- Gold Bank Run Begins? Dutch Bank ABN Amro Halts Physical Gold Delivery!
The Cyprus/ Eurozone crisis has just intensified, as Dutch Bank ABN Amro has sent a letter to clients this weekend informing them that they will halt extradition and physical delivery of their clients’ gold holdings effective April 1st!
No worries however, Amro ensures its clients that there is no need to panic or do anything rash (such as remove your phyzz prior to April 1st: We ensure that we have your investments in precious metals now the new way to handle and administer Forget traditional imminent deposit bank runs in Cyprus, has a physical gold bank run begun?
And the human English translation via an SD reader:
Changes in the handling of orders in bullion
As of 1 April 2013, ABN AMRO will switch over to another custodian for precious metals gold, silver, platinum and palladium. Therefor we will handle and administer your investments in precious metals differently. In this letter you can read more about this.
What will change?
With the transition to the new custodian, the following will change for you as of 1 April 2013:
• You can no longer request physical delivery of your precious metals from us
• Do you execute orders for precious metals via the ABN AMRO account? Then the settlement of these orders are henceforth performed at bid price or ask price prevailing on the market for precious metals. No longer on the mid-price, as you are used to.
• The bid price is the price that merchants offer for precious metals that are put up for sale, when you sell.
• The ask price is the price at which traders want to sell precious metals, when you buy.
• From now on we will value the precious metals in your investment portofolio at bid prices
You can read more about investing in precious metals in Chapter 4 (Supplementary conditions for investing in precious metals) of the Investment Account Conditions. You can find these at abnamro.nl/voorwaardenbeleggen
Should I do anything?
…. for the full article click here!