Thursday, December 9, 2010

Let's get physical, physical...

He was quite confident that he wouldn’t have a problem getting his silver because he had been paying storage fees on it since buying it in the late 1990’s.  The Swiss bank is insisting that he take cash, but he is demanding his silver which is supposed to be sitting in the bank’s vault be delivered to him.

Make sure your gold and silver are stored outside of the banking system.

“It is important for people to keep their eye on the big picture and not be distracted by short-term volatility in the price of gold and silver.   The long-term trend for both precious metals is still pointing higher.”

What in the world is going on with some of these banks that are supposed to be storing their customers gold and silver?  Have they leased it out to another entity?  Have they sold their customers precious metals and left an IOU in the vault while continuing to charge custodial fees?

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