His career has been in private wealth management in the private bank department of the Too Big To Fail banks.
He's been looking for work and chats with old colleagues all the time.
He called my Friday and told me he just got off the phone with a very high level private banker from a big Euro-based TBTF bullion bank, but who was at JP Morgan until about six months ago.
This guy told my friend that there is a scramble by many very wealthy European families/entities to get their 400 oz bars out of the big bank vaults.
He knows this personally, for a fact.
He said the private banker community is small over there and the big wealthy families all talk to each other and act on the same rumors/sentiment.
The Bundesbank/Fed and the ABN/Amro situations triggered this move.
He knows for a fact JPM tried to calm fears about 3 months ago by sending a letter to it's very wealthy clients assuring them their bars were safe, in allocated accounts.
He said right now those same families are walking into the big banks like JPM and demanding delivery of their bars or threatening to take their $100s of millions in investment portfolios to competitors.
His wording was "these people are putting a gun to the heads of private banks and demanding their gold."