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Greyerz:  “Eric, at our company we are hearing more and more stories about banks not delivering gold that belongs to the client.  We are talking about Swiss banks here once again.  One client went to a Swiss bank to inspect his gold and the client manager said, ‘You can’t see it, but it looks like this,’ and he took a gold bar out of his drawer.


And the client showed me that he had a statement showing ounces of gold.  Well, you don’t own physical gold in ounces in Europe.  You own gold bars either in grams or in kilos, but not in ounces....


Continue reading the Egon von Greyerz interview below...




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“You know automatically that it was paper gold the client owned because it was in units of ounces from a European bank.  So he didn’t have any physical gold, but the man in the bank told him that he did have physical, but he just couldn’t show it to him. 


Another client went to a major Swiss bank and he wanted to inspect his gold, but the account manager said, ‘I can show you the documents, but we are not allowed to show you the physical.’  And this was a major Swiss bank.


And just today we heard from a client that was going to take his gold out of two major Swiss banks.  This bank told him that he could only take out 200,000 Swiss francs worth of gold per annum.  They started off by telling him 50,000 to 80,000 Swiss francs of gold could be taken out, but eventually they went up to 200,000.  The other bank told him that he could not take out more than 80,000 Swiss francs worth of gold per year.


So clearly these banks don’t have the physical gold.  If they do, it’s very strange they won’t show it to clients and the clients are not allowed to take it out of the bank.  So it’s clear that many banks don’t have the gold. 


The bottom line is the banks don’t have enough physical gold to cover the commitment to their clients, and governments also have a lot less physical gold in the West than they claim to have.  As the paper market is 100 times larger than the physical market, it means that paper market has virtually no physical gold to back it.”


Greyerz also added: “The latest shocking news from suppliers is they are having a very difficult time getting hold of physical gold.  Therefore, this week again they increased their spreads on physical gold.  So again, Eric, my message is very clear:  Investors must hold physical gold outside of the banking system because this paper market will explode one day.”


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The audio interviews with Gerald Celente, Jim Grant, Michael Pento, Egon von Greyerz, Andrew Maguire, Art Cashin, William Kaye, James Turk, Dr. Paul Craig Roberts, and Nigel Farage are available now.  Also, be sure to hear the other recent KWN interviews which include Eric Sprott, Marc Faber and Felix Zulauf by CLICKING HERE.


Eric King

KingWorldNews.com

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