The smash and grab continues

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PeterAndrewNolan
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Posts: 1729
Joined: April 21st, 2012, 3:25 am

The smash and grab continues

Post by PeterAndrewNolan »

Hi Winston,
in case your readers are interested.

http://www.oneworldchronicle.com/?p=12977
An interesting development in the precious metals market is the largest Dutch bank, ABN Amro, has said that they will no longer be providing physical delivery of precious metals including gold, silver, platinum, and palladium bullion coins and bars.

ABN AMRO, one of the largest banks in Europe announced in a letter to clients that it would no longer allow clients to take delivery of their metal and instead will pay account holders in a paper currency equivalent to the current spot value of the precious metal.

Thus, instead of legally owning a risk free, physical asset (a bullion bar or a bullion coin), the bank’s clients are now unsecured creditors and are now exposed to the bank and the financial system – somewhat defeating the purpose of owning precious metals.

The move highlights the importance of owning physical bullion either in your possession (be that be in a safe or vault in a house, in the attic, under the floorboards or elsewhere in your possession) or in a secure vault in a country that is stable and respects property rights.
If this is true, and I have no reason to disbelieve the report, I wonder how many of these people wish they had taken up my service to open up a swiss bank account or deposit box for them in total secrecy and get their gold to those safety deposit boxes for them?

I hope all those customers of ABN AMRO like spending the colourful copyrighted paper called EUROS!! LOL!! It looks like they are NEVER going to see their gold again! LOL!!

I have been giving men GREAT ADVICE for a long time now.....and what did they do? Ignore me. And what has happened? Tens of thousands in Cyprus just got a hair cut. ABN AMO customers just had their gold confiscated, seemingly, the Irish economy has collapsed into the ground. Australia is a police state. Millions in the US are slipping into poverty, hopelessness and despair.

And how am I doing? Just great. Why? I took my own advice....I ate my own dog food. So I can have no sympathy for all those who ignored me and are the worse off for it.....maybe some men will start taking my advice soon? Maybe more men will be willing to sit on new juries in new courts now that we are going to allow jury members to be anonymous....
Feel free to check out my blog:Click ME!
Array9
Freshman Poster
Posts: 252
Joined: January 14th, 2013, 7:49 am

Post by Array9 »

I am still new here but anyone pushing Gold, Silver, Platinum and Palladium has my attention. I will look back at some of your old posts to see what I can find.

People are blind if they think that fiat paper is worth more than precious metals.
Men chase, women choose

As long as you have gold in your hand, you will ALWAYS have bread on your table.
Rock
Elite Upper Class Poster
Posts: 4206
Joined: April 21st, 2010, 9:16 am

Re: The smash and grab continues

Post by Rock »

PeterAndrewNolan wrote:Hi Winston,
in case your readers are interested.

http://www.oneworldchronicle.com/?p=12977
An interesting development in the precious metals market is the largest Dutch bank, ABN Amro, has said that they will no longer be providing physical delivery of precious metals including gold, silver, platinum, and palladium bullion coins and bars.

ABN AMRO, one of the largest banks in Europe announced in a letter to clients that it would no longer allow clients to take delivery of their metal and instead will pay account holders in a paper currency equivalent to the current spot value of the precious metal.

Thus, instead of legally owning a risk free, physical asset (a bullion bar or a bullion coin), the bank’s clients are now unsecured creditors and are now exposed to the bank and the financial system – somewhat defeating the purpose of owning precious metals.

The move highlights the importance of owning physical bullion either in your possession (be that be in a safe or vault in a house, in the attic, under the floorboards or elsewhere in your possession) or in a secure vault in a country that is stable and respects property rights.
It looks like they are NEVER going to see their gold again! LOL!!

ABN AMO customers just had their gold confiscated,
Yr. statements here are misleading. If it's true, the clients have not had their gold confiscated. If they want physical gold, they can cash-in their accounts now and go somewhere else to buy the gold with the proceeds instead of taking it directly from ABN Amro.
Tsar
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Posts: 4730
Joined: August 7th, 2012, 12:40 pm
Location: Somwhere, Maine

Post by Tsar »

Most people in society don't know they are working for worthless fiat currency. They've been sold an idea that paper is valuable. It's a fallacy because logically, historically, and traditionally it doesn't hold up.

Fiat currency is inherently and intrinsically worthless. It's nothing more than a national medium of exchange. It's designed to manipulate the prices and steal peoples' wealth.

Silver and Gold are the traditionally currencies. Palladium and Platinum are rare but their demand is more industrial and aren't traditionally monetary metals.

