Gold Bank Run Begins? Dutch Bank ABN Amro Halts Physical Gold Delivery!

empty vault*Breaking
The Cyprus/ Eurozone crisis has just intensified, as Dutch Bank ABN Amro has sent a letter to clients this weekend informing them that they will halt extradition and physical delivery of their clients’ gold holdings effective April 1st!

No worries however, Amro ensures its clients that there is no need to panic or do anything rash (such as remove your phyzz prior to April 1st:
We ensure that we have your investments in precious metals now the new way to handle and administer

Forget traditional imminent deposit bank runs in Cyprus, has a physical gold bank run begun?




The release in English via Google Translate:

Changes in the handling of orders in bullion


On 1 April 2013,. ABN AMRO to another custodian for the precious metals gold, silver, platinum and palladium. This we your investments in precious metals otherwise handle and administer. In this letter you can read more about it.


What will change?


With the transition to the new custodian will include the following from 1 April 2013 for you to change.
• You can have your precious metals to your investment account no longer physically let us extradite
• Gives you order in precious metals via the giro ABN AMRO? Then the settlement of orders that henceforth performed at bid prices or at the offer prices prevailing on the market for precious metals. No longer based on the mid-price, as you used to.
• The bid price is the price that merchants offer for precious metals that are offered for sale, so if you sell.
• The ask price is the price at which traders want to sell precious metals, so if you buy.
• We are the positions in these precious metals in your investment statements against future bid prices appreciate


You can read more about investing in precious metals in Chapter 4 (Supplementary conditions for investing in precious metals) of the Conditions Beleggersgiro. You can find these at / Conditions invest


Should I do anything?


You need do nothing. We ensure that we have your investments in precious metals now the new way to handle and administer.

And the human English translation via an SD reader:

Changes in the handling of orders in bullion

As of 1 April 2013, ABN AMRO will switch over to another custodian for precious metals gold, silver, platinum and palladium.
Therefor we will handle and administer your investments in precious metals differently. In this letter you can read more about this.

What will change?

With the transition to the new custodian, the following will change for you as of 1 April 2013:
You can no longer request physical delivery of your precious metals from us
• Do you execute orders for precious metals via the ABN AMRO account? Then the settlement of these orders are henceforth performed at bid price or ask price prevailing on the market for precious metals. No longer on the mid-price, as you are used to.
• The bid price is the price that merchants offer for precious metals that are put up for sale, when you sell.
• The ask price is the price at which traders want to sell precious metals, when you buy.
• From now on we will value the precious metals in your investment portofolio at bid prices

You can read more about investing in precious metals in Chapter 4 (Supplementary conditions for investing in precious metals) of the Investment Account Conditions. You can find these at

Should I do anything?

You don’t need to do anything. We will make sure to handle your investments in precious metals in this new way from now on.

Any Questions?
If you have any questions about the contects of this letter, then you can call our Investment Service Desk op 0900-1474 (from abroad +31 76 5491755). Our employees can be reached monday to friday from 8am to 6pm.

Do you want to palce orders or do you have other questions about investing, then you can call your advisor or the Capital Hotline at 0900-9215 (from abroad +31 10 2407004). Our employees from the Capital Hotline can be reached monday to friday from 7am to 8pm and during the weekend from 9am to 5pm.

We are happy to assist you,

With kind regards,

h/t ZH


buffalo banner 2-Recovered


  1. Bloody hell it’s starting to get scary. Glad I’m still Stacking and Holding the Physical. Lol

    • Ruh-row!
      Guess that means gold goes back under 1600 tomorrow……..

    • Why would you want physical gold?

      When you can have a GLD ETF share from HSBC, that can then be used by HSBC to cover its COMEX gold shorts.

      Just because they rig interest rates, launder drug money and commit mortgage fraud doesnt mean they cant be trusted with your gold, does it??

      When push comes to shove, HSBC will make sure you get your gold, wont they?

