by Jim Sinclair, JS Mineset:
Jim Sinclair’s Commentary
More information of the gold versus credit letter from Amro to their clients.
You will read about this ETF in the not too distant future.
Largest Dutch bank defaults on physical gold deliveries to customers
April 3, 2013
By: Kenneth Schortgen Jr
Last week, a rubicon was crossed in the precious metals market as one of the largest banks in Europe defaulted on their gold contracts, and informed their customers there was no physical gold available for delivery.
ABN AMRO, the largest Dutch bank in the Eurozone, issued a letter to their gold contract customers of failure of delivery, and instead will pay account holders in a paper currency equivalent to the current spot value of the metal.
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