Swiss Bank Refuses To Give Client His Physical Gold

March 18, 2014 in Gold and Silver, News by The Manimal

Source: King World News

Today Egon von Greyerz surprised King World News when he said that a client of a Swiss bank was unable to get their gold, even though they had deposited the gold in physical form, out of a Swiss bank. Below is what Egon von Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in his interview.

Greyerz: “There will be major wealth destruction in the next few years, with stock markets, bond markets, and paper currencies all falling faster than anyone can imagine….

“Very few investments will hold their value in real terms in such an environment. There will be no better asset to maintain wealth and maintain purchasing power than physical gold. Talking about gold, it’s going up on cue and the dollar is falling.

And since I expect the dollar fall to accelerate in the next few weeks, so will gold’s rise. We could see the August 2013 high of $1,413 quite quickly, but I would not be surprised to see gold approaching $1,500 in the next few weeks.

But, Eric, I have to stress that investors must hold physical gold and store it outside the banking system. We’ve had a recent example, again, of a client who some time ago transferred his gold to a Swiss bank, and that was physical gold. And then when the client now, recently, wanted to transfer the bars to a private vault, the bank didn’t have the physical, but only paper gold.

So, Eric, preserving wealth is now so much more important and so much more difficult. Whenever possible, investors must eliminate counterparty risk, and especially banks.”