Another Gold Shortage? Dutch ABN To Halt Physical Gold Delivery

Tyler Durden's picture


Based on a letter to clients over the weekend, it appears Dutch megabank ABN Amro is changing its precious metals custodian rules and "will no longer allow physical delivery." Have no fear, they reassuringly add, your account will be settled at the bid or offer price in the 'market' and "you need to do nothing" as "we have your investments in precious metals."




Via Google Translate,

Changes in the handling of orders in bullion


On 1 April 2013,. ABN AMRO to another custodian for the precious metals gold, silver, platinum and palladium. This we your investments in precious metals otherwise handle and administer. In this letter you can read more about it.


What will change?


With the transition to the new custodian will include the following from 1 April 2013 for you to change.
• You can have your precious metals to your investment account no longer physically let us extradite
• Gives you order in precious metals via the giro ABN AMRO? Then the settlement of orders that henceforth performed at bid prices or at the offer prices prevailing on the market for precious metals. No longer based on the mid-price, as you used to.
• The bid price is the price that merchants offer for precious metals that are offered for sale, so if you sell.
• The ask price is the price at which traders want to sell precious metals, so if you buy.
• We are the positions in these precious metals in your investment statements against future bid prices appreciate


You can read more about investing in precious metals in Chapter 4 (Supplementary conditions for investing in precious metals) of the Conditions Beleggersgiro. You can find these at / Conditions invest


Should I do anything?


You need do nothing. We ensure that we have your investments in precious metals now the new way to handle and administer.


(h/t MDG by way of Frank Knopers)

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Sun, 03/24/2013 - 16:46 | 3369402 Joebloinvestor
Joebloinvestor's picture

We don't have your shit, we are fucked and so are you.

Trust us.

Sun, 03/24/2013 - 16:47 | 3369411 Spider
Spider's picture

They will settle in Tungsten...

Sun, 03/24/2013 - 16:50 | 3369422 jaap
jaap's picture

en we mochten ook al geen goldmoney account meer hebben....

and we were already not allowed to have a goldmoney account....


Good that they protect us from stupid investments in relics..

Sun, 03/24/2013 - 16:54 | 3369444 RuiNsPro
RuiNsPro's picture

LOL. What are you guys complaining about? If Germany has to wait 7 years to get their gold, you should not expect a speedy delivery (or at all) either.

Sun, 03/24/2013 - 17:10 | 3369542 francis_sawyer
francis_sawyer's picture

I'm actually starting to think that the 'Annunaki' have airlifted most of the gold off this planet & we're left here to duke it out with joobux for having not bowed down to "Zod" the lizard lord at some critical moment in history...

Sun, 03/24/2013 - 17:21 | 3369598 WmMcK
WmMcK's picture

The lizard king, the snake is long, doors of perception, Huxley.

Sorry, I get carried away in the stream of consciousness sometimes.

Back to the Earth Chronicles -- we are all gold miners now.


Sun, 03/24/2013 - 17:30 | 3369630 AnonymousCitizen
AnonymousCitizen's picture

Perfect. They hold my gold. I hold their cash.

Actually, I don't. I use it to take delivery of real gold.

Sun, 03/24/2013 - 17:42 | 3369670 Big Slick
Big Slick's picture

Is YODA the Google translator?

Sun, 03/24/2013 - 18:01 | 3369731 macholatte
macholatte's picture


You need do nothing. We ensure that we have your investments in precious metals now the new way to handle and administer.

Ain't that the "Old Way" of stealing.

Q. How do you say "Fuck Off" in Bankster?

A.  Trust me


Braha ha ha ha


Sun, 03/24/2013 - 18:29 | 3369812 deKevelioc
deKevelioc's picture

I see no problem here.  It's just a blue-chip company keeping in touch with its valued customers.  There must be a reasonable explanation for this communique, and that must be, THERE'S NO GOLD! PANIC!  GET OUT TO SAVE YOUR LIVES!

Sun, 03/24/2013 - 18:31 | 3369817 strannick
strannick's picture

Banks keeping the (dutch) gold, keeping the (cypriot) money.

CONfidence is gone.

Sun, 03/24/2013 - 18:41 | 3369853 Supernova Born
Supernova Born's picture

It puts the paper in its wallet. If it asks for gold it gets the hose again.

