Loading ...ABN AMRO abandons gold investors
March 25, 2020 Frank Knopers 0 Comments
ABN AMRO leaves gold investors disappointed, as the bank closes all weight accounts for gold, silver and platinum. Approximately 2,000 customers who have precious metals in their weight account at the bank have to sell them before April 1. If they fail to do so, ABN AMRO will sell their positions at the current market price. The bank cannot guarantee that they will sell the precious metal at a favorable price.
This decision comes at a particularly unfavorable time for gold investors. At the same time the bank is pointing its customers to the exit, a run on physical gold has started. Investors who thought they were well positioned with their precious metals at the ABN AMRO can now join the long queue of people who want to buy gold now.
Weight Account
The weight accounts at ABN AMRO were transferred to another custodian back in 2013. The Swiss bank UBS took over Deutsche Bank’s role as custodian of the gold. ABN AMRO customers were informed of this by letter. Below is the letter notifying customers about the change in terms and conditions. Back then, I made some notes about the most important changes.
Customers who held physical precious metals in custody on an ABN AMRO weight account had already been warned. With the switch to a new custodian, it was no longer possible to physically deliver the precious metals. From now on, the precious metal was handled in a ‘different way’, a second warning for the attentive investor.