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Another Gold Shortage? Dutch ABN To Halt Physical Gold Delivery
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 abnamro.nl / 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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what do you expect the value of a contract to do that has just been exposed as not being able to deliver what it promised?
Rumor that the Gold you hold is being shipped to others is completely without true. None of the the Gold were not shipped to anyone that you are haven't been approved to not do so.
Trust is paid for with your patience. We have you in mind when you think of this.
The future looks like what we have told you it was what this means. That is why we tell you this so you are worry free of Gold and other metals we don't believe the rumors of.
We are looking forward to you as knowing what we believe you understand to be true now that it is explained in most un explained terms. You can take that to the bank. We are still open. For a bit longer.
Tomorrow at the latest.
Just wanted to let you all know:
Lots of rumors that Assad's been shot. Mostly Middle East media sources at this time.
we few, we happy few, we band of silver and gold holders.
We band of certified scuba divers.
Look guys just chill out, give us another seven years to try and crack the Philosopher's Stone secret then we can give you all the gold you want! We will even have Helicopter Ben personally deliver it to you, in the meantime go long USD! Beg, Borrow, Steal but make sure to do your patriotic duty and buy stocks! - Wall Street.
"based on a letter to clients over the weekend."
Guess I won't get my letter till Monday. Why always over the weekend? Don't these ABN Amro people have families to go home and spend time with?
.
Something stinks. Fractional reserve and rehypothecation?
How could you have possibly seen this coming?
Or capital controls....I'm shocked
Bank runs....astonished
I think they're laughing at us...
Lol, Monkeys pulling on levers more like...
Hey look at me, I got a whole lotta disposable income..
please relieve me of it....
Time to store it in a Nigerian bank, its safer...
nigeria has banks?
Nigeri has banks? You bet they do. They're on almost every street corner through west Africa gathering small amounts from hunbdreds of millions of people. Magically, these amount to vast quanities of monies when magnified through the telescope of fractional reserve banking.
Nigerian business ethics, fractional reserve banking, fiat money and imaginative Wall Street financial engineering, working together have created perhaps the world's best example of fantasy prosperity. How it will play out as the man on the street in Africa tries to draw out his savings remains to be seen. The most probable scenario is protection for the top of this food chain, Wall St., will be guaranteed by a forced printing of local currencies as depositers try to withdraw their savings, money.
ABN AMRO is a nationalized Dutch bank. Well, people with gold at ABN AMRO have a week to get their physical gold, if at all possible, After that it is bye bye. So who is this misterious 'new handler'? Is the Dutch government hording gold because the gold reserves are in the vaults of the FED in NY and therefore out of reach? Interesting.
I told them when I sold my gold and ilver with them, phyical was the issue. Their delivery conditions were also:if our counterparty can not deliver than you become their debtor, no guarantees, special circum stances. It basically said you can get it when the going is good, but when there is a crisis you can't count on anything. While that is the moment you need to be absolutely sure they have it and you can get it.
Kramer : It's just a write off for them .
Jerry : How is it a write off ?
Kramer : They just write it off .
Jerry : Write it off what ?
Kramer : Jerry all these big companies they write off everything
Jerry : You don't even know what a write off is .
Kramer : Do you ?
Jerry : No . I don't .
Kramer : But they do and they are the ones writing it off .
Jerry : I wish I just had the last twenty seconds of my life back .
1st of April. . .what else happens on April 1st? Is this genuine?
Note to bank creditors: Starting the beginning of May I will no longer pay bills per the old method of making digital transactions to your institution. Going forward just know that I have the digital wealth to make good on any notes going forward but in order to make it easier on you, I see no need in going through the formality of actually making a digital transaction. Please rest assured that the amount owed is in my possession and YOU NEED DO NOTHING FURTHER. TRUST ME. Now move along please.
We are only stealing your gold in our effort to serve you better, we're sure you'll understand.
ABN AMRO Bank- Thanj you very much for helping me to make up my mind.
I will no longer use you or any other bank, for either keeping my precious metals or my money.
I cannot say it was nice knowing you for that would be lying.
I would rather someone who spoke Dutch translated this correctly.
Methinks Google translate is perhaps somewhat inadequate.
I translated it.
"We're keeping your gold & giving U worthless paper money. Now, fuck off & let us bankers get to work, protecting U, our dear client, of course."
Intercepted email from Gerrit Zalm to all Senior Vice Presidents for ABN AMRO:
To all Senior Vice Presidents,
There will be NO DISCUSSION of our internal meeting with ANY ABM AMRO clients regarding the severe shortage of physical gold and silver we are now experiencing through our channels.
This policy will be strictly enforced by you at all levels of our divisions.
Sincerely,
Gerrit Zalm
Chief Executive Officer ABN AMRO
Gerrit Zalm is the scumbag who entered the Netherlands into the euro as finance minister and sold out the Dutch guilder too low.
Gerrit Zalm became a banker at the DSB bank which went bankrupt and cost lots of savers their life earnings.
