Thread: Swiss banks running out of storage space for gold bullion

VAULT SPACE SHORTAGE

Swiss banks running out of storage space for gold bullion

Worries about the economy and the success in marketing gold ETFs has seen Swiss banks finding difficulty in meeting secure storage requirements for gold bullion.

Author: Lawrence Williams
Posted: Friday , 17 Jul 2009

LONDON - In a note entitled No more space for Gold Bars, Swiss news website 20 Minuten Online reports that Swiss banks are running out of secure storage space for gold bullion held by investors and institutions. Fears of hyperinflation, the economic downturn and the success of gold index funds (ETFs), which are supported by physical gold, has led to a run on precious metals investment - and in gold in particular, and in the necessary secure storage space in which to hold it..

One Swiss bank, earlier this year, reported that it was having to relocate some of its stored silver bullion to another site to make room for gold. The Zurich Kantonal bank put this down to the success of its gold ETF.

The website reports another Swiss investment banker despairing "We have the need to store more gold for our clients but are finding it difficult to find secure storage facilities". Gold storage makes high demands on security which is what is making the gold holding task more difficult. Few banks will divulge exactly where their gold is stored for security reasons.

Another banker reported that his bank still had space but that it is beginning to run out.

Some of the problems are being handled by improving the storage systems in existing space. As one banker commented "A 12.5 kilo gold bar only occupies about the same amount of space as a tetrapak of milk".

While the big U.S. based ETF, the SPDR Gold Trust has recently seen a relatively small decline in its gold holdings with some investors seeking better returns in the markets, the ever-cautious Swiss seem to be seeing continuing growth in locally managed ETFs. A recent report noted that Swiss Bank, Julius Baer, for example, was still seeing a 3.3% growth in its gold ETF in the current week. And even though the Swiss Central Bank has been selling gold via the Central Bank Gold Agreement, it still holds 38% of its foreign exchange reserves in the yellow metal.

http://www.mineweb.com/mineweb/view/min ... &sn=Detail

VAULT SPACE SHORTAGE

Swiss banks running out of storage space for gold bullion

Worries about the economy and the success in marketing gold ETFs has seen Swiss banks finding difficulty in meeting secure storage requirements for gold bullion.

Author: Lawrence Williams
Posted: Friday , 17 Jul 2009

LONDON - In a note entitled No more space for Gold Bars, Swiss news website 20 Minuten Online reports that Swiss banks are running out of secure storage space for gold bullion held by investors and institutions. Fears of hyperinflation, the economic downturn and the success of gold index funds (ETFs), which are supported by physical gold, has led to a run on precious metals investment - and in gold in particular, and in the necessary secure storage space in which to hold it..

One Swiss bank, earlier this year, reported that it was having to relocate some of its stored silver bullion to another site to make room for gold. The Zurich Kantonal bank put this down to the success of its gold ETF.

The website reports another Swiss investment banker despairing "We have the need to store more gold for our clients but are finding it difficult to find secure storage facilities". Gold storage makes high demands on security which is what is making the gold holding task more difficult. Few banks will divulge exactly where their gold is stored for security reasons.

Another banker reported that his bank still had space but that it is beginning to run out.

Some of the problems are being handled by improving the storage systems in existing space. As one banker commented "A 12.5 kilo gold bar only occupies about the same amount of space as a tetrapak of milk".

While the big U.S. based ETF, the SPDR Gold Trust has recently seen a relatively small decline in its gold holdings with some investors seeking better returns in the markets, the ever-cautious Swiss seem to be seeing continuing growth in locally managed ETFs. A recent report noted that Swiss Bank, Julius Baer, for example, was still seeing a 3.3% growth in its gold ETF in the current week. And even though the Swiss Central Bank has been selling gold via the Central Bank Gold Agreement, it still holds 38% of its foreign exchange reserves in the yellow metal.

http://www.mineweb.com/mineweb/view/min ... &sn=Detail

So who is hoarding all this gold. They are very vague about it for a reason...

So who is hoarding all this gold. They are very vague about it for a reason...

The money masters have been pumping gold for awhile. They got in when it was cheap....now they are pumping it to the average guy to make the price soar so they make money. Then money masters sell and leave average guy holding the bag (of gold) just when the price starts to go down. Money masters make their money, average guy loses his money. Then while average guy is holding the gold, money masters talk gold prices down, average guy sells at a loss to stop the bleeding of his assets. Money masters keep talking down the gold till the price plummets and is dirt cheap. Then money masters buy the gold cheap and start the process all over again. They did it with stocks, then with real estate, now with gold.

The money masters have been pumping gold for awhile. They got in when it was cheap....now they are pumping it to the average guy to make the price soar so they make money. Then money masters sell and leave average guy holding the bag (of gold) just when the price starts to go down. Money masters make their money, average guy loses his money. Then while average guy is holding the gold, money masters talk gold prices down, average guy sells at a loss to stop the bleeding of his assets. Money masters keep talking down the gold till the price plummets and is dirt cheap. Then money masters buy the gold cheap and start the process all over again. They did it with stocks, then with real estate, now with gold.

redpony353 wrote,

Then money masters buy the gold cheap and start the process all over again. They did it with stocks, then with real estate, now with gold.

I agree with your assessment of manipulations. What puzzles me is what is next?

During the late 70's when we saw this last we had a technological revolution in it's infancy getting ready to take off. All attention went off into that direction.

Now we are being told about a Green Energy Revolution about to take off. I do not see it, atleast not the way it is being sold as concerning windmills and solar panels.

Any thoughts?

redpony353 wrote,

Then money masters buy the gold cheap and start the process all over again. They did it with stocks, then with real estate, now with gold.

I agree with your assessment of manipulations. What puzzles me is what is next?

During the late 70's when we saw this last we had a technological revolution in it's infancy getting ready to take off. All attention went off into that direction.

Now we are being told about a Green Energy Revolution about to take off. I do not see it, atleast not the way it is being sold as concerning windmills and solar panels.

Any thoughts?