    • 4 oz…nice call at $1600. HK trading now at $1612; a bit of humor before the cartel kicks in in late LME and early NYMEX Trading. GL.

  2. Where the hell is the Russian Mafia when you need them…..?

  3. Nothing is sacred anymore.  Switzerland, of all countries, has gotten chummy with Obammy and given up details of U.S. citizen Swiss accounts.  The rats!

    • This has been going on for some time now and is not new.  Anyone looking for truly private banking should look into banking in the Cook Islands.  Their banking and trust laws do not allow other nations to intrude on the private business of their customers.  The US has tried to make them cooperate but have had no luck whatever.

  4. 4 oz…I may be the dumb guy in the room, but why will spot drop below $1600 tomorrow based upon this announcement and other macroeconomic conditions with which we are all familiar? Dollar strength as the cleanest dirty shirt? Should make my USD/JPY look intelligent? Short term drop? Thx.

    • @RHD. Maybe this is why:
      “ABN Amro said it expects gold prices to drop substantially over the next two years on a modest increase in supply and slightly lower……”

    • Please forgive the sarcasm RHD…. cuz there is nothing funny in this new development.  It’s just that when events happen that should push Gold powerfully up….you can count on it falling….toss in options expiry and first day notice coming up….sheesh… you can almost plan on reading lots of comments (whining…) that JS blew it by Thursday or Friday…..

  5. Well Good and Bad News and the Paper Spot Price gets a Haircut by their MANIPULATION and blame it on that factor. Lol

  6. Well well well- the first little crack in the dam.  They will no longer deliver any metal after April, looks like to me.  They’ll pay you the bid, but the ask is no longer a factor.  So you get low-balled and paid off in fiat. 
    Take it out of there, you have a week!  Don’t waste time.
    4 oz’s call is a reference to the fact that whatever news hits, be it bullish or bearish, is used to justify raids on the metals.  That’s how scared they are.

  7. What idiot would now leave their gold in the bank between now and April 1?

  8. point of interest
    - unlikely anybody would even use phys delivery, or this product at all
    - ABN is a bailed out semi state run bank, CEO ex min fin of netherlands Gerrit Zalm

  9. Hey Doc, can you get Jim Willie back on. I’d be very interested in more of his thoughts on Cyprus and this.
    Still finding Jim Sinclair’s lack of faith in silver difficult. I have to read some Bix Weir to keep me sane :)  Then check out some heart warming hysteria from Stephen Leeb, Mike Maloney for balance, James Turk for serenity, Eric Sprott for statistical grounding, Ben Davies and Andrew Maguire for clarity, Egon Von Greyerz for laid back rationale and finally come back to Chris Duane for what I hope is the final truth!
    Hang in there guys and girls. We are a very small band. I have convinced 2 people in 3.5 years! Pretty good batting average eh!!!

    • “We are a very small band. I have convinced 2 people in 3.5 years! Pretty good batting average eh!!!”
      We are, indeed, and that’s not at all bad.  Many of us have been unable to overcome the current mantra that fiat is the be-all and end-all of wealth.  Those unfortunate enough to live in countries that have devalued their currencies know better.  If you have a currency that has someone in charge of telling you that it is worth something, that is only a baby step away from them telling you HOW MUCH it is worth.
      Hmmm, let’s see… yep, EVERY ounce of gold and silver that was in my safe before Cyprus hit the headlines is still there.  No devaluation or government theft (called a tax) at this time.  It sure is amazing how much better one’s wealth does when one has it in hand and does not rely on stick-fingered banksters to hang onto it, watch over it, and keep it safe.  ;-)
      Speaking of the Cyprus “wealth tax”, I notice that NO ONE in the MSM is pointing out that the money in these accounts has already been taxed.  If the same money can be taxed more than once, what is to stop the various governments from simply taxing it until it is ALL theirs?  Nothing that I can see.   If they can make this fly, we can expect to see this happen in other places because bankster / politician greed knows NO bounds.

