Swiss gold fund manager Egon von Greyerz tells King World News today that Swiss banks are obstructing their clients trying to remove gold to private vaults. Von Greyerz adds that gold’s downtrend is over and its uptrend will accelerate soon. The World Is Now On The Edge Of A Massive Collapse Egon von Greyerz warned King World News that the world is now on the edge of a massive collapse. Geryerz also cautioned investors that banks are now making it harder for their clients to get physical gold out of the banking system.
Australia’s ANZ bank is the latest to open a gold vault in the Singapore Freeport area next to the city state’s Changi airport. Other recent vault builders there include Deutsche Bank and JP Morgan, while Switzerland’s Metalor has one under construction and due to open in a couple of month’s time. Together with new gold vault openings in Hong Kong this is yet another outward sign of the continued flight of gold from West to East, although the vaults are also servicing western precious metals investors seeking safe, and relatively low cost vaulting facilities outside of the traditional depositories in the U.S. and Europe. Now either the Western bullion banks have misjudged the power that gold still retains in the global psyche and as a key financial instrument, or the Asian investors and governments, which are continuing to accumulate gold at a high rate, have got it wrong.