gold is going to be a contractual share of big bars.  So if the bank has 1000 oz in allocated ownership, they should have 1000 oz on a shelf.  It's just an accounting convention.

Wed, 01/30/2013 - 09:16 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Thanks......makes sense.

Wed, 01/30/2013 - 09:19 | Link to Comment knukles
knukles's picture

Say what again?

Now we know where Corzine is!

Wed, 01/30/2013 - 09:21 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Can someone please tell me the difference between holding allocated gold abroad versus storing gold in an anonymous airport locker?  k thx bai

Wed, 01/30/2013 - 09:24 | Link to Comment fourchan
fourchan's picture

so the banks that have totally fucked us over the last century are willing to hold our

gold and silver for us after they enslaved us to debt and took our assetts.

what a bad joke. anyone who would do this deserves the total loss of their real and fake money.

Wed, 01/30/2013 - 10:15 | Link to Comment Enslavethechild...
EnslavethechildrenforBen's picture

I don't want the Bankers allocating anything of mine, thanks.

Wed, 01/30/2013 - 15:18 | Link to Comment strannick
strannick's picture

Problem with allocated gold in a bank is that its in a bank. 

Wed, 01/30/2013 - 11:27 | Link to Comment Pegasus Muse
Pegasus Muse's picture

UBS -- that's ex-Sen. Phil 'I killed Glass-Steagall' Gramm's bank.  He works there.  No thanks. Won't be doing business with UBS. http://www.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877330,00.html

========= 

von Greyerz - Customer Shocked “Allocated” Gold Not in Swiss Bank

Today Egon von Greyerz told King World News that a client went to move a significant amount of “allocated” gold from a Swiss bank, but the bank shocked the customer because they did not have the gold. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said, “the risk of having gold in the banking system is major.” 

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/21_Greyerz_-_Customer_Shocked_Allocated_Gold_Not_in_Swiss_Bank.html

Bottom Line:  Store your stuff in a Bank -- any bank -- you just might not get it back.

Wed, 01/30/2013 - 09:24 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Airport lockers are only required when you need fast access.

Wed, 01/30/2013 - 09:45 | Link to Comment new game
new game's picture

until someone gets royally screwed in the paper markets of silv trading this goes on.

until their is a clear segragation of vlaue this goes on.

know in your mind that the supression is a gift from blythe.

the days will arrive when your fantasy silver is not obtainable as the trust erodes

know also that you must be patient and continue to accumulate

know also, also that when that happens you are to late to get in.

easy to sell, but very hard to obtain physical.

think ar 15 before and after.

literate double and once again you can thank a single person for the sea change.

just see more and more interest by more and more mainstream groups that are acting not talking!

Wed, 01/30/2013 - 11:31 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

If by fast you mean, < 7 years, I think an airport locker has the edge here.

Wed, 01/30/2013 - 10:01 | Link to Comment forwardho
forwardho's picture

I think very little. They will both be cleaned out(by someone other than you) at some point in the future.

But at least you have a chance with the locker.

Wed, 01/30/2013 - 10:34 | Link to Comment trav777
trav777's picture

an airport locker?  LOL...you'd have to be insane to store anything of value in a bin that anyone can go into an empty out without recourse to you.

A bank deposit box is at present the securest storage location when you add up theft/robbery risk and balance it against failure/seizure risk.  At PRESENT.

You can always buy Perth certs if you want them to hold your gold for you.  They are an actual mint in the business of producing.

Wed, 01/30/2013 - 11:47 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

Just proving a point.  Knowing where to hide something that no one could possibly know is more valuable than keeping something someplace that anyone could possibly know.

Ask Germany.

Wed, 01/30/2013 - 09:06 | Link to Comment HoofHearted
HoofHearted's picture

Mine is allocated in my home vault. That's the only way to go allocated in my book. It sets right there next to an AK and an AR in case any of you bitchez get any ideas about taking my shiny out for a boat ride. That's something reserved for my precious and me alone...

Wed, 01/30/2013 - 09:50 | Link to Comment Hobbleknee
Hobbleknee's picture

*takes gold and guns while you're at work*

Wed, 01/30/2013 - 10:04 | Link to Comment HoofHearted
HoofHearted's picture

I later thought that I shouldn't be mentioning that I have all the good stuff, but my kids are homeschooled and my wfie's dad was the state champ in marksmanship back in high school. My wife was well taught, and she and my 9 year old are as good of shots as I am. You'd probably be better off messing with me rather than the redhead and the little guy who loves the A-Team and has an itchy trigger finger. See you tonight? 

Wed, 01/30/2013 - 10:28 | Link to Comment Hobbleknee
Hobbleknee's picture

I was just kidding, dude :)

Wed, 01/30/2013 - 11:58 | Link to Comment HoofHearted
HoofHearted's picture

Me too. You'd have to go to all the hiding places to find all the shiny stuff. The one in the closet is a dummy for any idiot who tries to take something from us. Diversification plus subterfuge.

