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People Are Frightened, Money Pouring Into Switzerland & Gold

With continued volatility in global markets, including gold and silver, today King World News interviewed one of the legends in the gold world, Keith Barron. Barron consults with major gold companies around the world, as well as major brokerage houses, and he is also responsible for one of the largest gold discoveries in the last quarter century, a remarkable 14 million ounces of gold.

Here is what Barron had to say about the ongoing crisis in Europe: “Well, there are a lot of scared people here. There is a lot of money that’s been pouring into Switzerland and the Swiss franc. As you are aware, the Swiss National Bank has pegged the Swiss franc to the euro, so there is tremendous pressure on the franc.”

Keith Barron continues:

“They (the Swiss) have to take these euros and go and buy other currencies. So they have actually been sending the Norwegian kroner and other currencies such as the Canadian dollar higher, just because of these massive inflows into Swiss francs. Eventually that peg is going to break, but they are doing whatever they can right now to keep it in place.

There is a headlong rush into getting out of the euro and into other currencies....

Continue reading the Keith Barron interview below...

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“Now it has been, until fairly recently, a rush into American Treasuries. But you’ve seen in the last week that the US dollar is starting to turn. It’s below par now with the Canadian dollar, and I think that’s a trend that going to continue.

The reason for that trend is people are expecting QE3 to come fairly soon. The timeline is shortening every day. So the Europeans are expecting QE3 to kick in. That will drop the value of the dollar, and it’s going to be massively bullish for gold and silver. We are going to see some tremendous moves.”

Barron had this to say about the crisis in the US and gold: “Well the job numbers are just not improving in any meaningful way. Now, increasingly you are starting to see towns and cities declaring bankruptcy. I think you are going to see people start to park money into gold and silver.

Now what’s going to happen, what’s going to be very big for precious metals is when you start to see pension funds wake up and move their money into precious metals to protect part of the investment.

We will see bubble behavior at some (point in) time, but that’s in the manic phase, and we are a long, long way from that because the man on the street is not buying gold. Not yet. Eventually they will, eventually everyone will, but we’re a long way from that behavior right now.”

This is a tremendous interview with one of the great ones in the business. He covers gold, silver and the mining shares in great detail, as well as the ongoing crisis in Europe and the US. The KWN audio interview with Keith Barron is available now and you can listen to it by CLICKING HERE.

The interviews with Keith Barron, MEP Nigel Farage, Peter Schiff, John Embry, Egon von Greyerz and James Turk are available now. Also, be sure to listen to last week’s line-up of other KWN interviews which include Dr. Stephen Leeb, John Hathaway, Art Cashin ($612 billion UBS), and Gerald Celente, by CLICKING HERE.

Eric King

KingWorldNews.com

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