from Silver Doctors:
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 (via google translate), 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:
Rabobank grabs the slump in the gold and silver market to get rid of accounts linked to these precious metals. It follows in the footsteps of ABN AMRO that made possible the delivery of physical gold and silver a few months ago. It is striking that another Dutch bank takes a decision that the liquidity of physical gold and silver limited.
Please follow SGT Report on Twitter & help share the message.