FEATURED RARE COINS
Rare Coin Market Update #11 (Archives)
Gold Storage Nightmare: Swiss Bank and Clients Missing Gold!by James DiGeorgia 2012-05-30 14:44:16
One of the most important warnings I make to investors over and over again is simple and direct. The greater the danger of a full fledge banking crisis occurring in Europe the greater the danger of literally hundreds of thousands of gold owners will discover that their gold and precious metals in storage has VANISHED!
Store your own gold in your safety deposit boxes at your bank(s) and NEVER trust any institution, bank, coin or precious metals dealer with the storage of your gold.
With precious few exceptions storing precious metals with third parties is fraught with great danger and risk. Case in point...
Apparently you can’t even trust some Swiss banks. Yesterday, I came across an interview of Egon von Greyerz the founder and managing partner of Switzerland’s Matterhorn Asset Management that was posted on KingWorldNews.com.
In the interview Greyerz asserts that one of his clients discovered after trying to move a substantial amount of gold from an unnamed Swiss Bank to his firms’ vault the client discovered the Bank did not have the clients gold in storage.
As a result Mr. Greyerz is urging investors to take their gold out of the banking system and was quoted as saying...
“This confirms what I’ve always thought. Not only should you not have gold in banks or even unallocated gold, but even allocated gold. It seems that some banks don’t even possess that. So the risk of having gold in the banking system is major.”
Referring to the recent bank runs in Europe, he expresses concerns the danger of more and increasingly dangerous runs on Europe’s banks has created so much risk investors should take the additional step of not just owning physical gold, but also owning it outside of the banking system. Mr. Greyerz clearly is advocating storage with his firm but again that violates my rule. Don’t let anyone store your gold, do it yourself.