The financial cabal knows it's losing it's influence over the fiat monetary system and are trying to prevent the house of cards from collapsing. By preventing physical delivery of precious metals and forcing people to accept fiat, they are trying to boost the valuations of the respective fiat currencies to decrease the rate of the systemic collapse of the monetary system. It's impossible for America, the Eurozone, and Japan to ever repay their debt, it's impossible for them to fix their current systems, and it is impossible for them to solve their problems.

The endgame is hyperinflation, confiscation of fiat currency, the introduction of a new currency, or default and bankruptcy destroying confidence in that currency which therefore destroys the purchasing power of that respective currency (think Iceland).

The way I look at it the one ounce of metal will always be one ounce. Twenty dollars or fifty dollars will never keep it's value over the long-term. The only thing fiat currency is good for is keeping enough as a medium of exchange for purchases and payments of debts; and to invest into stocks which is a method of generating income.

Stores of Wealth and Investments are different items. Too often people think of Silver and Gold as investments and get upset when they see they have fiat losses. If they have physical metal they never have a loss because they always have the same quantity and it's true purpose is a store of wealth (not an investment).
Tsar
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Posts: 4730
Joined: August 7th, 2012, 12:40 pm
Location: Somwhere, Maine

Re: The smash and grab continues

Post by Tsar »

Rock wrote:
PeterAndrewNolan wrote:Hi Winston,
in case your readers are interested.

http://www.oneworldchronicle.com/?p=12977
An interesting development in the precious metals market is the largest Dutch bank, ABN Amro, has said that they will no longer be providing physical delivery of precious metals including gold, silver, platinum, and palladium bullion coins and bars.

ABN AMRO, one of the largest banks in Europe announced in a letter to clients that it would no longer allow clients to take delivery of their metal and instead will pay account holders in a paper currency equivalent to the current spot value of the precious metal.

Thus, instead of legally owning a risk free, physical asset (a bullion bar or a bullion coin), the bank’s clients are now unsecured creditors and are now exposed to the bank and the financial system – somewhat defeating the purpose of owning precious metals.

The move highlights the importance of owning physical bullion either in your possession (be that be in a safe or vault in a house, in the attic, under the floorboards or elsewhere in your possession) or in a secure vault in a country that is stable and respects property rights.
It looks like they are NEVER going to see their gold again! LOL!!

ABN AMO customers just had their gold confiscated,
Yr. statements here are misleading. If it's true, the clients have not had their gold confiscated. If they want physical gold, they can cash-in their accounts now and go somewhere else to buy the gold with the proceeds instead of taking it directly from ABN Amro.
I don't think it's misleading. During high inflationary periods or hyperinflation it would be almost impossible to convert fiat into precious metals. There is also a lag time of cashing out accounts. Check or transfer involves a wait and time for the funds to settle. A lot could happen in the wait. People would likely need to have those funds deposited into a bank account then use them. It's a futile attempt maintain the keep fiat monetary system going strong.
Renata
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Joined: May 6th, 2012, 4:14 pm
Location: Ireland

Post by Renata »

Gold, Silver, precious stones & metals will have little value too. ... the price always fluctuates, up & down, .. why? I might buy all my savings in gold today & then have to sell eventually for lesser the price or break even. It is the risk. I would invest in acres of land. At least I can plant & reap, rear animals, have homes.... even provide food, homes & shelter... It seems we're going back to basics.

PAN I like your Man-Bank. Real Wealth isn't about money really, it's where the power lies. There is power in numbers; alliances. Having such a diverse resource is powerful. I've always felt putting a price on what I can offer was always insulting. You know, having a salary. It's so stupid. How can one's worth be measured.
http://www.man-bank.com
- It's easy to give, when you know what it's like to have nothing. -

- Develop a backbone, not a wishbone. -
Rock
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Posts: 4206
Joined: April 21st, 2010, 9:16 am

Re: The smash and grab continues

Post by Rock »

Tsar wrote:
Rock wrote:
PeterAndrewNolan wrote:Hi Winston,
in case your readers are interested.

http://www.oneworldchronicle.com/?p=12977
An interesting development in the precious metals market is the largest Dutch bank, ABN Amro, has said that they will no longer be providing physical delivery of precious metals including gold, silver, platinum, and palladium bullion coins and bars.

ABN AMRO, one of the largest banks in Europe announced in a letter to clients that it would no longer allow clients to take delivery of their metal and instead will pay account holders in a paper currency equivalent to the current spot value of the precious metal.

Thus, instead of legally owning a risk free, physical asset (a bullion bar or a bullion coin), the bank’s clients are now unsecured creditors and are now exposed to the bank and the financial system – somewhat defeating the purpose of owning precious metals.

