In an exclusive King World News interview, Jim Rickards told KWN that he was informed that a client of a major Swiss bank requested to take his one ton of physical gold that he owned outright out of the bank, and the bank would not give him his gold. The client had to use his lawyers and threaten to go public in order to eventually get his gold.
Jim Rickards
?I Obviously can?t mention the names of the individuals or the banks involved, nor is there any need to. But just the bare bones which was reported to me was that an individual had a ton of gold, it?s about $40 million, so a $40 million position of physical and simply wanted the gold. Now this was not paper gold, it was not unallocated gold, it was not a gold future or a gold forward, gold option or Comex gold. This was just good old fashioned gold where he owned it outright, it was in effect a warehouse receipt is what they give you.?
?Correct and upon request to move the gold...the bank demurred, the bank said, ?Well, no, not so fast? and he said, ?What do you mean?? Anyway, long story short I could see that taking a day or two...This took thirty days to complete delivery. Now if the gold is sitting there it shouldn?t take thirty days. Oh, and by the way I should add that the individual had to threaten to go public, in effect say I?ll call Reuters or I?ll call King World News or I?ll call Dow Jones and let them know that you don?t have the gold, you?re not good for it.?
More at: http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/12/7_Jim_Rickards_-_Swiss_Bank_Client_Denied_His_%2440_Million_in_Gold.html
