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