Goldnews reports that rush to buy gold fills Swiss bank vaults.
(emphasis mine) [my comment]
Rush to Buy Gold Fills Swiss Bank Vaults as "Major Resistance" Seen at $943 - Thursday 16th July 2009
"We have some room, but it's going to go quick," says a bank-vaulting source in Zurich to 20 Minuten Online in Switzerland today.
Under the headline "No more room for Gold Bullion", the site says Zurich Kantonalbank recently had to move part of its silver holdings to external vaults to make way for more Gold Bullion, held as part of its fast-growing ETF offering.
Investors looking to Buy Gold and store it in private, non-bank Swiss facilities using the BullionVault service grew their demand by 42% in the first half of 2009.
"We're getting a lot of new enquiries at the moment," says 20 Minuten's banking source today. "It's first come, first served."
The Swiss National Bank (SNB) confirmed today that it only holds state gold reserves in its vaults.
Now standing at some 1,040 tonnes - down from 2,590 a decade ago, but still worth 38% of the country's foreign-exchange reserves - Switzerland's gold is also partly held in foreign countries, it said. [allowing foreign countries to hold your gold is a dumb idea.]
Swiss clearing provider SIS Clear says it's only dealing with banking counterparties, and is also running out of secure vaulting space.
Zurich Kantonalbank reports that there are not enough safe storage locations for gold bars.
Updated 16.07.09, 14:22
No more space for gold bars
The run on the precious metal, the banks problems: There are not enough safe storage locations.
Gold stock of the National Bank in Bern (Bild: Keystone)
[This article sounds weird because it is translated from German]
Gold is back in vogue: The fear of hyperinflation, an economic downturn and the success of the gold index funds has led to a run on the precious metal led. This is not only gratifying for the banks, which under the gold amongst the people. An investment banker Zurich on despair: "For our clients we also have more gold store, we find but little more suitable storage area." The retention of the gold makes high demands on security. But stability is required. A palette of gold, the knee-high with bars occupied, weighs several tons. A 12.5 kilogram ingot is not greater than a tetrapak milk.
For security reasons, no comment
In Olten, the largest securities and gold bunker in Switzerland, he is SIX SIS managed services to the SIX Group. The speaker wants to request for security reasons, do not say where as much gold is stored and whether the vaults are filled or not. An employee who is not his name in the media wants to see, says over 20 minutes Online: "We still have space, but it will slowly close - we currently have many questions. Seen - Danish schnäller, Dä isch Gschwind. "Sisclear accept only supplies of partner banks opposite.
Silver stock outsourced
In spring, the Zurich Cantonal Bank of space problems in the headlines. The Gold Index Fund, with the physical gold to be deposited, was so successful that the Zurich no longer knew where to put the bars. ZKB indicates that the problems are being solved: "The precious metal stocks in the ZKB stored largely in bank's own vaults. Only one part of the silver stock was in an external vault in Switzerland outsourced. The time could have capacity problems in the meantime, internal measures such as space-saving stacking technique, etc. are resolved. "ZKB media agency adds, would be the capacity of the bank's own vaults are no longer enough, so would the bank in Switzerland Drittverwahrstellen dodge.
Where to find this would be, but it is not clear. Olten is full and the Swiss National Bank is also no help. "The gold storage for third parties is not an issue," says the spokesman. The SNB operates another type of gold storage. He also will not say where the SNB's gold is. But merely that it "at different locations in Germany and abroad stores." (wg/scc)
My reaction: The rush to buy gold is filling Swiss bank vaults
1) Under the headline "No more room for Gold Bullion", the site says Zurich Kantonalbank recently had to move part of its silver holdings to external vaults to make way for more Gold Bullion, held as part of its fast-growing ETF offering.
2) Non-bank Swiss facilities using the BullionVault service grew their demand by 42% in the first half of 2009.
3) Swiss clearing provider SIS Clear says it's only dealing with banking counterparties, and is also running out of secure vaulting space.
Conclusion: Why doesn't GLD ever have any storage issues?