From Agora Financial's 5 Minute Forecast last Friday. I call it take delivery of your physical gold. Two excerpts:
Are Swiss banks getting tightfisted about handing over the gold they stash on behalf of their clients when those clients decide they want to stash it themselves? That's what we're hearing from the top echelon of the world's wealthy.
First comes a story related by Jim Rickards of Omnis Inc., the man perhaps best known for negotiating the rescue of the hedge fund Long-Term Capital Management in 1998. He tells about a client of a major Swiss bank who was refused access to his $40 million of gold.
It took lawyers, it took threats of publicity, it took a lot of pressure, before the bank would relent, Rickards says. This is something that should have taken two days, three days, a week at the most, although I would say even a week is a long time. But it took 30 days.
My inference is that that gold was not there. The bank had to scramble, go out and find it somewhere before they could make good delivery.
I could tell you several stories of similar experiences, says our friend James Turk from GoldMoney. He cites the example of an individual with $550,000 of silver stashed in a Swiss bank -- not exactly a super high roller like Rickards described.
This individual bought his silver more than a decade ago. And yet he's been struggling for two months to collect his bullion. The bank is insisting he take cash. This one's not yet resolved.
People increasingly want to own the real thing, says James, and not some paper substitute like an ETF, or even physical gold held in an unallocated account (where your gold is mingled with other peoples' gold).
All of this underscores the final part of Energy & Scarcity Investor editor Byron King's long-standing advice about precious metals. Buy gold. Buy silver. Take delivery.
Here at Lear Capital, we are ready to ship your physical gold and silver. Now.