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Second Dutch Bank To Follow ABN Amro, Close Gold Accounts

Posted By admin On July 18, 2013 @ 5:58 am In Money Watch | Comments Disabled

Silver Doctors [1]
July 18, 2013

Rabobank has just followed in the footsteps of ABN Amro which effectively defaulted by halting deliveries of gold bullion [2] in April, as the Dutch bank will close customers’ gold accounts effective September 1st!

With the GOFO now negative for a record 8th consecutive day, it appears the wave of bullion bank defaults warned of by William Kay [3] may be just getting started.

As Beurs [4] reports (via google translate), Rabobank has given no explanations for the move, simply stated that customers can no longer acquire precious metals after September 1st, and will have up to 1 year to transfer open accounts to another institution:

Rabobank grabs the slump in the gold and silver market to get rid of accounts linked to these precious metals. It follows in the footsteps of ABN AMRO [5] that made ​​possible the delivery of physical gold and silver a few months ago. It is striking that another Dutch bank takes a decision that the liquidity of physical gold and silver limited.

From September 1, customers can no longer precious metals purchases. Who then some in his account has standing, given a year to the balance [5] to sell or transfer to another bank. The bank would be interested in such investment have seen decline for some time. Hence the decision to the product no longer to offer [5] .

“Why does Rabo it?”, Asks Pascal Paepen of  De Morgen [6]  himself. , “I do not know” was his answer.Were there a little too much to lose customers who had speculated? Or would the bank no longer dealing with products that are not in the market? The popularity of the precious metals account may significantly decreased by [5] the rise of all kinds of ‘trackers’ and ‘ETFs’.

It appears that the barbaric relic known as “tradition” is becoming rather scarce to source or hold in volume in the Western banking system as the bullion banks have reached the bottom of their barrels.
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URL to article: http://www.prisonplanet.com/second-dutch-bank-to-follow-abn-amro-close-gold-accounts.html

URLs in this post:

[1] Silver Doctors: http://www.silverdoctors.com/second-dutch-bank-to-follow-abn-amro-close-gold-accounts/

[2] effectively defaulted by halting deliveries of gold bullion: http://www.silverdoctors.com/dutch-bank-abn-amro-halts-physical-gold-delivery/

[3] wave of bullion bank defaults warned of by William Kay: http://www.silverdoctors.com/william-kay-purpose-for-major-gold-raid-was-to-prevent-all-major-bullion-banks-from-defaulting-like-abn-amro/

[4] Beurs: http://www.beurs.com/2013/07/15/rabobank-stopt-met-het-aanbieden-van-edelemetalenrekeningen/26812

[5] ABN AMRO: http://www.beurs.com/2013/07/15/rabobank-stopt-met-het-aanbieden-van-edelemetalenrekeningen/26812#

[6] De Morgen: http://www.demorgen.be/dm/nl/2461/Opinie/article/detail/1664842/2013/07/07/Het-einde-van-de-edelemetalenrekening.dhtml

[7] The Latest Gold Fraud Bombshell: Canada’s Only Bullion Bank Gold Vault Is Practically Empty: http://www.prisonplanet.com/the-latest-gold-fraud-bombshell-canadas-only-bullion-bank-gold-vault-is-practically-empty.html

[8] Gold Prices Not In A Bubble – Deutsche Bank: http://www.prisonplanet.com/gold-prices-not-in-a-bubble-%e2%80%93-deutsche-bank.html

[9] Big Banks Refuse to Let People Close Accounts: http://www.prisonplanet.com/big-banks-refuse-to-let-people-close-accounts.html

[10] Despite Preemptive Gold Margin Hike In Shanghai, Gold Is Poised To Close May Near Record On Sovereign Risk Worries: http://www.prisonplanet.com/despite-preemptive-gold-margin-hike-in-shanghai-gold-is-poised-to-close-may-near-record-on-sovereign-risk-worries.html

[11] France Bans Cash Sales Of Gold & Silver Over $600: http://www.prisonplanet.com/france-bans-cash-sales-of-gold-silver-over-600.html

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