Gold bull says don’t bank on the banks or ETFs « Mining Blog

Gold bull says don’t bank on the banks or ETFs

15. September 2012,

The founder of the UK’s Matterhorn Asset Management, Egon von Greyerz, claims that fund managers and investors are shifting from gold ETF’s to physical gold, and that the “move in gold and silver has barely started.”

In an interview with King World News he claims the shift has sarted because investors are concerned about the prospect of a “ystemic collapse”.

Greyerz made these remarks following the European Central Bank’s approval of unlimited bond buying, observing that the ECB bank will do all it can to preserve both the euro and eurozone.

According to Greyerz, money printing is “absolutely guaranteed” and the prospects for the EU’s Mediterranean members are dire, with Greece bankrupt and Spain a “basket case.”

In the event of systemic financial collapse, Greyerz says the only surefire means of preserve wealth is to keep physical gold outside of the banking system.

“Gold in a safe deposit box in a bank is also not safe because if something happens to the financial system banks will close, and who knows when they will reopen? You will not have access to your gold. So I would not keep gold in a safe deposit box. The bottom line here is that gold and silver stored outside of the banking system is the ultimate way to preserve wealth”

Mind you Greyerz, is a distinct bull when it comes to gold and silver, predicting they will hit stratospheric heights in the face of imminent catastrophe [Mining.com 10 September 2012].

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