Gold confiscation is an urgent threat, Greyerz tells KWN


9:32p ET Sunday, November 11, 2018

Dear Friend of GATA and Gold:

Swiss gold fund manager Egon von Greyerz, interviewed today by King World News, notes that gold confiscation is not a "barbarous relic" of history but an urgent threat to gold investors, what with the Bank of England refusing to repatriate Venezuela's gold.

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Von Greyerz writes: "Most central banks hold gold with with the Bank of England as well as with the Fed in New York. A major part of the central banks' gold is either sold covertly or leased to the market.

"When a central bank wants its gold back, it doesn't exist anymore in London or New York. A bullion bank has sold the leased gold to China or India and all the central bank has is an IOU stating that they are owed gold by the bullion bank. So there is no physical gold available to deliver against the IOU.

"At some point the market will discover that there is a massive shortage of physical gold in the interbank market. When this happens there will be panic and the gold price will shoot up. At the same time the holders of paper gold in the futures market will also ask for delivery. Since there are at least a hundred paper claims for every physical ounce available, there will be a massive squeeze in that market too."

So, as Greyerz notes, storage of gold is just as important as ownership.

His comments are headlined "Greyerz Just Warned Government Confiscation Is Alive and Well" and it's posted at King World News here:

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

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