Mike Kosares: Swiss treachery shows gold can be pretty good insurance

Section:

5:15p ET Sunday, January 18, 2015

Dear Friend of GATA and Gold:

Losses incurred by big investment houses and their clients for betting on the integrity of the Swiss Natinal Bank may be big enough to cause a financial crisis, Mike Kosares of USAGold in Denver writes today.

Kosares adds that gold is pretty good portfolio insurance against various disasters, including central bank treachery. "As happened last Thursday," he writes, "you retire in the evening and all appears to be normal, or at least as normal as can be expected in these precarious times. You wake up in the morning only to find that the interconnected global financial village has just gone over a cliff. One owns gold not because he or she thinks it might turn a profit. One owns it to protect his or her portfolio against the very same kind of unforeseen event that occurred last Thursday."

Kosares' commentary is headlined "Big Hedge Fund Goes Bust, $830 Million Loss on Swiss Franc Trade" and it's posted at USAGold's Internet site here:

http://www.usagold.com/cpmforum/2015/01/18/swiss-franc-trade-wipes-out-8...

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



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