Sun, 03/24/2013 - 19:07 | 3369911 fockewulf190
fockewulf190's picture

That was the signal I was looking for to pull the trigger with the last of my fiat. It has been said time and time again, don't keep your gold or silver within the banking system! If you don't physically possess it, you don't own it!

The EU bigwigs are in full panic mode right now, and they are going to fly this bitch, on full afterburner, straight into the ground. Make no mistake about it. But before hand, they are going to tell you that the flight is on time, with only some light turbulence expected...while at the same time they double lock the escape exits and confiscate as many parachutes as possible. There is little time left to jump people. Get your phyzz before it's too late!

Sun, 03/24/2013 - 19:43 | 3370051 krispkritter
krispkritter's picture

I think I need to update this?

Input fellers?

Sun, 03/24/2013 - 20:04 | 3370134 macholatte
macholatte's picture


Everyone who has no gold in their portfolios get out now!





Sun, 03/24/2013 - 20:31 | 3370279 Scarlett
Scarlett's picture

is it just me or is this thing truly accelerating?

Sun, 03/24/2013 - 20:48 | 3370357 Temporalist
Temporalist's picture

Gold shines in Dubai as trade said to hit record $70bn in 2012

"Dubai’s gold trade is estimated to have exceeded $70 billion in 2012, hitting record highs as more of the precious metal is exchanged and stored in the emirate.

Official figures show the gold trade was worth around $56 billion in 2011, and the figure for last year is estimated to be at least 25 percent higher."


Of course this is meaningless...

Sun, 03/24/2013 - 20:57 | 3370393 fiftybagger
fiftybagger's picture

Hmmm,  looks like they be in for some "instability". Gaddafi style.

Silver For The People

The Bitcoin Channel

Mon, 03/25/2013 - 00:51 | 3371195 zhandax
zhandax's picture

I'm actually starting to think that the 'Annunaki' have airlifted most of the gold off this planet

Spring is around the corner, and scuba gear is being readied across the country to verify that the decentralized ZH stash survived winter intact.

Sun, 03/24/2013 - 23:51 | 3371078 kchrisc
kchrisc's picture

Great visual! Straight down at full afterburner.

That will leave some mark.                      hujel

Sun, 03/24/2013 - 18:04 | 3369738 WmMcK
WmMcK's picture

Harder to translate than Galactic Basic, Dutch is. Yes, hmmm.

Sun, 03/24/2013 - 18:22 | 3369791 RockyRacoon
RockyRacoon's picture

Can somebody translate the translation for me?  You'd think ZH had access to a righteous translator rather than relying on a Google translation from Chinese to English as the fourth iteration.

Mon, 03/25/2013 - 08:26 | 3371608 Agstacker
Agstacker's picture

Safe your gold is.  Or is it...

Sun, 03/24/2013 - 17:53 | 3369707 fourchan
fourchan's picture

funny thing about a finite supply of real money, 

it's unaffected by every mistake and fraud perpatrated with jewbux in every country around the globe.


gold stands tall where all others fall.


Sun, 03/24/2013 - 18:34 | 3369829 Silver Garbage Man
Silver Garbage Man's picture

Gold and Silver will be the last man standing.

Sun, 03/24/2013 - 18:36 | 3369836 DoChenRollingBearing
DoChenRollingBearing's picture

Men?  But, yes...   :)

Sun, 03/24/2013 - 18:28 | 3369805 DoChenRollingBearing
DoChenRollingBearing's picture



Correct.  Take their gold with cash.  2013's best trade.  And the Dutch economy is slowing now...  

Cash in a European bank???  Or gold?  Hmm.  Duh.

Sun, 03/24/2013 - 17:30 | 3369629 imbrbing
imbrbing's picture


Sun, 03/24/2013 - 17:59 | 3369718 Dungeness
Dungeness's picture

Yes, what other reason could there be?

If no one can deliver physical gold, why? Where is it?

Sun, 03/24/2013 - 19:10 | 3369771 Cap Matifou
Cap Matifou's picture

You ask us, how and why it was sold 100 times the amount of underlying physical?

To supress the apparent price with HFT traded paper gold promise.

Sun, 03/24/2013 - 18:11 | 3369764 The Heart
The Heart's picture


Darn, there goes the neighborhood.

Sun, 03/24/2013 - 19:37 | 3370037 francis_sawyer
francis_sawyer's picture

Fuckin' kinda shit ALWAYS happens...

Sun, 03/24/2013 - 17:21 | 3369546 JustObserving
JustObserving's picture

7 years to get 300 tons which is just 3 Lufthansa flights.  And the Fed claims to be holding 6720 tons in its vault.