Wed, 01/30/2013 - 10:35 | Link to Comment trav777
trav777's picture

your house fireproof too?

Wed, 01/30/2013 - 12:11 | Link to Comment HoofHearted
HoofHearted's picture

Nope, but the safes inside the vault are. And good luck burning the tubes in the yard, wherever those may be...or not...

Are you thinking we should go with an allocated account? 

Wed, 01/30/2013 - 13:12 | Link to Comment trav777
trav777's picture

Good...so after you're dead, we can pick through the charred rubble for your gold

Wed, 01/30/2013 - 09:05 | Link to Comment SilverDOG
SilverDOG's picture

"Swiss banks now offer"

 

Here sucka sucka sucka!

Here sucka sucka sucka!

 

 

Wed, 01/30/2013 - 09:07 | Link to Comment q99x2
q99x2's picture

Allocated to Jon Corzine and family.

Wed, 01/30/2013 - 09:08 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

possession is "ten tenths" of the law...

when will mother fuckers ever learn....

NEVER TRUST A FUCKING BANKER!!!!!!!

 

Wed, 01/30/2013 - 09:17 | Link to Comment espirit
espirit's picture

Now weave half all zee gold!

Wed, 01/30/2013 - 09:09 | Link to Comment buckethead
buckethead's picture

Basel I

Basel II

Basel III

Anyone got a source which can explain these (accounting rules/treaty?) in laymans terms?

Who makes these rules and by what authority?

Sorry to show my ignorance, but hiding it is even worse.

Wed, 01/30/2013 - 09:26 | Link to Comment auric1234
auric1234's picture

This is where they come from:

http://www.bis.org/

 

Wed, 01/30/2013 - 09:35 | Link to Comment Ghordius
Ghordius's picture

happy to oblige, but please take my explanation as something where you can research the words used and make up your own mind

a complete bastard's 101 to BIS:

The Bank for International Settlements (in Basle, Switzerland) is the "Bank of the Central Banks" - some would say "the UN of banks"

Whenever Central or National Banks want to do something discreetely, they usually use the BIS, their "handmaiden"

they have guidelines for bank accounting, based on international accords: Basle I accord, etc. up to III

the whole thing behind it is "how much capital does a bank need in order to hold an asset?" - remember, we are talking about corporations that are granted from their nations the magic privilege of fractional reserve banking, so some assets are deemed soo safe that banks can leverage them to unicorn themselves, and so the whole thing is structured around the "risk" component towards "how much capital is needed to absorb losses in case this goes down"

but you only need to know one thing at the moment: the US Megabanks find Basle III a very, very bad thing indeed, and the UK based ones are grumbling, too. Meanwhile the eurozone banks are making progress toward it because they must, or else - because we continental europeans have from time to time this "fascist" attitude of seeing banks as facilities

Basel III has had some press because gold becomes a "Tier I" capital asset, i.e. "a very good thing for a bank to hold" - this explains part of the US criticism towards it

Wed, 01/30/2013 - 09:38 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Who does the BIS work for and what country are they from?

Wed, 01/30/2013 - 09:47 | Link to Comment Ghordius
Ghordius's picture

that's the trick: it's clients (and members of the org) are Central Banks (the big 60 of them), and the employees are from all over the world, but of course... bankers

but as I was hinting above, not all bankers agree about what is sound banking

Wed, 01/30/2013 - 10:07 | Link to Comment new game
new game's picture

ripe for a comment; looking at a pile of shit and thinking shit is shit and therefor shit will always be shit...

Wed, 01/30/2013 - 12:28 | Link to Comment Ghordius
Ghordius's picture

...and having a rule that says how much you can leverage this shit

Wed, 01/30/2013 - 09:14 | Link to Comment swissaustrian
swissaustrian's picture

UBS and CS are also offering clients to visit the vaults with the "allocated" gold. Segregation is an unknown concept from what I've heard.

Wed, 01/30/2013 - 09:15 | Link to Comment trav777
trav777's picture

people think allocated gold is like how kids think of bank accounts, like a little safe with YOUR actual physical stuff in it.

Wed, 01/30/2013 - 09:31 | Link to Comment auric1234
auric1234's picture

I was wondering... what would be the right way to explain banking to kids? I mean, the real thing is so complicated. Is there some way to simplify it?

When I have kids, I'm thinking that I'll buy them a piggy box and give them small pieces of gold or silver so they can save them in it. I won't encourage them to put their savings in a bank of course. But they need to learn nevertheless. What to tell them? How to explain?

 

Wed, 01/30/2013 - 09:42 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Play Monopoly with them....and cheat. Then offer to play again tomorrow.

