Hold tight
Wait till the party's over
Hold tight
We're in for nasty weather
--Talking Heads
Cyprus banks, which remain closed, have curbed ATM withdrawals to pocket change. This cannot go on indefinitely. If you were a depositor, when the controls are finally lifted/eased, how much would you be prone to withdraw?
That's right...M-A-X-I-M-U-M.
Meanwhile, outsiders looking in begin to ponder how they would handle a similar situation. The answer for many is preemptive withdrawal.
Hard not to wonder whether we are approaching the end of this charade. Does this gigantic house of cards collapse in a global bank run?
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ABN Amro is changing its precious metals custodian rules and "will no longer allow physical delivery." Have no fear, they reassuringly add, your account will be settled at the bid or offer price in the 'market' and "you need to do nothing" as "we have your investments in precious metals."
~zerohedge
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