  10. @ Ed_B
    I hear you brother :) Those ounces still look the same, weigh the same, and have the same amount of energy they had a week ago.
    I have managed one coup. I now get paid in advance in phyzz by my main client :) ))))))))))))
    You’ve got to love that.

  11. Meanwhile I noticed that gold is down about $4 bucks in overseas trading. LOL! 

  12. I’m Dutch. Heard this over a week ago, didn’t think much of it. Who in their right mind has a gold fund position at this point anyway? Deserve to be stolen from.
    Could a revaluation be coming then? Could they somehow manage to make a last-second division between physical delivery and futures prices? It might not even require a whole lot. When a few big players announce a 4-fold gold price, who will sell for less after? Also, the paper markets may be killed just prior with a margin hike to 100%. For “transparent” price discovery. How many would remain for delivery if they’d pull that off well-timed? Surely most traders would need to liquidate at least 90% of their portfolio, and then be brave enough to ask for delivery. Especially as the revaluation, be it up or down, would be yet to be announced.

  13. No problems here at the bank. But we can’t allow you to take possession of your property. If you try then we’ll have a problem. 

  14. This should get those who hold paper gold GLV to ask for physical delivery. Why on earth would you let some crooked bank hold your precious metals and or paper (wipe your ass with it). Like I previously stated we shall see what happens in the markets based on what happens in Cyprus. However, the dollar is going down. No confidence. Once the dollar goes past 72 all hell will break loose. Just kick back and watch. 

  15. MF AMRO GLOBAL GmbH    The last part’s  German for corporation  Just in case you didn’t see Merkel’s little rat fingers in this order.

  16. They’ll pay ya at the bid, when the bid is 2000 and the ask is 5000.

  17. Warning from I Former captain in the military.

    • @JonL: Very good letter. I’ve made many attempts to get elected reps to do something about DHS. So far nothing has changed. The fed. government has been corrupted to its very core.

  18. Almost like clock work…..who couldda seen Gold droping under 16oo??

    • I am pretty sure that gold coins are in very high demand in Europe right now.  I wouldn’t be surprised if finding gold coins to buy is fairly difficult.  Unfortuneately this higher demand does not reflect in the paper price.  That will come later. 

    • Agreed, Pollo.  This could be just like when silver dropped to under $10 an oz. a few years ago but there was NONE to be found at that ridiculous paper price.  Anyone who had some was NOT selling it for that.  It was not until the paper price rose past $15 an oz. that real silver suddenly became available again.

  19. Obviously, stealing Cipriot banknotes is a spectacularized extravaganza staged to cast cover over the REAL heist around the corner at the bullion storage facilities! Gotta’ hand it to these guys, mass psychology is certainly their forte’.

  20. Maybe the other reason why the Dutch Bank ABN Amro halted the physical gold deliveries is because the Asian countries wanted to buy more of them. So, these banksters were forced to cut the deliveries in order to meet the demands without driving the price of gold up.

  21. I am not trying to step on anybody’s toes here, but is this considered as a default legally? (I know the phrase was not used here, but many other alternative news hubs are using that word in re-posts). It may be a ‘de facto’ default for anyone who where expecting to take delivery in the future, but were there any outstanding deliveries actually defaulted on? Technically this appears to be a change of agreement, not a breach of contract or defaulting on a promise to deliver (however sinister the reasons may be)?
    Am I right/wrong, and why? I just mentioned “the AMRO default” (by word of mouth) to a broker as I was discussing the possibility of them taking their business from NYMEX to elsewhere, and now I feel somewhat stupid when reading the AMRO letter in detail and becoming unsure if the description “default” holds up to scrutiny. This is of course my own bad for not reading the facts carefully in the first place. Public scrutiny may not matter much to what is going on behind the scenes or in this forum, but in order to reach out to the mainstream it does (and we do need them on “our side”, the sooner the better). It is not beyond all reasonable doubt that this was a malign change of custodian.
    Thanks in advice for not hating my critical thinking :)

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