Wed, 01/30/2013 - 10:29 | Link to Comment Fred C Dobbs
Fred C Dobbs's picture

When you cheat make sure you tell them you are the banker.  

Wed, 01/30/2013 - 11:12 | Link to Comment InvalidID
InvalidID's picture

Monopoly the fast game: One players is named Banker, he gets all the money, and wins. Wanna play again?

Wed, 01/30/2013 - 10:09 | Link to Comment Hobbleknee
Hobbleknee's picture

Show them a small pile of candy and a large pile of candy.  Ask them to explain the differences between the piles.  Then ask them which one is worth more and why. Then do the same thing with a $1 bill and a $10 bill.   From there you can explain what fiat is, and that it has no real value....

Wed, 01/30/2013 - 10:02 | Link to Comment FrankDrakman
FrankDrakman's picture

Actually, I worked for one of the many private precious metal depositories in Delaware for a while. We did have segregated accounts, where a client would have their own carefully delineated space on a shelf, and their own metal (coins, bars, what have you) would be stored there. You paid a bit extra for that privilege, though.

You'd think waking around past millions of dollars of gold and silver would be exciting, but after the first week, it's boring. 1,000 oz silver bars especially. They're big, ugly (not shiny at all), and they just get stacked on pallets like so many slugs of pig iron. But if the little sticker on the bottom of the pallet had YOUR name on it, you were rich!

Wed, 01/30/2013 - 10:37 | Link to Comment trav777
trav777's picture

that was the practice "back in the day."

Silver is ugly but not quite as ugly as silverbugz

Wed, 01/30/2013 - 10:43 | Link to Comment FrankDrakman
FrankDrakman's picture

This was only two years ago; doubt they've changed practices much, as it's a pretty conservative industry. All the TV's were permanently tuned to Fox Business.

Wed, 01/30/2013 - 09:14 | Link to Comment negative rates
negative rates's picture

Anything sealed from the mint, I would beware on the inside.

Wed, 01/30/2013 - 09:15 | Link to Comment FrankDrakman
FrankDrakman's picture

Is an "allocated" bullion account anything akin to a "segregated" client account?

Some former MF clients just want to make sure...

Wed, 01/30/2013 - 09:18 | Link to Comment rwe2late
rwe2late's picture

So, unlike "unallocated" gold,

having "allocated" gold is completely safe,

right?

(although it may be 'unauditable',

and you may have to wait seven years or more

to have it returned)

...

Real Reason Germany Wants Its Gold Back

http://www.marketoracle.co.uk/Article38743.html

 

Wed, 01/30/2013 - 09:47 | Link to Comment pods
pods's picture

To save everyone time, I will just include this for that time in the future when you are holding colored paper, or your allocated account was settled with paper shares in some other scam.

http://en.wikipedia.org/wiki/Force_majeure

pods

Wed, 01/30/2013 - 09:18 | Link to Comment Oldrepublic
Oldrepublic's picture

Jim Willis states that many class action lawsuits have been filed recently in Switzerland  due to the Swiss banks taking gold from allocated accounts, very little publicity due to the signing of non disclosure agreements. Says billions of dollars at stake

 

Wed, 01/30/2013 - 09:23 | Link to Comment 10044
10044's picture

It's allocated, but you can't see/touch/inquire about it. But it's there, trust me, definitely in their vaults, they are honest individuals who have customers' best interest at heart.

Wed, 01/30/2013 - 09:29 | Link to Comment caimen garou
caimen garou's picture

hold on here, what is all this talk of gold anyway? it's not money, right bend us all over bernake? you fucking POG!

Wed, 01/30/2013 - 09:32 | Link to Comment auric1234
auric1234's picture

Tradition!

 

Wed, 01/30/2013 - 09:40 | Link to Comment forwardho
forwardho's picture

We are reverting to a time when the wealthy kept the majority of their assets in small chests, in a vault.

Those who have accumulated large net worths most likely also know that actual "Matter" cannot  be destroyed.

A law of physics.

Gold is Gold. an immutable physical element.It cannot be created, It cannot be destroyed, it does not even oxidize.

Paper, on the other hand oxidizes in a spectacular fashion.

 

 

Wed, 01/30/2013 - 09:34 | Link to Comment Sudden Debt
Sudden Debt's picture

I'M GOING TO SELL SOME ALLOCATED GOLD ON EBAY WITH A 10% DISCOUNT ON SPOT!!!!

after payment I'll send you a email with your special allocated gold number claim

BUY BUY BUY BUY BUY!!!

SUPPLY IS UNLIMITED!!

BUY 4 OUNCES OF GOLD GET A 5th FOR FREE!!!

 

Wed, 01/30/2013 - 10:30 | Link to Comment Peter Pan
Peter Pan's picture

I bet you would even take an offer for less than spot minus 10%.

