LONDON, 30 January 2013 - Comment from online precious-metals exchange BullionVault features today in Dow Jones Newswires' report on changes to Swiss gold banking.
The two biggest banks, Credit Suisse and UBS, are raising their fees for so-called "unallocated" gold, says Dow Jones, in a bid to move clients' metal off the banks own balancesheets.
"In addition," says the wire, quoting a statement, "UBS offers an alternative physical account that has a lower fee structure."
One reason, according to industry insiders, is to reduce the regulatory costs and hassle of holding unallocated gold on the bank's own books. Quoting Adrian Ash, head of research at BullionVault, "It's possible that banks could now earn more by storing customers' physical gold than from using bullion for other financial purposes," says Dow Jones, "because of increasing costs."
Fox Business carries the full story:
Swiss banks adjust bullion fees, steer clients to physical accounts
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