Are Swiss Banks Signaling a Bear Market for Gold?
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January 30, 2013 - 2:44am
Written by John Lounsbury
An article by Jack Farchy in the Financial Times tonight (29 January 2013) has the headline: "Swiss banks lose old taste for gold." Two powerful Swiss banks, UBS AG (NYSE:UBS) and Credit Swiss, have announced they will no longer store gold for clients and maintain the bullion on their corporate balance sheets. Instead they will store gold only in their clients' names and collect additional fees to act as custodian.
Does the announcement by the two major players in the huge Zurich physical gold market indicate the they hold the opinion that gold is headed lower?
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