Wed, 01/30/2013 - 09:37 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

I'd never play three card monte with my lunch money, but I would definitely go for this deal.

Wed, 01/30/2013 - 09:50 | Link to Comment etresoi
etresoi's picture

As a Swiss, I'd stay away from UBS and CS. I buy allocated gold from Zurcherkantonal Bank, which has a much better balance sheet and strong protection.  One can also remove physical from ZKB, at any time.

Wed, 01/30/2013 - 09:42 | Link to Comment pods
pods's picture

Most people who like the thought of their surplus labor being stored in something safe actually unwittingly help maintain the status quo.

Like this snowjob.  Does anyone think that this is going to be on the up and up?

If you don't hold it, you don't own it!

And buying into these schemes, along with gold IRA's, GLD, SLV only helps to perpetuate the paper PM scam.

pods

Wed, 01/30/2013 - 09:46 | Link to Comment youngman
youngman's picture

"With unallocated storage one is an unsecured creditor of the provider or bank whereas with allocated storage the client directly owns the gold and the gold cannot become encumbered. "

This will be the mantra of this year...get your own gold...store your own gold..I don´t think it will be in banks either...to risky...other options will come out...but people are losing faith....and fast....and faith is all they have now....when the fiats lose the faith....its over....and the dam breaks...

Wed, 01/30/2013 - 09:45 | Link to Comment Uncle Zuzu
Uncle Zuzu's picture

You put your own gold in your personal safe.  Two keys are needed to lock or unlock the safe.  You keep a key and the bank keeps a key.  Your key is in purple plastic, has Mickey Mouse on it and does nothing at all.  The bank's key is made of platinum and embossed with the logos of the Fed, the ECB and other central banks.

Wed, 01/30/2013 - 10:01 | Link to Comment Hobbleknee
Hobbleknee's picture

Who cares about allocation?  The real money is in boating insurance!

Wed, 01/30/2013 - 10:15 | Link to Comment new game
new game's picture

speaking of allocated physical being bought and sent fed ex to a home near you:

markets taking a cue from the ongoing spank put.

thx for getting together at tax payers expense and dispensing the best minds out there to keep er going.

Wed, 01/30/2013 - 10:20 | Link to Comment Peter Pan
Peter Pan's picture

There is no such thing as allocated when the shit hits the fan.

Wed, 01/30/2013 - 12:02 | Link to Comment They Tried to S...
They Tried to Steal My Gold's picture

I believe that is the :

 

SHTF ETF....

Wed, 01/30/2013 - 10:56 | Link to Comment americanspirit
americanspirit's picture

Allocated means that your personal banker takes your gold home with him at night and puts it in a secret safe place like the veggie drawer of his fridge, and then his German shepherd watches it until morning, when he takes it back to the bank and puts it in a locked drawer in his desk. There - safe.

Wed, 01/30/2013 - 11:27 | Link to Comment CheapBastard
CheapBastard's picture

splain to me why the Swiss peole are buying gold bars and wheeling them out of the bank into their own possession?

 

(Reuters) - The world's wealthiest people have responded to economic worries by buying gold by the bar -- and sometimes by the ton -- and by moving assets out of the financial system, bankers catering to the very rich said on Monday.

 

Fears of a double-dip downturn have boosted the appetite for physical bullion as well as for mining company shares and exchange-traded funds, UBS executive Josef Stadler told the Reuters Global Private Banking Summit.

 

"They don't only buy ETFs or futures; they buy physical gold," said Stadler, who runs the Swiss bank's services for clients with assets of at least $50 million to invest.

 

http://www.reuters.com/article/2010/10/04/us-wealth-summit-gold-idUSTRE6...

Wed, 01/30/2013 - 12:25 | Link to Comment GNWT
Wed, 01/30/2013 - 12:48 | Link to Comment FunkyOldGeezer
FunkyOldGeezer's picture

This can only mean one or two things. Basically, they don't have enough Gold for future calls on physical, or confiscation WILL take place, once enough Gold has been deposited. NO bank vault (or private company vault) in the world could possibly stop a heavily armed government with tanks at street level from acquiring the goodies.

What happened to the Nazi confiscated Gold, paintings etc that ended up in Switzwerland? The owners had their property confiscated not once, but twice and the Swiss banks didn't give it back, without one hell of a court fight, requiring insane levels of proof of ownership... if they let go of any, at all.

Wed, 01/30/2013 - 13:47 | Link to Comment slightlyskeptical
slightlyskeptical's picture

"The move by the Swiss banks is a reactive one in order to prevent the loss of clients who are concerned about systemic risk and want to own bullion in the safest way possible."

The reason for this move is hypothecation. There simply is not enough real metals for everyone who claims ownership. Welcome to the precious metals fractional reserve system.

Do NOT follow this link or you will be banned from the site!