I came across post on Graeme Irvines blog http://londonirvinereport.blogspot.com.au/ Gijsbert Groenewegen Posted Apr 15, 2013 ----Let me give you a taste of how reliable and safe banks are and the counter party risk they represent! The largest Dutch bank, ABN AMRO, defaults on physical gold deliveries to customers!! A couple of days ago, an important milestone was reached in the precious metals market as one of the largest banks in Europe, ABN AMRO, defaulted on their gold delivery contracts, and informed their customers there was no physical gold "available" for delivery. What does that tell you about the physical shortages in the market and manipulation of the gold market, do you need any other evidence!! Goldman just brought out a forecast that targeted a gold price of $1,300/oz!? ABN AMRO issued a letter to their gold contract customers of failure of delivery, and that instead the bank will pay account holders in a paper currency equivalent to the current spot value of the metal. Voila counter party risk. If you have a piece of paper you don't have anything, "if you don't hold it, you don't own it". It is all about physical possession. ABN AMRO, the biggest Dutch bank, has informed it clients that they will no longer be able (?) to take physical deliveries of the gold they have bought through ABN. Instead they are offered money at the current market rate for gold. Basically, instead of owning a risk free, physical asset (a gold bar or a gold coin), the bank's clients now own an obligation from, a monetary claim on ABN AMRO. More http://www.321gold.com/editorials/groenewegen/groenewegen041513.html
This did the rounds recently. I've also seen reports claiming it was all a false rumour. Which is true? Buggered if I know for sure, although I lean towards rumour :/