Much of West's gold is oversubscribed and unrecoverable, von Greyerz says

Section:

6:21p ET Saturday, November 2, 2013

Dear Friend of GATA and Gold:

Interviewed by King World News, Swiss gold fund manager Egon von Greyerz notes disclosures by Sweden, Finland, France, and Austria that much of their gold reserves is not in their direct custody but rather almost certainly "leased" and thus probably way oversubscribed.

Von Greyerz says: "How much of the West's supposed 23,000 tons of gold is still in the vaults? Nobody knows, but I would be surprised if it's more than half. We have a system where physical gold is owned many times over, and we also have a system where the paper gold market is 100 times the size of the physical gold market, with absolutely no chance whatsoever for people who hold paper gold to receive physical delivery.

"With this extremely fragile and precarious situation you wonder why anybody with a sound mind would hold paper gold or physical gold in a bank. There is only one way for investors to hold gold, which is in physical form and outside the banking system."

An excerpt from the interview is posted at the King World News blog here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/11/2_LB...

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.



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