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Never ask a bank to buy/hold precious metals for you
Internal Administrator
Posted: Saturday, August 13, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 3/24/2011 9:36:50 AM

By: Kim

Morgan Stanley to settle class-action lawsuit

"The suit, filed in August 2005, alleged that Morgan Stanley told clients it was selling them precious metals that they would own in full and that the company would store.

But Morgan Stanley either made no investment specifically on behalf of those clients, or it made entirely different investments of lesser value and security, according to the complaint."

http://www.reuters.com/article/2007/06/12/idUSN1228014520070612


Anonymous
Posted: Saturday, August 13, 2011

Posted: 3/24/2011 10:34:11 AM

By: knightmare3000

there are two ways to have a bank buy GOLD for you

a) the Chinese method used by HSBC in Hong Kong ( of which I am a customer). they buy the GOLD in Units or "taels". such units trade at the prevailing price of gold. no physical possesion is required. it is made by tally entry on your bank account

b) a SWISS bank (use a Private Bank,eg "Rahm and Bodmer" private banquers out of Geneva) actually buys the GOLD ( bullion or coins) and store it for you . you can request such assets be stored separately from the banks assets. that way if ever there was a "run on the bank" you assets are kept separate for a separate storage fee and higher cost


finally you can buy the GOLD yourself (eg coins from a coin dealer) , and keep them in a safe deposit box.

you can also buy GOLD in units from an outfit like GOLDLINE ( formerly Deak Perera) and they store it for you in Switzerland or Delaware.

most experts say stay away from strange Mint outfits ( like Franklin mint) that buy gold or other metals in exotic coins without any secondary market.

experts also say that if an emergency occured it is best to have gold in coins( eg Maple leafs, Krugerrands, Vienna Philharmonics, US Eagles) in a safe deposit box for easy access to cashing it in. bullion requires assay before resale and that takes time . having gold in Switzerland is great but it takes time to get to it.


 

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