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Jim Rickards:
“I Obviously can’t mention the names of the individuals or the banks involved, nor is there any need to. But just the bare bones which was reported to me was that an individual had a ton of gold, it’s about $40 million, so a $40 million position of physical and simply wanted the gold. Now this was not paper gold, it was not unallocated gold, it was not a gold future or a gold forward, gold option or Comex gold. This was just good old fashioned gold where he owned it outright, it was in effect a warehouse receipt is what they give you.”
Right, meaning he had his gold put there and they gave him the receipt and the gold is supposed to be sitting there.
“Correct and upon request to move the gold...the bank demurred, the bank said, ‘Well, no, not so fast’ and he said, ‘What do you mean?’ Anyway, long story short I could see that taking a day or two...This took thirty days to complete delivery. Now if the gold is sitting there it shouldn’t take thirty days. Oh, and by the way I should add that the individual had to threaten to go public, in effect say I’ll call Reuters or I’ll call King World News or I’ll call Dow Jones and let them know that you don’t have the gold, you’re not good for it.”
And he had his lawyers get involved?
“Correct, and through all of that eventually the individual did get his gold, but this is something that should have taken two days, three days, a week at the most, although I would say even a week is a long time. But it took thirty days, and it took lawyers, it took threats of publicity, it took a lot of pressure to do that, which my inference is that that gold was not there. The bank had to scramble, go out and find it somewhere before they could make good delivery.”
Right, so they had either leased it out or they had done whatever with it?
“Correct.”
...Right, but this gets back to what Felix Zulauf said on King World News, and you are saying the same thing here which is to make sure you are outside of the system, just don’t even deal with a bank.
“Correct, because the governments control the banks. I mean lately it looks like the banks control the government, that’s probably true as well but there may come a time, and I think there probably will, where the government is going to order the banks to freeze the gold. In other words, not make the gold available to customers. It’s still here, it’s still yours, but sorry we’re rejigging the system and we’re not going to let you take it out right now.”
Regarding the Fed (Santa Bernanke) liquifying the world, “Why all of these non-banks? Why is the Fed lending to GE and Harley Davidson?...It was basically an unlimited call on the taxpayers money or what’s left of it and it really is an outrage. It should be a crime, I mean it is a crime in my view...It’s clearly not going to be prosecuted, but the way the regulators have become captive to the banks and the non-banks, and the way people leverage off balance sheets, the way they in effect lie about their financials, the way they hide their liabilities and expect to be able to march up to the Fed and get all the money whenever they want at zero interest whenever they need it, no wonder the Chinese are going to gold.”
There is a great deal more to part II of Jim’s must here interview.
In case you missed it, here were a few quotes from part I of the Jim Rickards interview:
"The US has 72.8% of its reserves in gold...China has 1.6% of its reserves in gold...What does that tell you about what the United States thinks is money."
"For over six years China has operated in the gold market through stealth. They basically have had secret agents working through SAFE (State Administration for Foreign Exchange) and other agencies."
"This is the complete corruption of the Fed."
Jim also talked about the contempt that the Fed has for the citizens of the United States.
To hear the riveting interviews with Jim Rickards on King World News click here for PART I & PART II
Eric King
Jim Rickards - Swiss Bank Client Denied His $40 Million in Gold
In an exclusive King World News interview, Jim Rickards told KWN that he was informed that a client of a major Swiss bank requested to take his one ton of physical gold that he owned outright out of the bank, and the bank would not give him his gold. The client had to use his lawyers and threaten to go public in order to eventually get his gold.
December 7, 2010
KWN BLOG INTERVIEWS