The move highlights the importance of owning physical bullion either in your possession (be that be in a safe or vault in a house, in the attic, under the floorboards or elsewhere in your possession) or in a secure vault in a country that is stable and respects property rights.
It looks like they are NEVER going to see their gold again! LOL!!

ABN AMO customers just had their gold confiscated,
Yr. statements here are misleading. If it's true, the clients have not had their gold confiscated. If they want physical gold, they can cash-in their accounts now and go somewhere else to buy the gold with the proceeds instead of taking it directly from ABN Amro.
I don't think it's misleading. During high inflationary periods or hyperinflation it would be almost impossible to convert fiat into precious metals. There is also a lag time of cashing out accounts. Check or transfer involves a wait and time for the funds to settle. A lot could happen in the wait. People would likely need to have those funds deposited into a bank account then use them. It's a futile attempt maintain the keep fiat monetary system going strong.
We are not in an era of hyperinflation or even high inflation in Europe or the States. So any disgruntled ABN Amro clients can cash in their accounts next week, go to a gold broker or bank that sells physical gold, buy the gold, and store it away, simple as that! If their gold had really been confiscated, they would not have that option.

BTW, gold is currently down over 17% from last year's peak in US$ terms.
PeterAndrewNolan
Experienced Poster
Posts: 1729
Joined: April 21st, 2012, 3:25 am

Re: The smash and grab continues

Post by PeterAndrewNolan »

Rock wrote:
PeterAndrewNolan wrote:Hi Winston,
in case your readers are interested.

http://www.oneworldchronicle.com/?p=12977
An interesting development in the precious metals market is the largest Dutch bank, ABN Amro, has said that they will no longer be providing physical delivery of precious metals including gold, silver, platinum, and palladium bullion coins and bars.

ABN AMRO, one of the largest banks in Europe announced in a letter to clients that it would no longer allow clients to take delivery of their metal and instead will pay account holders in a paper currency equivalent to the current spot value of the precious metal.

Thus, instead of legally owning a risk free, physical asset (a bullion bar or a bullion coin), the bank’s clients are now unsecured creditors and are now exposed to the bank and the financial system – somewhat defeating the purpose of owning precious metals.

The move highlights the importance of owning physical bullion either in your possession (be that be in a safe or vault in a house, in the attic, under the floorboards or elsewhere in your possession) or in a secure vault in a country that is stable and respects property rights.
It looks like they are NEVER going to see their gold again! LOL!!

ABN AMO customers just had their gold confiscated,
Yr. statements here are misleading. If it's true, the clients have not had their gold confiscated. If they want physical gold, they can cash-in their accounts now and go somewhere else to buy the gold with the proceeds instead of taking it directly from ABN Amro.
No. My statements are not misleading Rock. The physical gold they thought they owned has been confiscated and will not be given back. That they can get "fiat monopoly money" and perhaps buy gold elsewhere does not change the fact they did not get back the gold they bought in the first place.

The rumours are that the gold market is about to be devastated as people find out just how much "gold" has got tungsten inside the bars.
Feel free to check out my blog:Click ME!
Ghost
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Post by Ghost »

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Last edited by Ghost on November 18th, 2019, 2:44 pm, edited 1 time in total.
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Teal Lantern
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Re: The smash and grab continues

Post by Teal Lantern »

Rock wrote: Yr. statements here are misleading. If it's true, the clients have not had their gold confiscated. If they want physical gold, they can cash-in their accounts now and go somewhere else to buy the gold with the proceeds instead of taking it directly from ABN Amro.
You buy five gallons (20 liters) of emergency fuel and put it in the trunk (boot) of your car.
Later, on a long road trip, you skip one too many gas stations and run out of fuel several miles past it.

Recalling your emergency fuel, you happily go to retrieve it and find ... an IOU good for five gallons of fuel.
How many seconds does it take to realize a paper promise does not equal a physical product? :roll:

Back to gold. Some of these people are going to get a tax bill, too.
Let's say you bought 10 coins when gold was $500/oz and gold rose to $1500/oz

Buy gold at $500 and later take delivery of your 10 coins == tax free, unless you sell.
Buy gold at $500 and later get $1500 cash (per coin you thought you bought) == capital gains tax on the $10,000 "profit".

$5,000 initial investment + $10,000 cap gains - cap gain taxes == something less than $15,000
new higher price of $1500 per coin.

You don't have enough cash to buy 10 coins at the new higher price == you've been cheated out of purchasing power.
не поглеждай назад. 8)

"Even an American judge is unlikely to award child support for imputed children." - FredOnEverything
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