gata.org / By Chris Powell / Tue, 2013-01-29 22:46
Swiss Banks Lose Old Taste for Gold
By Jack Farchy
Financial Times, London
Tuesday, January 29, 2013
The wealthy have for centuries turned to Switzerland as a safe and convenient place to stash their gold. But Swiss banks are now demanding higher fees to accept the world’s bullion, as they seek to reduce the size of their balance sheets.
UBS and Credit Suisse, which dominate the powerful Zurich-based physical gold market, have hiked their charges for holding the metal, according to clients and people familiar with the banks.
The move is an attempt to persuade their biggest clients — including other banks, hedge funds, and institutional investors — to take direct ownership of their gold in so-called “allocated” accounts, with the bank simply acting as a custodian.