Today Egon von Greyerz surprised King World News when he said that a client of a Swiss bank that 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….
Continue reading the Egon von Greyerz interview below…
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“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.”
King World News note: Greyerz has been warning about not having gold stored in banks for many years. Physical gold goes into Western banks and clients are promised that the gold will be safely stored. What really happens is the gold comes in the front door of the bank from unsuspecting clients, and subsequently leaves right out the back door where it is used in the Western gold price suppression scheme. This is why when the clients come back for their gold, which is supposed to be stored safely in the bank’s vault, it is already gone and only a paper promise remains. Bottom line: Do not store gold and silver in banks because it is not safe.
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UPDATE – The extraordinary audio interivew with Egon von Greyerz discussing the the client being unable to get their gold out of a Swiss bank and much more is available now. To listen CLICK HERE.
IMPORTANT – KWN will be releasing interviews and pieces all day today.
The audio interviews with Egon von Greyerz, Eric Sprott, David Stockman, Michael Pento, Gerald Celente, Bill Fleckenstein, Dr. Paul Craig Roberts, Grant Williams, Andrew Huszar, Art Cashin, John Mauldin and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf — to listen CLICK HERE.