Goldnazi says no gold for you ... not for seven years.

Sun, 03/24/2013 - 19:21 | 3369990 NoTTD
NoTTD's picture

"You come back, seven years!"

Sun, 03/24/2013 - 19:45 | 3370057 Dave Thomas
Dave Thomas's picture

Do you think they have special flight paths for bullion flights like that? I mean what would happen if it crashed over a very deep part of the ocean and all. Personally I'd opt for sumbarine, since it's already sunken and all.


Sun, 03/24/2013 - 17:19 | 3369573 DosZap
DosZap's picture

If Germany has to wait 7 years to get their gold, you should not expect a speedy delivery (or at all) either.


No one said they HAD to wait, it was posted as their decision.

You think Chavez got theirs faster than Germany would if they said NOW?.

No way.

Sun, 03/24/2013 - 18:16 | 3369775 Cap Matifou
Cap Matifou's picture

Turns out, the Chavez chap was right all along, rip.

Sun, 03/24/2013 - 19:01 | 3369930 Bullionaire
Bullionaire's picture

Precisely why he was cancered.

Just sayin.

Sun, 03/24/2013 - 18:37 | 3369842 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 DosZap

Yes, if Germany PUSHED, my guess is they could get their gold now.

Sun, 03/24/2013 - 18:50 | 3369885 Going Loco
Going Loco's picture

DoChen I have the greatest respect for you but I don't agree. The failure to deliver the German gold instantly was the biggest warning sign there could be. You would have thought they would have made delivery quick and painless to maintain confidence. The fact that it is purportedly taking 7 years tells me that it is all over. Like the theft of deposits in Cyprus it is a "no going back from here" moment. In years to come I believe we will point to these months, and the events chronicled on this blog, and say to each other (those of us who survive): "That was the turning point".

Sun, 03/24/2013 - 19:32 | 3370024 DoChenRollingBearing
DoChenRollingBearing's picture

I have no way of knowing, that is just my guess.  I have thought we were at "the turning point", ever since, well, uh, Jimmy Carter...

If this IS the moment, it will LOTS OF FUN sorting all of this out in the coming weeks, months, years...

Sun, 03/24/2013 - 21:52 | 3370652 BoNeSxxx
BoNeSxxx's picture

The Bundesbank and the Fed are involved in an epic '69'.

Not hard to believe that Ben Shalom would have asked for a reach-around on this one - nor that it would have been granted. The Fed is backstopping EU banks and keeping the hot money flows alive (as ZH has exposed numerous times).


Edit: heading over to Apmex now to... well... you know...

Sun, 03/24/2013 - 19:37 | 3370034 Haole
Haole's picture

The U.S. and France had to invade Mali to get gold to fulfill Germany's request, or rather to steal Mali's production.  It's no coincidence that Mali's gold production adds-up to ~300 tons over 7 years.  I imagine Libya's gold could have went to fulfill Venezuela's request but who knows...

Sun, 03/24/2013 - 23:01 | 3370918 Flagit
Flagit's picture


Sun, 03/24/2013 - 17:16 | 3369579 franzpick
franzpick's picture

Well, if they can't deliver then let's get physical, with 7 years of tongueston, daily.

Sun, 03/24/2013 - 21:41 | 3370605 Greyhat
Greyhat's picture

Never ever give tungsten to a German! We know some of the best ways to use it! :)

Sun, 03/24/2013 - 16:54 | 3369450 kliguy38
kliguy38's picture

Please remain calm. This is only gold. It really is a relic but just in case you expect delivery, we want you to expect momentary delays....perhaps in the range of "decades".....

Sun, 03/24/2013 - 16:56 | 3369465 JustObserving
JustObserving's picture

We will deliver your gold by drone if you insist.

Sun, 03/24/2013 - 17:07 | 3369485 Manthong
Manthong's picture

I am a little confused.

Per the link in the “might enjoy” below..

Who has “taken delivery” of the pension fund's gold now.. did they.. or the Fed..   or the magic unicorn?

When I see the Fedex guy, I know what absolutely, positively delivered means.

What does it mean to a banker.. or a fiduciary?

Oh, I get it .. banker and responsible/accountable fiduciary are oxymorons.

Sun, 03/24/2013 - 17:09 | 3369541 JR
JR's picture

A bird in the hand is worth two in the bank, er bush.

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