And what of - the - Real Physical Price of gold - in asia - back in Jun 13 ??
And
- If the State Bank Of Vietnam is forcing the nations banks....to close their punters gold accounts......then why
- do the banks need to... buy gold back....to be able - to give it back to the punters...
- so that they can meet the deadline to close off the accounts
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Most banks have closed their gold accounts to meet the State Bank of Vietnam's deadline of June 30 this year.
The SBV said that only five or six banks still had outstanding gold accounts to date,
- adding that the banks would be pushed and even ‘forced'
- to close all gold accounts ...by the end of this month... to meet the deadline.
http://www.vir.com.vn/news/en/top-news/most-banks-gold-accounts-to-close.html
Year to date, the State Bank of Vietnam
- has organised 30 auctions for 848,000 gold taels, of which it has sold 761,600 taels or 27.3 tonnes
Industry insiders said.......
- that most.... of the gold.... had been ....bought.... by banks
- to close all their accounts before the June 30 deadline.
Moral of the Tale
As the banks - have had to BUY gold from it's central bank auction - to close customer - gold accounts
- IF - you had put gold into "the banks" - gold accounts
- and wanted it....back
- "the banks" at that time - wouldn't have had it....to give back to you
Perhaps a lesson in Banking - and Bank IOU's ?
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And the - premium "the banks" had to pay above - comex paper price - to get hold of the "physical" - to pay back....and close punters gold accouts ??
Today (Jube), the premium was close to 5.5 million dong which is the equivalent of a very high premium of ......
- $217 per ounce over spot.
http://www.zerohedge.com/contributed/2013-06-17/gold-demand-extraordinary-vietnam-%E2%80%93-paying-217-premium-over-spot