HSBC Just Shocked Clients By Announcing Closure Of All London Gold Vaults!

HSBC Just Shocked Clients By Announcing Closure Of All London Gold Vaults!

The other big news this week was HSBC giving only 2 months’ notice to clients that they are closing down all 7 of their London gold vaults!

This is an unprecedented move. Why do you think this is? It is because transparency is coming. There is no profit in plain, vanilla bullion banking any longer.

I also suspect given the lack of warning and lack of any press release that the majority of these clients will be unable to make other vaulting arrangements in time.

HSBC will no doubt make it easy for these clients to sell the bullion back to HSBC, who will then use this bullion inflow to repay some underwater positions.

FROM: Andrew Maguire – Who Smashed Gold Today And Why As HSBC Shocks Clients By Closing All London Gold Vaults!

http://kingworldnews.com/andrew-maguire-smashed-gold-today-hsbc-shocks-clients-closing-london-gold-vaults/