Then he became bank president of ABN-AMRO after it was privatized in 2008.
Gerrit Zalm is a theiving scumbag and in my opinion deserves to hang from the highest lamp post!
Gerrit Zalm is laughing all the way to the bank:
http://www.groene.nl/uploads/0000/5517/HH_01052647_half.jpg
All your gold belong to us.
Have anice day.
Naturally paper gold and silver are getting beaten down right now...
look this is the new physics of gold, it's all there, but it's not there, schroedinger's golden cat sp, how can a bank be held responsible for high order physics?? why it might be there and it might not, but it's not possible to move or the world falls into a black hole..the fed knows all gold is connected on the atomic level, the instability is small amounts of gold held in private hands has caused the atomic fields to vaporize bankster held gold..until it is returned to the banksters vaults it will cause dangerous unwanted outcomes ...for a useless metal gold sure causes alot of headache for the central banksters of the world. oh no there goes my gold vaporized..and it's gone.
winning!
Better get your shit out of there
Maybe something was lost in translation, they said we have your investments in gold. Does that mean they have some kind of receipt from another party that may or may not have physical possession of the gold? Does any one know where Corzine is today?
I don't have a PM account there but based on what's in the letter it seems one could convert paper PM's into phyzz.
The key sentence says:
U kunt uw edelmetalen op uw beleggingsrekening niet langer door ons fysiek laten uitleveren.
Which translates as:
You cannot longer have the precious metals on your investment account be delivered by us physically.
Uitleveren in this sense means "to deliver", not "to extradite". The verb uitleveren is also used in the latter definition.
Disclaimer: I'm a native Dutch speaker with (what I think) is a reasonably good command of English.
Sell there, buy here, take delivery, bury in the back yard with your stash of greenbacks. Even custodians can no longer be trusted.
This is the famous "Dutch Treat". You give up the gold. They give up the fiat. All is good.
Headshot
+5
Is this where we need to add another precious metal to the PM mix? I'm talking about depleted uranium. When used in a projectile like a bullet moving at 3,000 fps it has amazing, unique properties. It can punch through one inch of armor, and in the process, becomes white hot, achieving temperatures of approx. 5,000 degrees F. The splatter on the other side of the aforementioned one inch armor usually ignites any flammable items, such as artillery shells, fuel, or does horrible damage to humans who happen to be in such a vehicle. Does anyone know the going rate for DU or the typical lot size? Inquiring minds want to know.
"Should I do anything?"
Yes, bend over.
PHYSICAL POSESSION.
Here is my full translation (do the best of my ability):
Changes in the handlng of orders in precious metals
From April 1 2013 ABN AMRO will change it's custodian for bullion gold, silver, platinum and palladium. This is why we will change the way we handle and administer your investments in precious metals. In this letter you can read all about it.
What's gonna change?
Because of the switch to the new custodian from April 1 2013 the following things are gonna change for you:
- You can no longer take delivery of your precious metals investment account.
- Do you give your orders via the ABN AMRO investment accounts? Than the payment for your orders from now on will be at the bid or ask prices that are valid on the market for precious metals. So no longer based on the mid-price, as you used to.
* The bid price is the price that merchants are willing to pay for the precious metals that is offered for sale, when you sell.
* The ask price is the price that merchants want for selling the precious metals.
- We will valuate the positions in your investmnet account on precious metals from now on these bid prices.
You can read more on investing in precious metals in chapter 4 of the prospectus (additional conditions for investing in precious metals). You will find these conditions on the website: www....
What do I have to do?
You don't have to do anything. We will take care for the canges in the way your investments in precious metals are handled and administered.
Question?
Jada jada jada
Call: +31 765491755
We will be glad to answer your questions.
One of the few places where you could get physical precious metals, the Deutsche Bank in Rotterdam has stopped to deliver physical in August 2012. I only know 2 places were you can still get physical metals in the Netherlands, but for how long ?
There are more places than two, see my first post in this thread.
ALL YOU GOLDS ARE BELONG TO US
I know a lot of places where to buy gold in Holland
http://goudvergelijken.nl
If you can read Dutch take a look at : www.abnamro.nl/nl/prive/beleggen/voorwaarden.html?pos=vku_voorwaardenbel...
According to the november 2011 conditions you where able to get Z gold/silver from "Deutsche Bank Nederland N.V." the old custodian, you not actually had the right to get metal delivered but under certan conditions you could.
download pdf "Informatie beleggen' Use above link to ABN, read chapter 4
The new conditions state that the new custodian wil be UBS AG Zürich, Zwitserland and that you can not get the metal delivered anymore.
download pdf "Voorwaarden Beleggersgiro per april 2013"Use above link to ABN, read chapter 4
So april first, you gold goes from deliverable to paper...
ps. the link in the post works also: www.abnamro.nl/voorwaardenbeleggen
When the sheeple get educated on EFP's and how the accounting works........Bankers will be assasinated.