Interesting article:
https://www.zerohedge.com/commodities/abn-amro-abandons-106-year-physical-gold-business-clients-forced-sell
With the gold market "breaking down," as we detailed earlier, amid a record surge in demand for physical gold but also a near shut down in supply as the most productive gold refiners, those located in the southern Swiss town of Ticina, namely Valcambi, Pamp and Argor-Heraeus, now appear to be offline indefinitely; we wonder if the timeliness of ABN's decision is more about avoiding the potential blowback from their ultimate fiduciary duty over clients' precious metals investments.Let's just hope, for the 200o or so private-banking accounts at ABN (and custodied at UBS) that the Swiss bank can get its hands on some of that 'deliverable' before time runs out...Which anyone who has been to APMEX or any other gold seller in the past few days, has discovered - may not be as easy to source as they hope:
Interesting...
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