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Bank tries screwing woman out of her physical silver!

DonShimoda

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#1
http://www.theglobeandmail.com/news...ord/an-unkind-complicatedness/article1643419/

Ms. McBride asked a number of questions, in my presence. Among them, “Do you understand what this transaction is that is taking place? We’re taking your certificates and giving you the actual bullion? Why would you want to do that? It’s more difficult for you to cart around.â€

At this point, Aman’s seemingly endless store of patience was exhausted and he said, mildly I thought in the circumstances, “That’s none of your business.â€
 

MKS

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#2
"Even with these various approvals finally in place, Aman was told (being a lawyer, he has notes of all these conversations and e-mails) that the bank could still deny the transaction if it was deemed not to be in Mrs. Patel’s “best interest."

Statements like that scare the hell out of me. Why should a bank be able to decide what's in ones best interest? Especially concerning their own property!
 

Argent Dragon

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#3
But wait........it gets even better !

Ms. McBride said that it was, that “simply putting a POA in place doesn’t give carte blanche,” that the bank had a responsibility too, and asked Mrs. Patel, “Why would you need the physical metal?”
Why ? .......what a nosey little imp.

Ms. McBride said the bank “reserves a right to ask questions” because, she said, “We need a comfort level.”
Ha ! ........and they wonder why they're properly called 'banksters' !!! ~ So now we see their true colors, ehh ?
 

Argent Dragon

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#6

DonShimoda

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#7
My guess is they had to stall and made a few quick calls to swap with another bank from someone's allocated stash.
Then they'll need to order more..at a loss of course ( assuming she's had these certificates for a few years and bought at a lower price)
Bank taking a hit in my opinion...notice it doesn't say how many ounces involved?
 

Goldhedge

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#8
You have to wonder what's up? If the economy and everything is just peachy keen, why the bank would
make this bed-ridden invalid lady make the trek to the bank to retrieve what is rightfully hers.

After all, silver, like gold, is just an old relic...

It's almost as if Public Servants suddenly decided they were more powerful than the people they work for..


I'm sure glad that will never happen....
 

ToBeSelfEvident

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#11
Yes but this was mainstream 2nd page coverage ..I wonder how many others with certificates might be thinking..hmmmmm
Exactly. How can anyone holding one of these "certificates" not be rushing down to the bank as soon as they read this? If stories like this go viral, it's game over for the banksters.
 

Scorpio

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#12
this is exactly why you don't,

--let someone else hold your physical

--use etf's

--use certs instead of the real thing

--etc

paper is paper is paper, means exactly nothing

paper gives someone else control over your personal business,

S
 

elroy

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#14
Everyone should refer back to rule #1 of GIM.

"If you don't hold it, you don't own it".

Tattoo this on your ass if necessary. Hopefully everyone who holds similar silver certs will make a mad dash for the bank.
 

latemetal

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#15
"But it must have been a mortifying experience for this very dignified woman to make such a trip in her bedclothes, and the whole thing struck me as a profoundly condescending and arbitrary intrusion of bank functionaries into Mrs. Patel’s and her family’s business. And what if her son wasn’t a lawyer who knew how to fight back? What if she’d had a stroke and wasn’t able to sign the documents?" And thats how it went with a lawyer in tow, wonder what would happen with no lawyer there?:realmad:
 

Goldhedge

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#16
Paper has an obligation tied to it...


and now you know boys and girls, the difference between 'notes' and 'certificates...'
 

Treasure Searcher

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#17
If I was her and was given such a hassle in taking physical delivery, I would tell them to give me what is mine or I would go and tell the news media that the bank did not have the silver!

I would pay money to be given the chance to start a bank run!
 

Aurumag

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#18
I long for the day that only 10% of the folks holding PMs in the form of paper or electrons, suddenly decide to take physical possession.

That will be the day my PMs become Precious Metals.

One can dream...