Jim Sinclair: Now They Are Cyprusing Physical Gold!! GET OUT OF THE SYSTEM NOW! Swiss Bank Just Refused To Give My Friend His Gold

InvestmentWatch

JIM SINCLAIR: GET OUT OF THE SYSTEM NOW! SIGNIFICANT DEPOSITS & RETIREMENT ACCOUNTS ARE IN BANKSTERS’ CROSS-HAIRS!

Legendary gold trader Jim Sinclair has turned his sights from warning investors to protect themselves with gold to urgently warning them to exit the financial system immediately, and take possession of physical gold held in your own possession. Sinclair, who Friday warned investors that the US will be Cyprus’d and gold will reach $50,000/oz sent an email alert to subscribers Monday night warning that merely owning gold and storing is not enough, and that:
How you own and store becomes of critical and possibly terminal importance. Investors with significant deposits at in the system banks and brokers are in the dead center of harm’s way. Retirement accounts are also in the cross hairs of central planners.

Sinclair urges readers not to become a casualty of the central planners via the coming bail-in deposit confiscations, but to protect yourself by owning physical gold held outside of the financial system.

Now they are “Cyprusing” physical Gold = Sinclair – “Swiss Bank Just Refused To Give My Friend His Gold”

Eric King:  “Maguire spoke on KWN yesterday about the fact that one of his clients went to the LBMA to get the metal from them and could not get it.  They told him he would be cash settled.  This is what you have been talking about is the failure of the physical markets.”

…

Sinclair:  “A person that I know with significant deposits in one of the primary Swiss banks, in allocated gold, wanted to take out his gold and was just refused on the basis of directives from the central bank….

Are Banks Raiding “Allocated” Gold Accounts?

Beware: “Allocated” Gold May Not Really Be There

In 2007, Morgan Stanley paid out $4.4 million to settle a class-action lawsuit by its clients after Morgan Stanley charged them to buy and “store” precious metals for them,  but neither bought or stored the metals.

(Similarly, a 2011 class-action lawsuit filed in federal court in New York accused UBS Financial Services of misleading silver investors and charging them storage fees for metal that was never actually purchased,  segregated, and stored for them.)

Avery Goodman points out that Morgan Stanley has once again just launched a similar scam, offering “allocated” metals, but gaming the definition so that the holdings are not really allocated.

On May 21st, Matterhorn Asset Management’s Egon von Greyerz alleged that Swiss banks are trading physical gold bullion which is being held in special “allocated” accounts for its customers:

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