Eric King:  “Felix, gold repatriation, we’ve seen that trend.  There is a distrust of what’s taken place in London, and at the Fed.  Meaning the gold has been loaned out, leased out by the bullion banks.  It’s not in the vaults.  Countries are getting nervous and saying, ‘Give us our gold.’  This trend that’s happening (with gold repatriation), your thoughts on that?”

Zulauf:  “At first it was reported that Germany’s Bundesbank repatriated half of their gold located outside of Germany.  Within seven weeks we learned it will be 1/5 of what is outside of Germany, and it will take 7 years.  The reason given was because of some swap and contract agreements, etc..  So obviously this tells you that part of the physical gold may be lent out and may not be there where it should be (at the Fed)....

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“If all of this is true that there is not as much gold physically sitting where it should be, but being lent out, and you do not know how good the financial quality of those borrowers are, eventually this could lead to a tremendous shortage of physical gold.  It could then propel the price of gold higher in a relatively short period of time.  So that’s another reason why I like to own my gold physically, and I recommend that to all investors.”

Eric King:  “Felix, I’m going to ask you a question that I asked Art Cashin recently.  There was a call last week to print $30 trillion, and at the beginning of 2011 there was a tremendous amount of publicity surrounding the call for $100 trillion to be printed.  When you look at this, is it being implemented in stages?  And those kind of numbers being thrown around are sort of shocking.”

Zulauf:  “Well, they are.  They are shocking.  I can tell you an experience by myself.  In my home country, Switzerland, the Swiss National Bank has bought equities for (a total) of 50 billion Swiss francs.  I, as a citizen, have to first earn my money, pay taxes, pay for the cost of living, and what remains is the savings. 

And out of those savings I can invest in some stocks.  These guys just print money.  That’s unfair.  That’s cheating and betraying the citizens of their own country, and that’s going on around the world.  Most other central banks have not invested in equities, but they have invested in fixed income.

They are financing countries and governments like those in Europe that do not do their homework, and have therefore distorted interest rates on the low side.  The same in the US.  These are manipulations like we have never seen.  Of course the printing of money comes in waves.  Right now we have the new wave coming out of Japan because the Japanese think they can fix their situation by printing money.  That will work for a while, but it won’t fix the problem in a sustainable way. 

After the Japanese, I’m sure the Europeans eventually have to join in (again) because how can European economies, particularly (of) the debtor countries, compete with the euro trading at current levels against the Japanese yen or against the US dollar?  That’s impossible.

So there is a competitive race in the currency markets.  Of course central bankers say, ‘This is not competitive devaluations.  We just pursue our own domestic policy.’  But this is a very dangerous thing.  You have to understand it’s like a pie.  The world economy as I see it is not growing enough, and therefore we have all sorts of systemic problems.  And everybody tries to increase his share of the pie by devaluing their own currency and making that share a little bit bigger.  This will lead to anger and conflict among nations.  It’s a very, very dangerous game that is going on.”

In his audio interview, Felix Zulauf goes into great detail about what investors should expect as the system implodes and, more importantly, how they can protect themselves.  The legendary money manager and two decade Barron’s Roundtable panelist also discusses central planners, systemic collapse, what investors should be doing with their money right now, gold, gold repatriation and much more.  The extraordinary KWN audio interview with Felix Zulauf is available now and you can listen to it by CLICKING HERE. 

© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The interviews with Egon von Greyerz, Felix Zulauf, John Hathaway, Gerald Celente and Eric Sprott are available now.  Also, be sure to listen to the other recent KWN interviews which included Art Cashin, Michael Pento, MEP Nigel Farage, Michael Belkin, James Dines, William Kaye, John Embry, Rick Rule by CLICKING HERE.

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