Rabobank Closes Gold Accounts

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House

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Rabobank has just followed in the footsteps of ABN Amro (which effectively defaulted by halting deliveries of gold bullion in April) as the Dutch bank will close customers' gold accounts effective September 1st!
With the GOFO now negative for a record 8th consecutive day, it appears the wave of bullion bank defaults warned of by William Kay may be just getting started.

As Beurs reports, Rabobank has given no explanations for the move, simply stated that customers can no longer acquire precious metals after September 1st, and will have up to 1 year to transfer open accounts to another institution.
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An awful translation from an excerpt from Rankbank's decision;
From September 1, customers can no longer precious metals purchases. Who then some in his account has standing, given a year to the balance to sell or transfer to another bank. The bank would be interested in such investment have seen decline for some time. Hence the decision to the product no longer to offer.
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Basically reads "gold is a rubbish asset but we'll buy yours cheapy cheapy" :lol:

SD
 
morning,

basically just another organisation that cannot supply gold physical so they end up giving away bits of paper.


the facts cannot be ignored ------------------- physical metal is hard to come by -------------- bits of paper are available by the barrow load.

so, what is more valuable ---------------------- bits of paper you can get or bits of metal you can't get?



Sooner or later the world will wake up that paper is good for three things ------------ writing things on, wiping your bum and wrapping your fish.


people are strange.


gazza
 
Paper is also good for making paper aircraft.

There is a fine art to creating the perfect craft.
 
Hmmmm so maybe the world is going to finally see pms as a REAL solid investment tool just like Real estate has been in oz for years....just gotta know when to get out before the bubble bursts?.
 
What a beat up. I translated the two Dutch articles and no mention of not being able to take delivery, indeed it says Rabo is giving one year for people to sell OR transfer the metal to another bank, no mention of not being able to take physical.

So if they are so desperate and don't have any gold why are they giving 1 year's notice?

One of the Dutch commentators says that the closure is due to the popularity of ETFs and other ways of investing in gold and that with the price drop the number of people using the account service has dropped, hence Rabo is closing it because it is not popular.

I don't see anything in the articles suggesting default.
 
^ I dont see enough information to say there's anything like a default. Perhaps Rabobank just couldnt make enough money in fees so is closing this gold product? Closing a financial product and then leaping to there being "default" is quite a jump indeed !
 
Matthew 26:14 said:
^ I dont see enough information to say there's anything like a default. Perhaps Rabobank just couldnt make enough money in fees so is closing this gold product? Closing a financial product and then leaping to there being "default" is quite a jump indeed !
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lol but that is the tin foil hat wearers for you
 
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