Swiss vault operator wants U.S. gold bugs out

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Published : February 26th, 2013
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Category : GoldWire

By Clementine Wallop and Tatyana Shumsky
The Wall Street Journal
Monday, February 25, 2013

http://blogs.wsj.com/marketbeat/2013/02/25/sw...tor-wants-u-...

U.S. gold bugs who sought to store their gold overseas are under pressure from vault operator Via Mat International.

The Swiss-based company said it will no longer offer to store gold outside of the U.S. to private clients with potential U.S. tax liability, starting from the middle of 2013. The company attributed the decision to regulatory changes without specifying exactly what regulations led to the decision.

Via Mat's move targets the heart of the gold-bug movement. While many investors seek gold as a haven from inflation, currency risk, or economic uncertainty, for some, owning gold isn't enough. Only gold stored outside of Uncle Sam's reach will do.

... Dispatch continues below ...



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That's because these gold bugs worry that rising U.S. debt will trigger a replay of 1933's Gold Confiscation Act. These fears have led to swelling bullion inventories in London, Zurich, Singapore, and Hong Kong, with banks and vault operators opening new storage facilities to meet rising demand in recent years. Other worries include the collapse of the financial system or a particular bank, which had been a prominent worry since the 2008 financial crisis destabilized a number of U.S. and global banks.

Via Mat's response to shifting financial regulations comes just weeks after Swiss banks USB and Credit Suisse adjusted their gold storage fees to encourage customers to hold individual storage accounts. Previously, the banks pooled their clients' gold and kept it on their own balance sheets, but post-financial crisis regulations prompted the shift by requiring banks to set aside more capital to back such assets.

But as governments ratchet up their oversight of the financial world, options for holding wealth outside of their purview are shrinking, especially for gold bugs.

* * *

Support GATA by purchasing DVDs of our London conference in August 2011 or our Dawson City conference in August 2006:

http://www.goldrush21.com/order.html

Or by purchasing a colorful GATA T-shirt:

http://gata.org/tshirts

Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:

http://gata.org/node/wallstreetjournal

Help keep GATA going

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org

To contribute to GATA, please visit:

http://www.gata.org/node/16



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Data and Statistics for these countries : Hong Kong | Singapore | Switzerland | United Kingdom | All
Gold and Silver Prices for these countries : Hong Kong | Singapore | Switzerland | United Kingdom | All
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Chris Powell is the secretary of the Gold Anti-Trust Action Committee (GATA) which has been organized to advocate and undertake litigation against illegal collusion to control the price and supply of gold and related financial securities.
WebsiteSubscribe to his services
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