Clients Denied Gold At Major Banks As Shortage Intensifies

"Today Egon von Greyerz told King World News that clients are having tremendous problems getting their physical gold out of Swiss banks as well as other major banks as the shortage intensifies.  Greyerz also discussed the fact that refiners simply cannot keep up with demand, “no matter how much they produce.”  Below is what Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this extraordinary interview. 

 

Greyerz:  “This week I want to talk about what we are seeing in the physical gold market, and why there is a disconnect in that market.  We transfer a lot of gold from Swiss banks and other banks into private vaults for investors.

More often now, than ever, we are encountering incidents when the banks are putting up all kinds of obstacles for these transfers.  The first sign of the potential shortage of physical gold started with ABN AMRO a few weeks (when they) declared that they would renege on their commitment to redeem gold accounts in physical gold...."

 

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/5/21_Clients_Denied_Gold_At_Major_Banks_As_Shortage_Intensifies.html