The Phaserl


Clients Denied Gold At Major Banks As Shortage Intensifies

[Ed. note: This is exactly what Jim Willie was talking about on Monday with Greg Hunter.]

from KingWorldNews:

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….

Egon von Greyerz continues @

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6 comments to Clients Denied Gold At Major Banks As Shortage Intensifies

  • Johnny

    Based upon these reports (and I believe it’s safe to assume they’re correct), it appears we’re in the beginning stages of a divergence, at least in so far as gold is concerned. We aren’t seeing it reflected in the prices ACROSS THE BOARD as of yet, but we’re seeing strong hints of it, in particular, in the East.

    Perhaps it’s far too premature to ask this question, but I will ask it anyway: if physical gold buying continues to perform as strongly as it has been and and paper investors continue to demand physical delivery, which in turn leads to gold vanishing from the market entirely, what will then become of silver? Will people than flock to it as an alternative? Will we begin to see the same pattern with silver as gold supplies dry up?

    In any case, it seems clear that a price divergence in gold may mean the same for silver, even if physical silver supplies remain intact. The two metals often operate hand in hand, so we could be in for some interesting price moves in both should this play out the way some are indicating it will.

    Holter recently released another article along very similar lines.

    • Glitter 1

      Silver is being consumed commercially at ever increasing amounts due to ever increasing new applications at the same time World production is leveling to falling off.Consumption,investing,production and inflation going forward will ensure the value of Silver to continue moving higher,it’s a lock.TPTB will not be able to hold it back indefinately.

      • Johnny

        I understand that silver has many other uses, things that most of us take for granted. So, there’s no doubt that silver’s value and importance will only rise in time.

        I guess my point is whether silver will REPLACE gold as an “investment” option should gold become unavailable, and if so, will it be strong enough to dry up supply, as we’re now seeing with gold. Or will some other asset take center stage and push silver aside, at least partially.

        Obviously, big time investors favor gold, and it appears that many are rather lukewarm when it comes to silver. Jim Sinclair, as one example. Just how lukewarm they will continue to be when gold becomes extremely scarce or unavailable will be interesting to see.

        I do expect that the average Joe will continue to stack silver as a hedge against inflation, due to its affordability compared to gold. But I’m referring mainly to the big boys, countries, central banks, etc.

        • Glitter 1

          It may be difficult to visialize 15-20 years into the future, but it is my belief that silver may trade at pare or higher than gold and this sentiment is shared by several long time experts in the business,i.e. Ted Butler, Izzi Friedman and others.At current consumption rates for silver,in 15-20 years it will become scarce even potentially scarcer than gold.It is my opinion a 30-40 something can retire wealthy from silver if purchased at today’s pricing.Gold gets hoarded,silver gets consumed and there is only so much in the way of known reserves in the ground.The USGS has published the data.My comparison is to Palladium,which was $25oz in 1972/73,it is now ~$750oz and silver is more valuble and has many more uses/applications than Palladium.

          • Johnny

            Good info, Glitter. And with the mines shutting down, production will decrease further, increasing scarcity.

            Things are looking mighty interesting. Should all of this materialize as expected, we will look back on these bargain days in utter disbelief.

            Happy stacking!

  • Hoser

    Has anyone counted all the dead banksters at the bottom of the ocean? I hope it’s alot!

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