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UBS Closes Physical Gold-Trading Operations At Three Swiss Branches

Posted on 18 November 2016

According to one Swiss national newspaper, the European physical gold market shrank Wednesday as Swiss bank UBS closed its gold-swapping operations at three of its banks — in Zurich, Basel and Geneva. In a statement to the Tagesanzeiger, UBS said that its decision to close its “gold switches” at the three branches was a “business policy decision” to reduce the bank’s costs.
Because of the policy change overnight, customers will not be able to immediately swap their precious metal for cash. The bank also said that it will streamline its bullion coin and bars available for purchase, offering “most common bars and coins.”…………………………………….Full Article: Source


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